Quarterly Journal of Austrian Economics
Author:
George A. Selgin
Online Publish Date:
Volume 12, No. 1 (2009) In a free market economy from which fiduciary media are excluded, economic progress will be limited, perhaps severely, by the high cost and correspondingly limited supply of small-denomination money—money that is needed to accomplish retail and other low-value exchanges. Historically, fiduciary token coins have proven to