Gold, for most of the period subject to Prof. Jastram’s analysis, was either the sole, or one of the two (perhaps three, if we allow for copper) major forms of money. To restate this as clearly as we can: money – the medium of exchange – for much of his period of study, was synonymous with specie – that is, with physical quantities of silver and gold.
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Source:- IIPM Editorial, 2006
