seigniorage

貨幣発行益　—　Institutions

The gap between what a coin costs to make and its face value; the issuer's share.

Billon denier tournois (debased issue)1295–1303 Agnel d'or (the gold lamb)1311 Écu d'or à la couronne (crowned gold écu)1385 onward

If the value of the metal content plus the cost of minting is less than the face value, the difference becomes the profit of the issuer. ⚠ This income, unlike taxes, often did not require parliamentary approval. Debasement was repeatedly practiced because it was an "easy tax to collect."