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The E-Sylum:  Volume 10, Number 19, May 13, 2007, Article 3

NEW BOOK PROVIDES EVIDENCE FOR RECOMMENDATION OF PRIVATE ISSUANCE OF COINS!

Dick Johnson writes: "Numismatists, get ready to blow your coin buying
budget if what free market economists recommend comes to pass!

"Lawrence White, F.A. Hayek professor of economic history and leading
free-banking theorist is offering such a recommendation in his writings.
He wants the institutions that use coins and currency the most to issue
their own money!

"His frequent co-author, George Selgin, is writing a book about how
private penny issuers saved the Industrial Revolution.  The book, titled
'Good Money: Birmingham Button-Makers, The Royal Mint, and the Beginnings
of Modern Coinage' will be published by the University of Michigan Press
and the Independent Institute.

"White is basing his recommendations on what he learned from fellow
author Selgin's research. White sees where banks worldwide could issue
their own coins. But imagine this in America. Not only would banks, but
this would open up an opportunity for businesses -- of every size --
to do likewise. The largest users of coins, retail chains, would be
most active in coin issuing.

"Civil War tokens of cent denomination would be small scale. Potentially
White is recommending the private sector issue currency as well as coins
in denominations most suitable to their needs."

George Selgin adds: "My book itself, which is all history, doesn't
come out and recommend that people take up private coinage today,
though White does."

[Dick submitted additional articles related to White's recommendation
- the implications are far-reaching; these appear further on in this
issue. -Editor]

  Wayne Homren, Editor

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