Copernicus and coin reform
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In 1505, Nicolaus Copernicus moved to the Prussian Prince-Bishopric of Warmia,(now in northern Poland). He settled , worked and died in Frauenburg (Frombork), Prussia.
There he held the office of canon and participated in the discussions in the East Prussian Diet about coin reform in the province. One issue of concern to participants of the Diet was who had the right to mint coins. The task required a lot of diplomacy, but proved to be a success.
Copernicus contributed the idea that the presence of undervalued currency would drive overvalued currency from the market. This was a precursor to Gresham's Law - he desribe it in treatise named Monetae cudendae ratio (1528).
[edit] External links
- article by Prof. Fred L. Wilson of the Rochester Institute of Technology
