Wednesday, June 07, 2006

The Pound


Do you realize this piece of paper, now a coin, which I understand you used to be able to exchange at the Bank of England for 16 ounces of gold is worth in real terms about a Farthing? (gold=£338/lb)
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3 comments:

Anonymous said...

I can't see what point is being made here. Money is a notoriously poor way of storing wealth. There have been waves of inflation ever since they invented the stuff. Thats partly why they invent new currencies every now and then. Currencies are destoyed by inflation. The pound was invented after a wave of inflation in the sixteenth century.

You may well conclude the pound is totally clapped out and we should move on to a replacement, the argument is over what should replace it.

7/6/06 5:43 pm
The Postman said...

and I heard that a 2p coin is actually worth 3p... instant profit beckons

7/6/06 5:53 pm
Anonymous said...

Dont you get hanged, drawn and quartered for melting them down?

One of the more entertaining medieval kings invited all the coin minters to his xmas party and as a form of Boxing Day entertainment had them castrated for making the coins underweight. The rigours of monetarism pale into insignificance!

7/6/06 6:00 pm

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