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Title: The great recoinage of 1696-99 (a particular study of the problems of currency devaluation).
Author: Li, Ming-Hsun.
ISNI:       0000 0001 3609 4166
Awarding Body: University of London
Current Institution: University of London
Date of Award: 1940
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The aim of this chapter is to set out the economic and financial circumstances at the time of the Recoinage. A knowledge of these circumstances is essential to the study of the questions involved in the Recoinage, especially the one, a major one, concerning the alteration of the monetary standard. For after all the question whether or not a monetary standard should be maintained or altered should largely depend for its answer upon actual circumstances. Without misusing the term inflation we take devaluation, i.e., altering the monetary standard in an upward direction, as a policy of inflation for the country adopting it, which policy aims at either raising prices, maintaining high prices, or preventing prices from falling. Needless to say the policy has both advantages and disadvantages which we do not intend to enumerate and discuss here. But the important thing to be borne in mind is that the policy depends for its justification upon the circumstances at the time of its adoption. For instance, it is more legitimate for a country to choose such a policy during a depression than after inflation, although in the latter case there may still be good reasons for doing so. Again when the foreign balance of a country is adverse the policy will be more justifiable than when its balance is favourable. We do not suggest that the policy should be adopted in order to redress an adverse balance, or that it will invariably do so successfully. All we are suggesting is that the adoption of it must be judged according to the actual circumstances of the country and the outside world at the time of its adoption. Hence it is essential to have a knowledge of them in order to understand the background of the Recoinage.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available