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# Specie

## Definition

Coin money, particularly coins made of precious metals, as distinguished from paper currency or other forms of money. Under the mercantile system, specie was considered the most reliable and valuable form of money.

## Source Chapter

Book IV, Chapter 1

## Context

While Smith uses the term "money" throughout, his distinction between coin, bullion, and paper currency implies the concept of specie as physical precious metal currency. He shows how mercantile policies focused specifically on preserving and accumulating this form of money.

## Economic Domain

Exchange

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