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Treatise on the Origin, Nature, Law, and Changes of Coins is a medieval manifesto on monetary justice. Writing for a king yet arguing against royal whim, Nicole Oresme declares money a public trust: the ruler mints, but the value belongs to the community.
With startling clarity, he condemns coin debasement, the quiet thinning of metal or shift in denomination, as a stealth levy on everyone’s savings, a practice “worse than usury” because it takes without consent and spreads harm across the whole economy.
Oresme’s rule is simple and radical: monetary changes must be rare, public, and justified only by genuine common necessity. Centuries before modern macroeconomics, he anticipates the idea of the inflation tax and the need to bind fiscal appetites to stable money. A timeless brief against financial sleight of hand, and a blueprint for monetary integrity.
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