The Library of Mistakes EP 49: Good Money (with George Selgin)
24 snips
Dec 11, 2025 
In this discussion, economist George Selgin, author of *Good Money*, shares his insights on the historical landscape of money during the Industrial Revolution. He explores the Royal Mint's failures in producing small denominations, which led to shortages and rampant counterfeiting. Selgin explains how private tokens emerged to fill monetary gaps and details the innovative practices of Birmingham's button makers. He also touches on the storied Soho Mint and its contribution to modern coinage, unpacking the complex interplay between government policies and private enterprise.
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State Mint Neglect Created Private Money Market
- The Royal Mint largely failed to supply small change needed by factory workers and retailers during the Industrial Revolution.
- That gap created a substantial market opportunity for private entrepreneurs to supply everyday coinage.
Counterfeiters Filled The Early Coin Gap
- Counterfeiters initially filled the copper-coin gap because official coins were scarce and unattractive to obtain.
- The Royal Mint's policy of selling fiduciary copper at face value from London made counterfeiting lucrative and widespread.
Parys Mine Tokens Went National
- Thomas Williams of Anglesey minted private tokens redeemable for gold or Bank of England notes, which circulated nationally.
- His Parys Mine pennies became popular because they promised redemption at multiple points including London.
