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No physical pound coins circulated in Great Britain for a century, George Selgin notes

No physical pound coins circulated in Great Britain for a century, George Selgin notes
Britain lacked pound coins for a century

George Selgin explains that a 'ghost money' metallic unit, when related to other metallic media at fixed rates, is not problematic for monetary systems.

He highlights that from 1717 to 1817, the pound sterling was the principal monetary unit in Great Britain, yet no actual pound coins were in circulation during that period.

Selgin has previously challenged claims regarding major historical economic shifts. He questioned assertions that the Social Security Administration ended the U.S. Great Depression in an earlier analysis here. Selgin has also discussed how nominal GDP targeting can result in changes to inflation and price levels depending on productivity factors here.

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