Adam Smith：The Wealth of Nations, Book I, Chapter V, Paragraph 100

Originally, in all countries, I believe, a legal tender of payment could be made only in the coin of that metal which was peculiarly considered as the standard or measure of value. In England, gold was not considered as a legal tender for a long time after it was coined into money. The proportion between the values of gold and silver money was not fixed by any public law or proclamation, but was left to be settled by the market. If a debtor offered payment in gold, the creditor might either reject such payment altogether, or accept of it at such a valuation of the gold as he and his debtor could agree upon. Copper is not at present a legal tender, except in the change of the smaller silver coins.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book I, Chapter V, paragraph 100 · Verified：2026-10-19 · Verification：Exact match

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