Thefactthatthecurrencyofcoinsitselfeffectsaseparationbetweentheirnominalandtheirrealweight,creatingadistinctionbetweenthemasmerepiecesofmetalontheonehand,andascoinswithadefinitefunctionontheother?thisfactimpliesthelatentpossibilityofreplacingmetalliccoinsbytokensofsomeothermaterial,bysymbolsservingthesamepurposesascoins。Thepracticaldifficultiesinthewayofcoiningextremelyminutequantitiesofgoldorsilver,andthecircumstancethatatfirstthelesspreciousmetalisusedasameasureofvalueinsteadofthe—moreprecious,copperinsteadofsilver,silverinsteadofgold,andthatthelesspreciouscirculatesasmoneyuntildethronedbythemoreprecious?allthesefactsexplainthepartshistoricallyplayedbysilverandcoppertokensassubstitutesforgoldcoins。Silverandcoppertokenstaketheplaceofgoldinthoseregionsofthecirculationwherecoinspassfromhandtohandmostrapidly,andaresubjecttothemaximumamountofwearandtear。Thisoccurswheresalesandpurchasesonaverysmallscalearecontinuallyhappening。Inordertopreventthesesatellitesfromestablishingthemselvespermanentlyintheplaceofgold,positiveenactmentsdeterminetheextenttowhichtheymustbecompulsorilyreceivedaspaymentinsteadofgold。Theparticulartrackspursuedbythedifferentspeciesofcoinincurrency,runnaturallyintoeachother。Thetokenskeepcompanywithgold,topayfractionalpartsofthesmallestgoldcoin;
goldis,ontheonehand,constantlypouringintoretailcirculation,andontheotherhandisasconstantlybeingthrownoutagainbybeingchangedintotokens。[35]
Theweightofmetalinthesilverandcoppertokensisarbitrarilyfixedbylaw。Whenincurrency,theywearawayevenmorerapidlythangoldcoins。
Hencetheirfunctionsaretotallyindependentoftheirweight,andconsequentlyofallvalue。Thefunctionofgoldascoinbecomescompletelyindependentofthemetallicvalueofthatgold。Thereforethingsthatarerelativelywithoutvalue,suchaspapernotes,canserveascoinsinitsplace。Thispurelysymboliccharacteristoacertainextentmaskedinmetaltokens。
Inpapermoneyitstandsoutplainly。Infact,cen’estquelepremierpasquicoûte。