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In the earlier stages of societies the interchange of the few commodities required was conducted by barter, but as soon as their wants became more varied and extensive, the necessity of having some common measure of the value of all commodities— itself capable of subdivision—became apparent: thus money was introduced. In some countries shells have been employed for this purpose; but civilized nations have, by common consent, adopted the precious metals.(1*) The sovereign power has, in most countries, assumed the right of coining; or, in other words, the right of stamping with distinguishing marks, pieces of metal having certain forms and weights and a certain degree of fineness: the marks becoming a guarantee, to the people amongst whom the money circulates, that each piece is of the required weight and quality.

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