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<p>[QUOTE=&quot;kevin McGonigal, post: 3756612, member: 72790&quot;]In the ancient world I think it was absolutely the determination of a coin&#039;s intrinsic bullion value that determined its value in the marketplace. It may have had some other added value in other circles but merchants and money changers knew full well that its intrinsic value, its real value, was its bullion value. To a great extent that remained so until recent times when governments were able to create the notion that it was their authority that determined the value of money, not the composition of it. Athenian Owls, Macedonian tetradrachmas, Roman denarii,&nbsp; Byzantine solidi Venetian ducats and Spanish reales had wide acceptance in the marketplace, not because of the authority of the issuing power, but because of the intrinsic value of the metal of which the coins were composed.[/QUOTE]</p><p><br /></p>

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