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infospace: process book-4-chapter-01

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Extract entities, map to VSM, and synthesize analysis.
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Bernd Worsch
2026-02-19 21:13:08 +01:00
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# Bullion
## Definition
Gold or silver in bulk form before coining, valued by weight rather than face value. Under the mercantile system, bullion was considered the purest form of wealth and was subject to different regulatory treatment than minted coin, with many countries allowing its free export while restricting coin export.
## Source Chapter
Book IV, Chapter 1
## Context
Smith notes that while many countries prohibited the export of their own coin, they allowed the free export of bullion. He uses this distinction to illustrate the irrationality of mercantile policies, showing how the same metal was treated differently based solely on its form rather than its economic function.
## Economic Domain
Exchange
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