Commodity money standards in medieval and early modern Europe were characterized by recurring complaints of small change shortages and by numerous debasements of the coinage. To confront these facts, we build a random matching monetary model with two indivisible coins with different intrinsic...

Currency in circulation, together with demand deposits, is a component of narrow money which movements are of special interest for policy makers. There are several relevant indicators showing the relative significance of the currency in circulation in particular economy, among which the most...