The Evolution of the Gold Standard in England
研究了1816年英格兰放弃复本位制、将银币转为有限法偿代币的过程，分析了代币成功需防伪和可信担保，以及蒸汽压印机和英格兰银行的作用。
In 1816 England officially abandoned bimetallism and made silver coins into tokens that were only limited legal tender. Earlier monetary authorities had lacked the ability to manage a subsidiary coinage, a necessary complement to the monometallic gold standard. A successful token coinage must be both costly to counterfeit and credibly backed to ensure that the tokens do not depreciate to their intrinsic value. These problems were solved in the nineteenth century through the introduction of steam-driven stamping presses and with the assistance of the Bank of England.