Were gold and silver cobs used in everyday transactions?

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291fifth
291fifth Posts: 25,218 ✭✭✭✭✭
in World & Ancient Coins Forum

... or were they just used for transporting a specific amount of bullion?

All glory is fleeting.

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  • pruebas
    pruebas Posts: 5,286 ✭✭✭✭✭
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    Where and when?

  • 291fifth
    291fifth Posts: 25,218 ✭✭✭✭✭
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    @pruebas said:
    Where and when?

    I don't know but would like to.

    All glory is fleeting.
  • Obone
    Obone Posts: 139 ✭✭✭
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    Just my insight:
    My family is from China. My grandma inherited many silver dollars, fatmans, dragon dollars, etc.
    According to her, most coins used in everyday transactions were copper coins, even the high denomination ones. Silver dollars were reserved for large purchases, such as a couple silver coins for a plot of land.
    Hope that helps

  • FilamCoins
    FilamCoins Posts: 1,901 ✭✭✭
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    Interesting question. I'd like to know the answer to that too. I was the impression that cobs were used both in commerce and also melted down for jewelry and other industrial uses, but they were replaced by more modern coinage because they could be easily clipped (defaced) and traders didn't trust them unless they were weighed for metal content.

  • Obone
    Obone Posts: 139 ✭✭✭
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    Apologies, did not know the discussion pertained only to cobs.
    I think they must have been used, thats why there are so many cobs that are cut?

  • Hussulo
    Hussulo Posts: 2,953 ✭✭✭
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    I believe in ancient Byzantine times gold was mainly used for very large purchases and as tribute payments etc. That's why they tend to be found in hoards and in good condition as they didn't circulate much. No doubt some were melted down reused for new emperor's.

    CoinsGB (Free British coin reference website) | Gold Sovereigns
  • Timbuk3
    Timbuk3 Posts: 11,658 ✭✭✭✭✭
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    Interesting !!! :)

    Timbuk3
  • Unknown
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  • FilamCoins
    FilamCoins Posts: 1,901 ✭✭✭
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    @btcollects said:
    So it might go with a lot of coins, like cobs. If they have wear, they circulated, but who knows for sure when or where. I wouldn't be surprised if a lot of Spanish colonial coins circulated in Europe, hundreds of years after they were minted, and rarely circulated in the local economy where they were minted, or if they did circulate in the local economy, it might have been a long time after they were made.

    This makes a lot of sense. Not only in Europe, but in the U.S. and perhaps Asia/China too. I suppose the local economies in Latin America, where the cobs were struck, were rather undeveloped in those times. Not a lot of high value trade going on I suspect.

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