The idea of private coinage seems so strange today that it is worth examining carefully. In the same way, we have said, as any other business. Each minter would produce whatever size or shape of coin is most pleasing to his customers. The price would be set by the free competition of the market. The standard objection is that it would be too much trouble to weigh or assay bits of gold at every transaction.
Private minters can guarantee a coin at least as well as a government mint.
Unbraided bits of metal would not be accepted as coin. People would use the coins of those minters with the best reputation for good quality of product. Opponents of private coinage charge that fraud would run rampant. Yet, these same opponents would trust government to provide the coinage. But if government is to be trusted at all, then surely, with private coinage, government could at least be trusted to prevent or punish fraud.