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I am unsure about the American situation, but I learned a bit of history about token issuance in pre-Confederation Canada. These comments are based on the notes in a token collector guide. Since they were privately issued, they would be called “tokens” and not “coins,” as that was reserved for governmental issuance. In the Canadian colonies, there was a ...


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As I read Smith this was because gold and silver were used as currencies. So in Smith’s view you do not earn profit on settling your accounts you earn profit on resale of what you imported or from returns on the investment you bought with your gold. E.g. if you buy widget from China and sell it in the US is your profit derived from sending dollars to the ...


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