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to offer in exchange； except the different productions of their
respective trades； and the butcher is already provided with all
the bread and beer which he has immediate occasion for。 No
exchange can； in this case； be made between them。 He cannot be
their merchant； nor they his customers； and they are all of them
thus mutually less serviceable to one another。 In order to avoid
the inconveniency of such situations； every prudent man in every
period of society； after the first establishment of the division
of labour； must naturally have endeavoured to manage his affairs
in such a manner as to have at alltimes by him； besides the
peculiar produce of his own industry； a certain quantity of some
one commodity or other； such as he imagined few people would be
likely to refuse in exchange for the produce of their industry。
Many different commodities； it is probable； were
successively both thought of and employed for this purpose。 In
the rude ages of society； cattle are said to have been the common
instrument of commerce； and； though they must have been a most
inconvenient one； yet in old times we find things were frequently
valued according to the number of cattle which had been given in
exchange for them。 The armour of Diomede； says Homer； cost only
nine oxen； but that of Glaucus cost an hundred oxen。 Salt is said
to be the common instrument of commerce and exchanges in
Abyssinia； a species of shells in some parts of the coast of
India； dried cod at Newfoundland； tobacco in Virginia； sugar in
some of our West India colonies； hides or dressed leather in some
other countries； and there is at this day a village in Scotland
where it is not uncommon； I am told； for a workman to carry nails
instead of money to the baker's shop or the alehouse。
In all countries； however； men seem at last to have been
determined by irresistible reasons to give the preference； for
this employment； to metals above every other commodity。 Metals
can not only be kept with as little loss as any other commodity；
scarce anything being less perishable than they are； but they can
likewise； without any loss； be divided into any number of parts；
as by fusion those parts can easily be reunited again； a quality
which no other equally durable commodities possess； and which
more than any other quality renders them fit to be the
instruments of commerce and circulation。 The man who wanted to
buy salt； for example； and had nothing but cattle to give in
exchange for it； must have been obliged to buy salt to the value
of a whole ox； or a whole sheep at a time。 He could seldom buy
less than this； because what he was to give for it could seldom
be divided without loss； and if he had a mind to buy more； he
must； for the same reasons； have been obliged to buy double or
triple the quantity； the value； to wit； of two or three oxen； or
of two or three sheep。 If； on the contrary； instead of sheep or
oxen； he had metals to give in exchange for it； he could easily
proportion the quantity of the metal to the precise quantity of
the commodity which he had immediate occasion for。
Different metals have been made use of by different nations
for this purpose。 Iron was the common instrument of commerce
among the ancient Spartans； copper among the ancient Romans； and
gold and silver among all rich and commercial nations。
Those metals seem originally to have been made use of for
this purpose in rude bars； without any stamp or coinage。 Thus we
are told by Pliny； upon the authority of Timaeus； an ancient
historian； that； till the time of Servius Tullius； the Romans had
no coined money； but made use of unstamped bars of copper； to
purchase whatever they had occasion for。 These bars； therefore；
performed at this time the function of money。
The use of metals in this rude state was attended with two
very considerable inconveniencies； first； with the trouble of
weighing； and； secondly； with that of assaying them。 In the
precious metals； where a small difference in the quantity makes a
great difference in the value； even the business of weighing；
with proper exactness； requires at least very accurate weights
and scales。 The weighing of gold in particular is an operation of
some nicety。 In the coarser metals； indeed； where a small error
would be of little consequence； less accuracy would； no doubt； be
necessary。 Yet we should find it excessively troublesome； if
every time a poor man had occasion either to buy or sell a
farthing's worth of goods； he was obliged to weigh the farthing。
The operation of assaying is still more difficult； still more
tedious； and； unless a part of the metal is fairly melted in the
crucible； with proper dissolvents； any conclusion that can be
drawn from it； is extremely uncertain。 Before the institution of
coined money； however； unless they went through this tedious and
difficult operation； people must always have been liable to the
grossest frauds and impositions； and instead of a pound weight of
pure silver； or pure copper； might receive in exchange for their
goods an adulterated composition of the coarsest and cheapest
materials； which had； however； in their outward appearance； been
made to resemble those metals。 To prevent such abuses； to
facilitate exchanges； and thereby to encourage all sorts of
industry and commerce； it has been found necessary； in all
countries that have made any considerable advances towards
improvement； to affix a public stamp upon certain quantities of
such particular metals as were in those countries commonly made
use of to purchase goods。 Hence the origin of coined money； and
of those public offices called mints； institutions exactly of the
same nature with those of the aulnagers and stamp…masters of
woolen and linen cloth。 All of them are equally meant to
ascertain； by means of a public stamp； the quantity and uniform
goodness of those different commodities when brought to market。
The first public stamps of this kind that were affixed to
the current metals； seem in many cases to have been intended to
ascertain； what it was both most difficult and most important to
ascertain； the goodness or fineness of the metal； and to have
resembled the sterling mark which is at present affixed to plate
and bars of silver； or the Spanish mark which is sometimes
affixed to ingots of gold； and which being struck only upon one
side of the piece； and not covering the whole surface； ascertains
the fineness； but not the weight of the metal。 Abraham weighs to
Ephron the four hundred shekels of silver which he had agreed to
pay for the field of Machpelah。 They are said； however； to be the
current money of the merchant； and yet are received by weight and
not by tale； in the same manner as ingots of gold and bars of
silver are at present。 The revenues of the ancient Saxon kings of
England are said to have been paid； not in money but in kind；
that is； in victuals and provisions of all sorts。 William the
Conqueror introduced