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Ludwig von Mises
The Private Property Order
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„Gold, silver, and copper have been natural monies for several
thousand years in many human societies. The reason is, as
we have said, that their physical characteristics make them
more suitable to serve as money than any other commodities.
Still we call them natural monies, not because of their physical
characteristics, but because free human beings have spontaneously
selected them for that use. In short, one cannot tell
on a priori grounds what the natural money of a society is. The
only way to find this out is to let people freely associate and
choose the best means of exchange out of the available alternatives.
Looking at the historical record we notice that, at
most times and most places, people have chosen silver. Gold
and copper too have been used as monies, though to a lesser
extent.”
Jörg Guido Hülsmann : The Ethics of Money Production, p. 27
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