... as money had to be weighed and checked for purity when settling trades. Gold coins, however, were not a perfect solution since a common practice for centuries to come was to clip these slightly irregular coins to accumulate enough gold that could be melted down into bullion. But in 1696, the Great Re-coinage in England introduced a technology that automated the production of coins, and put an end to clipping. Since it could not always rely on additional supplies from the earth, the supply of gold expanded only through deflation, trade, pillage or debasement. The discovery of America in the 15th century brought the first great gold rush. Spain's plunder of treasures from the New World raised Europe's supply of gold five-fold in the 16th century. Subsequent gold rushes in the Americas, Australia and South Africa took place in the 19th century. Europe's introduction of paper money occurred in the 16th ...

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