The value of currency in Oresme and Copernicus

Abstract

This paper presents the notion of value applied to the analysis of currency, elaborated by Nicole Oresme, in 1355, and Nicolas Copernicus, in 1526. It shows that, to these authors, currency value must be stable and determined by the community engaged in activites of buying and selling. It also shows how they are opposed to instability of value, especially to its devaluation promoted by the government. It argues that both authors create systems for measuring and controlling of currency value in times of monetary turmoil. According to Oresme and Copernicus, instability of currency value not only keeps commerce faraway, in other kingdoms or republics, but also reveals the misconduct of the prince, the one who is invested with political and monetary authority in European societies of the fourteenth and sixteenth centuries.