Specie, in economics and finance, refers to money in the form of coins, typically made from precious metals such as gold or silver. It represents the physical manifestation of currency, as opposed to paper money or electronic forms of payment. The term often implies a tangible store of value and a medium of exchange backed by the intrinsic worth of the metal it contains. Historically, specie played a critical role in international trade and financial systems, establishing stability and facilitating transactions before the widespread adoption of fiat currency.
Specie meaning with examples
- The shipwreck held a vast treasure of Spanish specie, including gold doubloons and silver pesos, a discovery that captivated historians and treasure hunters alike. The recovery offered insight into the global trade of the era, demonstrating the circulation of specie across continents and providing valuable archaeological findings.
- During the economic downturn, people started hoarding specie, believing that it would hold its value better than paper money. The rush to possess tangible specie destabilized the financial system. The limited amount of available specie drove demand and inflated it's value.
- The treaty required the defeated nation to pay a large indemnity in specie, straining their economy and necessitating the extraction of precious metals. The transfer involved transporting large quantities of specie to the victor, often with risks of piracy and theft. This exchange demonstrated the central role of specie in political and economic negotiations.
- Antique dealers specialized in acquiring and selling historical specie, like ancient Roman coins or colonial-era coins. Each piece of specie had an intrinsic value based on its metal content, its rarity and its historical significance. Collecting specie was seen as both an investment and a link to the past.
- In order to protect against inflation, some investors began to convert their paper currency into specie, such as gold coins. Owning specie offered a hedge against devaluation of the national currency. This strategy helped the wealthy preserve the value of their assets by investing in tangible specie.
Specie Crossword Answers
4 Letters
COIN
6 Letters
CHANGE
7 Letters
COINAGE MINTAGE
10 Letters
METALMONEY