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A. A coin too discriminating to meet the demand A. A coin too discriminating to meet the demand
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The problem of scale The problem of scale
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Improvising exchange under the monetary floor Improvising exchange under the monetary floor
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B. The peculiar credit of the English B. The peculiar credit of the English
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The shape of English credit The shape of English credit
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Reconsidering the claims of English credit Reconsidering the claims of English credit
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5 The social stratigraphy of coin and credit in late medieval England
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Published:November 2014
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Abstract
England’s powerful penny stratified exchange, both in coin and in credit. As to coin, it could not easily lubricate many everyday deals because it came disproportionately in high-value denominations. The chapter explores the problems of scale that followed and traces their cause to decisions about monetary policy. In turn, the chapter considers popular responses to the shortage of small change that occurred, including barter and the use of foreign money. Most remarkable was the proliferation of consumption credit in England. Consumption credit, routinely extended by neighbors to one another, allowed much exchange to occur without cash changing hands. But the innovation was dangerous as well as enabling: parties who relied on credit instead of cash to make deals exposed themselves to the costs and risks of debt litigation. Those burdens appear to have been much heavier at the bottom than the top of English society.
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