Jacques Melitz, 10 October 2015

Minting small change was a big, expensive problem in the ancient world. This column argues that the ancient Lydian government and Greek city-states absorbed the cost of producing an extremely wide array of denominations of coins as a political strategy. Governments had much to gain from the spread of coinage in managing budgetary affairs. If it subsidised the mint, an ancient government would make savings in terms of transaction costs.

Blogs&Reviews

Vox eBooks

Vox Talks

Events

CEPR Policy Research