Advertisement

Money, Law, and Institutions

  • David FoxEmail author
Reference work entry
  • 44 Downloads

Abstract

A version of Georg Knapp’s state theory of money has represented the mainstream view of money applied in the civil law and common law traditions of Western Europe since medieval times. Following the understanding of Roman law, money was identified with the payment media issued by the sovereign body in the state. Legal doctrine recognized that the right to strike coin and to give it a value in payments belonged distinctively to the sovereign. The sovereign was entitled to change the monetary standard by altering the metallic content of the coinage or by raising or lowering its valuation in monetary units. Private law doctrines on the tender of money translated the monetary valuations made by the sovereign into practical results when the courts enforced actions for the payment of debts.

Keywords

Monetary law State theory of money Coinage Ius cudendae monetae Legal tender Debasement 

Bibliography

  1. Blackstone W (1765) Commentaries on the laws of England, vol 1. Facsimile ed 1979. University of Chicago Press, Chicago/LondonGoogle Scholar
  2. Bracton H, Thorne SE (1968) Bracton on the laws and customs of England. Harvard University Press, Cambridge, MAGoogle Scholar
  3. Challis CE (1978) The Tudor coinage. Manchester University Press, ManchesterGoogle Scholar
  4. Cochrane-Patrick RW (1876) Records of the coinage of Scotland from the earliest period to the union, vol 2. Edmonston and Douglas, EdinburghGoogle Scholar
  5. Craig T (2017) In: Dodds L (ed) Jus Feudale Tribus Libris Comprehensum book I. 64. Stair Society annual volumes. Stair Society, EdinburghGoogle Scholar
  6. De Roover R (1948) Money, banking and credit in mediaeval Bruges: Italian merchant bankers, Lombards and money-changers; a study in the origins of banking. Medieval Academy of America, Cambridge, MAGoogle Scholar
  7. Desan C (2014) Making money. Coin, currency, and the coming of capitalism. Oxford University Press, OxfordCrossRefGoogle Scholar
  8. Dondorp H (2016) The effect of debasements on pre-existing debts in early modern jurisprudence (chapter 13). In: Fox D, Ernst W (eds) Money in the western legal tradition: Middle Ages to Bretton Woods. Oxford University Press, OxfordGoogle Scholar
  9. Ernst W (2016) The legists’ doctrines on money and the law from the eleventh to the fifteenth centuries (chapter 7). In: Fox D, Ernst W (eds) Money in the western legal tradition: Middle Ages to Bretton Woods. Oxford University Press, OxfordGoogle Scholar
  10. Fox D (1996) Bona fide purchase and the currency of money. Cambridge Law Journal 55(3):547–564Google Scholar
  11. Fox D (2011) The structures of monetary nominalism in the pre-modern common law. J Leg Hist 34(2):139–169Google Scholar
  12. Fox D, Velde F, Ernst W (2016) Monetary history between law and economics (chapter 1). In: Fox D, Ernst W (eds) Money in the western legal tradition: Middle Ages to Bretton Woods. Oxford University Press, OxfordGoogle Scholar
  13. Geva B (2011) The payment order of antiquity and the Middle Ages: a legal history. Hart Publishing, Oxford/PortlandGoogle Scholar
  14. Hale M (1736, 1847) History of the pleas of the crown., 1st American edition. RH Small, PhiladephiaGoogle Scholar
  15. Justinian, Frier BW (eds) (2016) The codex of Justinian, vol 3. Cambridge University Press, CambridgeGoogle Scholar
  16. Justinian, Watson A (eds) (1985) The digest of Justinian, vol 1. Pennsylvania University Press, PhiladelphiaGoogle Scholar
  17. Knapp, G (1905, 1924), Staatliche Theorie des Geldes, published as The state theory of money. London: Macmillan and CompanyGoogle Scholar
  18. Larkin JF, Hughes PL (1973) Stuart royal proclamations, vol 1. Oxford University Press, OxfordGoogle Scholar
  19. Li M-H (1963) The Great Recoinage of 1696–1699. Weidenfeld and Nicolson, LondonGoogle Scholar
  20. Menger K (1892) On the origin of money. Econ J 2(6):239–255Google Scholar
  21. Murray A (1997) Sir Isaac Newton and the Scottish recoinage 1707–10. Proc Soc Antiq Scot 127:921–944Google Scholar
  22. Pothier RJ (1773) Traité de droit civil. Deeure, J/Rouzeau-Montant, Paris/OrléansGoogle Scholar
  23. Powell JM (1971) The Constitutions of Melfi or the Liber Augustalis promulgated by the Emperor Frederick II for the Kingdom of Sicily in 1231. Syracuse University Press, SyracuseGoogle Scholar
  24. Proctor C (2012) Mann on the legal aspect of money, 7th ed. Oxford University Press, Oxford.Google Scholar
  25. Redish A (2000) Bimetallism: an economic and historical analysis. Cambridge University Press, CambridgeGoogle Scholar
  26. Reid KGC (2016) Banknotes and their vindication in eighteenth-century Scotland (chapter 25). In: Fox D, Ernst W (eds) Money in the western legal tradition: Middle Ages to Bretton Woods. Oxford University Press, OxfordGoogle Scholar
  27. Rüfner T (2016) Money in the Roman law texts (chapter 6). In: Fox D, Ernst W (eds) Money in the western legal tradition: Middle Ages to Bretton Woods. Oxford University Press, OxfordGoogle Scholar
  28. Stair, Viscount, Dalrymple, J; Walker, D (ed) (1681, 1981) The institutions of the law of Scotland. Edinburgh: Edinburgh University Press/Yale University PressGoogle Scholar
  29. Thomas PJ, Boraine A (1994) Ownership of money and the actio Pauliana. Tydskrif vir hedendaagse Romeins-Hollandse Reg 57:678Google Scholar
  30. Voet J, Gane P (ed) (1955–1958) The selective Voet: being the commentary on the pandects. Butterworths, DurbanGoogle Scholar
  31. Zimmermann CD (2013) A contemporary concept of monetary sovereignty. Oxford University Press, OxfordCrossRefGoogle Scholar

Copyright information

© Springer Nature Singapore Pte Ltd. 2020

Authors and Affiliations

  1. 1.University of EdinburghEdinburghUK

Personalised recommendations