They more nearly do so in India, and the possibility of agio is, doubtless, greater there.
Now there's an agio on gold, you pay five kreutzers for every Louis.
It is not the legal peculiarity of money, as legal tender, which is necessarily responsible for this agio when it appears.
In so far as substitution is possible, there is no room for an agio.
Coined metal thus rarely gets, save to a limited extent or temporarily, an agio over uncoined bullion.
The question of the agio of the Hamburg banco system belongs rather to the history of banking.
On the other hand, the legal requirements for reserves in specified types of money might, in time, lead to some agio.
Behold thus this agio establishment, and the money of the bank, worth five per cent more than the current money.
But an agio on coined over uncoined metal is quite possible, and has frequently occurred.
All those who have an account in bank, may demand to be paid in ready money, but they cannot require the agio.