212 THE EVOLUTION OF 



In the ' chopped ' dollar then we have an instance of the 

 full-blown natural coin, or a piece of metal marked or 

 known both for weight and fineness, i.e. exchange value, 

 by its shape, size, and the marks thereon. 



But we have not yet arrived at what we all know in 

 Europe as money, for that term is not applied to any 

 coin as just defined, but only to the coin of the realm. 

 Every country has its own money and recognizes all 

 other coin as foreign money, putting an altogether 

 different value on each. The value of the coin of the 

 realm is its assumed conventional value by law, and that 

 of all other coin is its value as bullion in comparison 

 with the value of the coin of the realm as fixed by law, 

 or as it is ordinarily put, all foreign coin is liable to 

 exchange, a term which will by now be quite understood. 

 This has been brought about by natural processes. 



Weighing, assaying, marking, and stamping by private 

 persons specially employed by the public lead directly 

 to what is called roguery, i. e. to the unprincipled use of 

 that instinct of trade, so strong in man, of profiting by 

 the necessities of his neighbours and taking advantage 

 of any ignorance they might possess. In all ages, there- 

 fore, and in all places, the constituted authority has been 

 obliged in the interests of internal peace to regulate by 

 law both weights and assay by fixing standards of each. 

 But even when the weights and assay of coins have been 

 fixed by law, the final point has not been reached, until 

 the legally tested coins have been stamped or marked to 

 show that they are legal currency. 



Very long ago it was recognized as one of the highest 

 and proudest duties of the strong ruler to preserve the 

 purity of the coinage of his country as a medium of 

 exchange, and hence the pride taken by kings in affixing 

 their own effigies and inscriptions thereon as a guarantee 



