History Monetae cudendae ratio

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copernicus earliest draft of essay in 1517 entitled de aestimatione monetae (on value of coin). revised original notes, while @ olsztyn (allenstein) in 1519 (which defended against teutonic knights), tractatus de monetis (treatise on coin) , modus cudendi monetam (the way strike coin). made these basis of report presented prussian diet @ grudziądz (graudenz) in 1522; copernicus friend tiedemann giese accompanied him on trip graudenz. 1528 prussian diet, copernicus wrote expanded version of paper, monetae cudendae ratio (on minting of coin), setting forth general theory of money.

in paper, copernicus postulated principle bad money drives out , later came referred gresham s law after later describer, sir thomas gresham. phenomenon had been noted earlier nicole oresme, copernicus rediscovered independently. gresham s law still known in poland , central , eastern europe copernicus-gresham law.

in same work, copernicus formulated version of quantity theory of money, or relation between stock of money, velocity, price level, , output of economy. many later classical economists of 18th , 19th centuries, focused on connection between increased money supply , inflation.

monetae cudendae ratio draws distinction between use value , exchange value of commodities, anticipating 250 years use of these concepts adam smith—although it, too, had antecedents in earlier writers, including aristotle.

copernicus essay republished in 1816 in polish capital, warsaw, dissertatio de optima monetae cudendae ratione (dissertation on optimal minting of coin), few copies of survive.