The Law of Oresme Copernicus And Gresham a Paper Read Before the American Phi
The Law of Oresme Copernicus And Gresham a Paper Read Before the American Phi
Thomas Willing Balch
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" Then he explains how the value of metal pieces is changed and depreciated. "The value of money is depreciated by various causes, either by the change of the name, while the same weight of metal contains a mixture of copper which exceeds the measure desired; or because the weight is wanting, although the mixture has been accomplished in the right proportion; or, what is the worst, because the two vices meet together at the same time. The value of money diminishes of itself by reason of a long ...service that ORESME, COPERNICUS, AND GRESHAM. 15 uses the metal and diminisRs its quantity and this reason suffices to cause to be placed in circula- tion a new money. This necessity . Is recognized by an infallible sign, when the money weighs notably less than the money intended to be acquired. It is understood that there results a deterioration of the money. " At the time Copernicus prepared his treatise on the money of the realm for his sovereign liege, King Sigismund, the Polish Kingdom included Thorn, Danzig, and a large part of Prussia.
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