The question about a silver standard

[Elena Russ]

Hi, my dear friends!

I have the following question. In 1300 year the sterling standard was accepted in London. I wonder, why the silversmiths cannot make his own articles from silver lower than this standard? Thank you in advance.
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[Hose_dk]

There are several reasons. The most importent is the coins. Coins had a standard and was also used for silver items. In case of financial crises the owner of a silver item could transfer his silver into money - if they dit not have the same standard the king would do a bad bargain.

Trust - a buyer could not see silver standard. Silver had a price 30X price of cobber. It does therefor make sence (for the silversmith) to increase amount of cobber. For the buyer paying for silver :-(

The system based upon trust - requered someone to assure that nobody cheated.
That was the fast expanation of silvermarks.
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[Elena Russ]

There are several reasons. The most importent is the coins. Coins had a standard and was also used for silver items. In case of financial crises the owner of a silver item could transfer his silver into money - if they dit not have the same standard the king would do a bad bargain.

Trust - a buyer could not see silver standard. Silver had a price 30X price of cobber. It does therefor make sence (for the silversmith) to increase amount of cobber. For the buyer paying for silver :-(

The system based upon trust - requered someone to assure that nobody cheated.
That was the fast expanation of silvermarks.

Thank you for you help. Does this mean that the silver articles is the peculiar monetary fund for the country?
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[Hose_dk]

The monetary fund was based upon silver.
In Denmark since 1429.
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[Elena Russ]

The monetary fund was based upon silver.
In Denmark since 1429.

Thank you. But in this case it must be some decree of king. Or can we only conjecture?
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[Hose_dk]

Harald was danish king 940 until 986. He was the fist king of all of Denmark - that gives several hundreds of years to establish a monetari system. In UK in 1066 the battle of Hastings between king Herold II and Wilhelm of Normandi. Dont know when first king in England but normally we say 927.
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