Domestic Encyclopædia (1802)/Money

MONEY, a piece of metal, which by public authority bears a certain weight and value, so that it may serve as a circulating medium in commerce.

Money is, in general, divided into two kinds, viz. imaginary, or money of account; and real, or effective. The former class includes such as never was coined in specie; and, though a certain term tor expressing it has been invented or retained in different countries, with a view to facilitate the stating of accounts, by keeping them on an uniform basis, yet this ideal money is not liable to be changed in the same manner as current coins, which are raised, or lowered, as the exigencies of the State may require. Of this nature, for instance, is the Pound Sterling, as well as the nominal money of other countries.

Real money comprehends all coins or species of gold, silver, copper, &c. which do exist, and are commonly current. Such are guineas, half-guineas, seven shilling pieces; crowns, half-crowns, shillings, six-pences; two-penny and penny pieces; half-pence, and farthings.

As money is the common measure of every kind of commodities, the fabricating of base coin has at all times, and in every State, been considered as treasonable. Hence, to preserve public faith, the law of England considers not only the coining, but also the uttering of money or notes (knowing them to be forged) as felony without benefit of clergy. These penalties are certainly dictated by the soundest policy; but, so long as the Bank of England notes are formed on a principle capable of being imitated by perverse ingenuity, we fear the wisdom of the legislature will be ineffectual; and the number of those, who are annually sacrificed to the offended laws of their country for this crime, far from being diminished, will probably continue to increase.