Buy small things with big coins

by Lontarus

If you were paid in silver coins for some job, how did people go ahead if they only wanted to buy something small like some bread or some fruit or wine. Or did they have coins worth as little as a loaf of bread?

Bodark43

Having actual small change could be a problem. In the late 18th c. because of counterfeiting and coinage debasement, the British government refused to mint enough small coins to meet the needs of the population . This resulted in Conder tokens which were made by coppersmiths , mostly in the value of a half-penny, that could be redeemable by the issuer for actual money. These were quite successful.

However, the most common way to deal with small purchases was to run an account. The shop selling the wine or fruit would log each purchase into a ledger, and customers would settle up at regular intervals. Travelers, of course , might be expected to settle immediately, ( or anyone suspect) but many others might go on credit for months at a time. This was especially true of farmers, who would get most of their income in the last few months of the year, and would so not be expected to pay until the last of the year. And, of course, if the shop was selling wine but also buying butter for sale, the farmer might be bartering, and there would be both credits and debits.

Lastly, if the customer wanted to settle up and the merchant did not have change , he might give his note on what was owed. This could be in turn passed around like money ( though it might be discounted by people who did not know the merchant).