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VoxEU, CEPR Policy Portal

Seigniorage through Periodic Recoinage: When the Validity of Money Was Restricted in Time

Populärvetenskap
Referens
Svensson, Roger och Andreas Westermark (2020). ”Seigniorage through Periodic Recoinage: When the Validity of Money Was Restricted in Time”. VoxEU, CEPR Policy Portal, 21 januari.

Författare
Roger Svensson, Andreas Westermark

For almost 200 years, old coins were frequently declared invalid in large part of medieval Europe and had to be exchanged for new ones for an exchange fee. This column shows that frequent recoinage generates incomes for the minting authority when the tax level is low enough and the punishment for using invalid coins is high enough, and when there is a limited coin volume in circulation and also an exchange monopoly. The system is equivalent to the 20th-century idea known as the Gesell tax. 

Roger Svensson

+46 (0)8 665 4549
+46 (0)70 491 0166
roger.svensson@ifn.se