Restatement: Who is responsible for originating the term “velocity” to describe the rate of money circulation? Also, who is responsible for first discussing this rate, specifically?

Background: While reading an English translation of Capital, I came across Marx discussing, explicitly, the velocity of money (Ch3[2][b]). I had no idea the concept was so old. He cites Le Trosne (“La célérité de son mouvement [sc de l’argent] suplée à sa quantité.”), but I wonder now who first used the term and who first considered velocity. I imagine the concept predates the term.

My research: In Monetary Theory Before Adam Smith, Monroe writes that early writers on circulation include William Petty and Locke in response; and later Lau and Berkeley, Cantillon and Galiani, and others, but it’s not clear if any are writing about velocity per se, or just circulation generally. The same work says Postlethwayt (in Great Britain’s True System) “mentions velocity…” in pages 60-66, but I couldn’t find this source online or at my local library, so I can’t check it.

This article from the ever-reliable Mises.org makes me think Cantillon might deserve the honor.

Restatement: Who is responsible for originating the term “velocity” to describe the rate of money circulation? Also, who is responsible for first discussing this rate, specifically?

Background: While reading an English translation of Capital, I came across Marx discussing, explicitly, the velocity of money (Ch3[2][b]). I had no idea the concept was so old. He cites Le Trosne (“La célérité de son mouvement [sc de l’argent] suplée à sa quantité.”), but I wonder now who first used the term and who first considered velocity. I imagine the concept predates the term.

My research: In Monetary Theory Before Adam Smith, Monroe writes that early writers on circulation include William Petty and Locke in response; and later Lau and Berkeley, Cantillon and Galiani, and others, but it’s not clear if any are writing about velocity per se, or just circulation generally. The same work says Postlethwayt (in Great Britain’s True System) “mentions velocity…” in pages 60-66, but I couldn’t find this source online or at my local library, so I can’t check it.

This article from the ever-reliable Mises.org makes me think Cantillon might deserve the honor for the term.

Marx later in that subsection cites Petty as writing in A Treatise of Taxes and Contributions (1667), “… the proportion of money [gold and silver specie] requisite in our trade, is to be likewise taken from the frequency of commutations and from the bigness of the payments.” This counts for me as considering the concept, but there could still be an earlier source.