Page:On the economy of machinery and manufactures - Babbage - 1846.djvu/157

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(166.) 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 commoditiesitself capable of subdivisionbecame 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. 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.