703 B
703 B
Augmentation of Coin Denomination
Definition
The official raising of a coin's nominal value through legislative or royal proclamation, making a coin worth more units of account without changing its actual metal content, typically used to reduce real debt burdens.
Source Chapter
Book V, Chapter 3
Context
Smith explains augmentation as an open and avowed method of currency debasement, contrasting it with the more deceptive practice of adulteration, and noting its use by various governments including Henry VIII's England.
Economic Domain
Regulation