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For many hundreds, if not thousands of years, the actual value of a coin had to be worth its face value, so they were made from precious metals to ensure that this was the case.
A One Shilling coin made from a predetermined and specific weight of sterling silver (as they once were) would be worth One Shilling. A One Shilling coin made from copper or tin would be almost valueless.
This also made it easier to trade with foreign countries since the price of gold and silver was fixed internationally and currencies were based on this price fixing.
Many countries moved away from this concept during the late 19th and early to mid 20th centuries, and coins were made from the cheapest suitable metals. Coins became tokens "representing" a particular value rather than worth their weight in silver or gold.
These days, the cost of producing a coin must never even approach the face value of the coin, hence the trend towards most countries making their lower denomination coins from base metals.
Wiki User
∙ 11y ago
Wiki User
∙ 14y agomoney
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