The history of those who debase money in an effort to get something for nothing — i.e., coin clippers, counterfeiters, and central bankers — is long and sordid. Here’s an eye-opener about how one medieval king dealt with officers found guilty of devaluing the currency:
“Henry I castrated currency officials whose output was found wanting. According to Sinclair, half the moneyers in England were mutilated as punishment for producing sub-standard or counterfeit coins in 1124.”
Apparently, about 95 officials were emasculated (or had their right hands amputated, according to this competing account).
How far we have come in dealing with our own currency debasers — though whether for better or worse I cannot say. : )
Source: This charming, short account of the British pound Related: My interview with thoughtful Robert Breedlove on the philosophy of money and Bitcoin/crypto’s promise: