tegwick
41773f1320
Add OpenAIAdapter for the OpenAI chat completions API (apikey-chatgpt.txt or OPENAI_API_KEY). Set default model to arcee-ai/trinity-large-preview:free for the infospace pipeline and increase max_tokens from 4096 to 8192. Reprocess chapter 05 with Trinity Large (was Gemini: 1 truncated entity, now 19 complete entities). Process chapters 06 (Aurora Alpha, 10 entities) and 07 (Trinity Large, 15 entities including regenerated violent-policy.md). Canonical set now at 85 unique entities. Add entity archive policy: entities are never silently deleted. Retired entities move to output/entities/archive/ with a dated reason header. New CLI option: --archive-entity <slug> --reason "...". The --list output shows the archive count alongside the canonical set. Co-Authored-By: Claude Opus 4.6 <noreply@anthropic.com>
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seignorage
Definition
A small duty or charge imposed upon the coinage of both gold and silver, which Smith argues would increase the superiority of those metals in coin above an equal quantity of either of them in bullion. He suggests that seignorage would prevent the melting down of coin and discourage its exportation, as the coin would be worth more than its bullion value due to the added seignorage charge.
Source Chapter
Book 1, Chapter 5: "OF THE REAL AND NOMINAL PRICE OF COMMODITIES, OR OF THEIR PRICE IN LABOUR, AND THEIR PRICE IN MONEY."
Context
Smith discusses seignorage while explaining the relationship between coin and bullion values and the mechanisms that can be used to maintain the integrity of the monetary system. He notes that a small seignorage would increase the value of the metal coined in proportion to the extent of this small duty, similar to how fashion increases the value of plate.
Economic Domain
Regulation
Smith's Original Wording
"A small seignorage or duty upon the coinage of both gold and silver, would probably increase still more the superiority of those metals in coin above an equal quantity of either of them in bullion."
Modern Interpretation
Seignorage represents the revenue generated by the difference between the face value of money and its production cost, which in modern terms is a significant source of government revenue. In contemporary economies, seignorage is particularly important for fiat currency systems where the production cost is minimal compared to face value. It relates to modern discussions of monetary policy, government finance, and the economics of currency production.