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IPFS News Link • United Kingdom

The British Pound in Decline

• by Bill Haynes

In Rome's final days, its coins were debased, minted with reduced amounts of gold and silver.  Consequently, the people astutely took note of which coins contained the greater amounts of gold or silver, but the Senate took typical government action.  It made it illegal for a merchant to ask a buyer with which coins he was going to pay.

Fast forward to today.

This year, for the first time, prize money for the British Open golf tournament was not paid in British pounds but in US dollars.  The total purse was $10.25 million, with $1.845 going to the winner, Jordan Spieth.