Book · An Inquiry into the Wealth of Nations
Page 855 of 2651
Author: Adam Smith
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That between the dealers and the consumers, on the contrary, as
it is generally carried on by retail, frequently requires but
very small ones, a shilling, or even a halfpenny, being often
sufficient. But small sums circulate much faster than large ones.
A shilling changes masters more frequently than a guinea, and a
halfpenny more frequently than a shilling. Though the annual
purchases of all the consumers, therefore, are at least equal in
value to those of all the dealers, they can generally be
transacted with a much smaller quantity of money; the same
pieces, by a more rapid circulation, serving as the instrument of
many more purchases of the one kind than of the other.
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