Princeton Numismatic Seminar March 26, 2009 student paper proposals

Princeton Numismatic Seminar Simon Oswald

Princeton Numismatic Seminar Alison Fishman

Princeton Numismatic Seminar Rebecca Katz

Princeton Numismatic Seminar Giuseppe Ricci

Princeton Numismatic Seminar David Lennington

Princeton Numismatic Seminar Brienne Cignarella

Princeton Numismatic Seminar Lin Ferrand

Princeton Numismatic Seminar Emanuel Lazar

Princeton Numismatic Seminar Pagona Papadopoulou

Princeton Numismatic Seminar Emma Ljung

Princeton Numismatic Seminar Sarah Kampbell

Princeton Numismatic Seminar March 26, 2009 The Economics of Minting

coin name V metal P T W B G I S % penny A 1 AR % V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I Penny A is a charge-free coin

coin name V metal P T W B G I S % penny A 1 AR % penny B 1 AR % V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I Penny A is a charge-free coin Penny B is a charged coin

Standard - combination of alloy and weight Mutation - change in standard or denomination of a coin issue Debasement - lowering of weight or alloy of a coin issue Devaluation - raising of denomination of a coin issue Restoration, reinforcement - raising of weight or alloy or lowering of denomination of a coin issue Renovatio - periodic change of coin types (and perhaps also standard) accompanied by demonetization of old issues Monetagium - payment to sovereign in lieu of mutation

Gresham's Law ‘Bad money drives out good’. If an individual receives two coins of the same denomination and recognizes them to have different intrinsic values, he or she will spend the one with less intrinsic value and retain the one with more intrinsic value. Thus, coins with lower relative intrinsic value will remain in circulation, and those with higher intrinsic value will be saved, hoarded, melted or exported. Culling - removing coins of high intrinsic value from circulation Discounting - accepting coin with lower intrinsic value at lower value Clipping - removing metal from a coin in circulation

Fisher Equation - MV = PT; P = MV/T M - money supply V - velocity of circulation P - price structure T - volume of transactions Inflation - increase in M or in P

coin name V metal P T W B G I S % penny B 1 AR % V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I

coin name V metal P T W B G I S % penny B 1 AR % penny C 1 AR % V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I

coin name V metal P T W B G I S % penny B 1 AR % penny C 1 AR % penny C2 1 AR % V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I

coin name V metal P T W B G I S % penny B 1 AR % V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I

coin name V metal P T W B G I S % penny B 1 AR % grosso 10 AR % V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I Money of account - unit of value in which coins are reckoned Ghost money - system of account based on coin no longer in circulation

coin name V metal P T W B G I S % penny B 1 AR % V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I

coin name V metal P T W B G I S % penny B 1 AR % noble 10 AV % V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I

coin name V metal P T W B G I S % penny B 1 AR % V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I

coin name V metal P T W B G I S % penny B 1 AR % copperA 1/100 AE % V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I

coin name V metal P T W B G I S % penny B 1 AR % copperA 1/100 AE % copper B 1/12 AE % V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I Token/fiduciary coinage - coins with high degree of surplus value

Princeton Numismatic Seminar March 26, 2009 The Late Roman Empire and Early Middle Ages

Princeton Numismatic Seminar Hadrian Rome gold aureus,

Princeton Numismatic Seminar Hadrian Rome silver denarius,

Princeton Numismatic Seminar Hadrian Rome orichalcum sestertius,

Princeton Numismatic Seminar Hadrian Corinth bronze,

Princeton Numismatic Seminar Hadrian Antioch silver tetradrachm, 118

Princeton Numismatic Seminar Hadrian Alexandria billon tetradrachm,

Princeton Numismatic Seminar Hadrian Alexandria bronze drachm,

Princeton Numismatic Seminar Philip II Rome billon antoninianus, 248

Princeton Numismatic Seminar Philip II Rome bronze sestertius, 248

Princeton Numismatic Seminar Philip II Antioch Billon tetradrachm, 248

Princeton Numismatic Seminar Philip II Alexandria billon tetradrachm, 248

Princeton Numismatic Seminar Aurelian Rome billon antoninianus, 270

Princeton Numismatic Seminar Aurelian Alexandria billon tetradrachm, 275

Princeton Numismatic Seminar Roman Empire Constantine the Great, gold solidus, Trier

Princeton Numismatic Seminar Roman Empire Constantine the Great, large bronze, Trier

Princeton Numismatic Seminar Roman Empire Constantine the Great, medium bronze, Trier

Princeton Numismatic Seminar Roman Empire Constantine the Great, small bronze, Trier

Princeton Numismatic Seminar Constantine the Great, Trier

Princeton Numismatic Seminar Rome, Constantine the Great gold 1 ½ solidus, CE

Princeton Numismatic Seminar Rome, Constantine the Great gold, 1 ½ solidus, CE

Princeton Numismatic Seminar Roman Empire Theodosius I, gold solidus, Constantinople

Princeton Numismatic Seminar Roman Empire Theodosius I, silver miliarensis, Constantinople

Princeton Numismatic Seminar Roman Empire Theodosius I, silver siliqua, Constantinople

Princeton Numismatic Seminar Roman Empire Theodosius I, bronze, Antioch

Princeton Numismatic Seminar Roman Empire Theodosius I,

Princeton Numismatic Seminar Roman Empire Leo I, gold solidus, Constantinople

Princeton Numismatic Seminar Roman Empire Leo I, gold tremissis, Constantinople

Princeton Numismatic Seminar Roman Empire Leo I, AE 2, Antioch

Princeton Numismatic Seminar Roman Empire Leo I, AE4, Constantinople?

Princeton Numismatic Seminar Roman Empire Leo I,