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real value

実質 ／ real-value　—　Measuring

The value of the metal itself. Melt it and you have it.

Gros tournois Gros tournois1266 100 Mun coin 100 Mun coin1866–67
A photograph of the real thing this term names.

In modern times, this refers to “the value after dividing by the price level,” but in the age of metallic currency, it literally meant “how much it would be worth if melted into bullion.” The difference between nominal and real value is a constant theme in monetary history.