(166.) In the earlier stages of societies the interchange of the few commodities required was conducted by barter; but as soon as their wants became more varied and extensive, the necessity of having some common measure of the value of all commodities—itself capable of subdivision—became apparent: thus money was introduced. In some countries shells have been employed for this purpose; but civilized nations have, by common consent, adopted the precious metals.[1] The sovereign power has, in most countries, assumed the right of coining; or, in other words, the right of stamping with distinguishing marks, pieces of metal having certain forms and weights, and a certain degree of fineness: the marks becoming a guarantee, to the people amongst whom the money circulates, that each piece is of the required weight and quality.
- ↑ In Russia platinum has been employed for coin; and it possesses a peculiarity which deserves notice. Platinum cannot be melted in our furnaces, and is chiefly valuable in commerce when in the shape of ingots, from which it may be forged into useful forms. But when a piece of platinum is cut into two parts, it cannot easily be reunited except by means of a chemical process, in which both parts are dissolved in an acid. Hence when platinum coin is too abundant, it cannot, like gold, be reduced into masses by melting, but must pass through an expensive process to render it useful.
