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Aug 31, 2001

The Speculator

Groats, mills, dollars and states' rights

Passing through London recently, I was intrigued by the fuss over 'saving' the pound. Not so long ago the pound was worth five dollars, and now sterling is hovering not far above five quarters. A cynic may think it is beyond saving. After all, no-one protests in Rome to 'save the lira'.I can even remember when Britain went decimal. Who was shouting then to save the shilling, the farthing or the florin? And even earlier, the guinea and the groat went the way of all gold-backed currencies without

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