The British Pound in Decline

The decline of a nation’s money often parallels the decline of the nation.  Rome’s money stands as the classic example; Great Britain’s pound is the contemporary example.

In Rome’s final days, its coins were debased, minted with reduced amounts of gold and silver.  Consequently, the people astutely took note of which coins contained the greater amounts of gold or silver, but the Senate took typical government action.  It made it illegal for a merchant to ask a buyer with which coins he was go...