What Is The Coinage Of Money?

By coinage of money is meant the process of manufacturing metals into certain shape so that the uniformity in weight and size is maintained in all the coins of the same kind. Jevons in his book "money and the mechanism of exchange" has defined coins as Ingots of which the weight and fineness are certified by the integrity of design impressed upon the surface. Before the advent of coinage the metals like gold and silver were used as media of exchange in a very crude form. They were cut into small pieces or shaped into rings for comparing and storing the values.

There were difficulties in weighting and testing the metallic currency for each transaction. This cumbersome procedure resulted in the hindrance of trade. It also let to the tempering with the metallic currency. In order to eliminate the great inconveniences of non standardized money goldsmiths and bakers began to convert metal into standard coins. Coins are the same kinds were given specified shape, weight and fineness. With the turning of gold bullion into coin, money has achieved a distinctive place among other commodities. There is now a heterogeneous coinage system the sole power of coinage money has been taken over by the government.

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