A Farthing for Your Thoughts

Wednesday May 16th 2012, 9:00 pm — Al
Filed under: Follow the Money

The farthing was minted in England from the 13th century – originally in silver, later in copper – through the end of 1960, when it was finally scrapped. Tolled The Economist magazine:

‘Inflation killed the farthing.’

It looks like a mash-up of ‘a far thing,’ but in fact the word comes from the Anglo Saxon ‘feorthing’ – a fourthing – in this case a quarter of a cent.

Before the farthing, tradesmen often had to cut a penny into halves or quarters to make change. Pennies were designed with crosshair lines to guide the cuts – too bad about the king’s effigy being sliced up on the other side of the coin.

Such is the fate of currency and coinage – of cabbages and kings – beginning nobly, soon debased, and finally replaced.

The Roman denarius was first struck in pure silver in 211 BC. (If you ever find a coin bearing the date 211 BC, well, never mind.)

The denarius quickly became the coin of the realm, accepted from England to Persia based on Rome’s pre-eminence and the value of its silver – in that day said to be worth ten asses.

Over the next four and a half centuries, its silver content was repeatedly reduced – ultimately to a fraction of one percent, the rest of the coin in bronze, and its purchasing power had plummeted.

By that time a denarius wouldn’t buy so much as a piece of ass.

No, strike that. This is a serious economico-theological discussion about money, the root of all evil and the sole divinity of unregulated free enterprise.

Under capitalism, it now costs 2.4 cents to make a penny. The Canadians just abolished theirs. It costs 11.2 cents to mint a U.S. nickel. If our quarters were still silver – which they were until 1965 – it would cost $6 to manufacture one.

Governments do better spending a few cents to print $20, $100, or $1,000 bills. And the Fed’s ‘quantitative easing’ turns out mega-billions with a few keystrokes.

At long last, the legendary free lunch — until the day comes when you’re old and ugly and you want a piece of ass, but nobody wants your money.



Life Becomes a Tautology

Tuesday May 15th 2012, 5:15 pm — Al
Filed under: Notes & Comments


Turkish Taffy-Pull

Sunday May 13th 2012, 1:39 pm — Al
Filed under: News Analysis


Moderation in All Things

Friday May 11th 2012, 10:07 pm — Al
Filed under: Notes & Quotes


Thin soup

Thursday May 10th 2012, 12:14 pm — Al
Filed under: Notes & Quotes


The Secret of Education

Tuesday May 08th 2012, 7:11 pm — Al
Filed under: Notes & Comments


Welfare Kings

Sunday May 06th 2012, 7:25 pm — Al
Filed under: Follow the Money


When Science Was Small

Friday May 04th 2012, 4:29 pm — Al
Filed under: Science


Questionable Epics

Wednesday May 02nd 2012, 9:05 pm — Al
Filed under: Uncategorized


Crosswired Craniums

Saturday April 28th 2012, 9:35 pm — Al
Filed under: Science

 






Copyright © The Gang of Three, All Rights Reserved