Can You Define Coinage Of Money?

By the coinage of money is meant the process of manufacturing metals into certain shape so that the uniformity in weight and size is maintained in all the coins of the same kind.
Before the advent of coinage, the metals like gold, silver are used as a media of exchange in a very crude form. They were cut into small pieces or shaped into rings for comparing and storing of values.

There were difficulties in weighing and testing the metallic currency for each transaction. This cumbersome procedure resulted in the hindrance of trade. It also led to the tempering with the metallic currency. In order to eliminate the great inconveniences of non standardized money, goldsmiths and banks began to convert metal into standard coins. Coins of the same kind were given specified shape, weight and fineness.

With the turning of gold bullion into coin, money has achieved a distinctive place among other commodities. There is now not a heterogeneous coinage system. The sole power of coinage money has been taken over by the government. Standardized coinage has the following advantages.It has become a convenient commodity as a medium of exchange and comparing the values.By milling the edges and stamping the face value of coins, the chances of clipping or tempering with the metallic currency or issuing of counterfeit coins has been greatly reduced.The stamp coins become historical documents of the state.

It has become a convenient commodity as a medium of exchange and comparing of values. By milling the edges and stamping the face value of coins the chances of clipping or tempering with the metallic currency or issuing of counterfeit coins has been greatly reduced. The stamped coins become the historical documents of the state. There are three types of coinage money one of them is free and limited coinage. Second is gratuitous coinage and non gratuitous coinage and the third one is brass age, seignior age and the debasement of coins.

Coinage is said to be free of the people are allowed to take metals to the mint for being converted into standard coins without limit. Before 1933 in America, United Kingdom and Japan there was the system of free coinage prevalent in the economy. In undivided India before 1893 people could take silver to the mint and have it converted into standard coins without any limit. Coinage is said to be limited when the metal is converted into coins at the option of the state. The government judging the currency requirements of the country and freely slows the standard money metal to be converted into coins but limit is imposed on free coinage of other metals.

By coinage of money is meant the process of manufacturing metals into certain shape so that the uniformity in weight and size is maintained in all the coins of the same kind. Jevons in his book "money and the mechanism of exchange" has defined coins as Ingots of which the weight and fineness are certified by the integrity of design impressed upon the surface. Before the advent of coinage the metals like gold and silver were used as media of exchange in a very crude form. They were cut into small pieces or shaped into rings for comparing and storing the values.

There were difficulties in weighting and testing the metallic currency for each transaction. This cumbersome procedure resulted in the hindrance of trade. It also let to the tempering with the metallic currency. In order to eliminate the great inconveniences of non standardized money goldsmiths and bakers began to convert metal into standard coins. Coins are the same kinds were given specified shape, weight and fineness. With the turning of gold bullion into coin, money has achieved a distinctive place among other commodities. There is now a heterogeneous coinage system the sole power of coinage money has been taken over by the government.