Total Coin and Coin in Circulation in the United Kingdom, 1868-1914

Deskripsi

The authors argue that previous estimates by scholars like Sheppard and Bordo were systematically too high, primarily due to inadequate accounting for gold coin melted for bullion and unrecorded exports carried by migrants. The study's major contribution is the construction of a new, more reliable annual series for total coin. This is achieved by establishing a corrected benchmark for 1868 based on a critical re-evaluation of Jevons's earlier estimate, and then interpolating forward using Royal Mint data while incorporating improved allowances for melting and migrant-carried coin. The revised series, which shows lower coin levels and less fluctuation, implies a substantially lower currency-deposit ratio for the UK than previously believed, necessitating a reinterpretation of the country's monetary history and the mechanics of the money multiplier during this period.