JamesAldridge

MM, Is it your position that "The Austrian theory is the same as the Marxist theory and it is absolutely not true" because Menger, Mises, et al, failed to provide an exhaustive list of various items utilized as media of exchange, such as electrum? Or, is there some more substantive argument against the theory? JRA

MM As I recall Austrian theory, money (medium of exchange) developed over time. Depending on circumstances, any number of items might be used for the purpose. Utlimately, and over time, this usually tended to be whittled down to one of the precious metals. I do not recall any mention in the theory that a medium of exchange was first manifest in the form of coin. Your expertise in numismatics notwithstanding, I do not see how you have in any way whatsoever refuted Austrian monetary theory. I don't say that it cannot be refuted, only that you have not done it. JRA