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# Conversion Price

## Definition

The price at which agricultural produce, particularly grain, could be converted from payment in kind to payment in money under Scottish agricultural tenancy agreements. This price was typically set below market rates to protect tenants from excessive charges.

## Source Chapter

Book I, Chapter 11

## Context

Smith discusses conversion prices as an example of how agricultural rents were historically structured and how they affected the relationship between landlords and tenants in Scotland.

## Economic Domain

Distribution

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