The Value of a Coin

ON HIS FOURTH DAY in the merchant’s company, Steven was beginning to get impatient. Other wagons had joined the merchant as they passed through towns and villages that now appeared on the road so frequently Steven couldn’t tell when he had left one and entered another. And to the sides of the main road many smaller roads led off into the distance. Twice they intersected roads as broad as the one on which they traveled and had been stalled waiting while wagons negotiated a turning from one into the other.

Steven suggested that he should get out and walk in order to get there more quickly, but the merchant admonished him that he should at least get through the city gates in his company.

“Is this not the city, then?” Steven said looking around at more people than he had ever seen in his life.

“We are still a day’s journey from the city,” said the merchant. “Granted you could probably walk and get there yet today if you could keep from being run over by a cart, but when you reached the city gates you would have to explain your business to the guards and they might choose to deny you entry. In my company, I can assure you entrance to the city as part of my entourage and guide you to a safe place where you can plan your passage through it.”

Steven acquiesced to the merchant’s suggestions and in the evening, they stopped at yet another inn for the night.

“Now, Steven,” said the merchant as they finished their dinner, “how much money have you?”

“Money?” Steven asked.

“Yes. Coins. Silver. Gold.” The merchant could see he was not getting through. He pulled a coin purse and poured a few coins out on the table.

“Oh!” Steven exclaimed. “I have two silver coins that I was given when I re-thatched a roof, and five silver coins the knights gave me for my service to them on the road.” Steven poured the seven coins out on the table across from the merchant.

“I must talk to my brother about the wages he pays,” said the merchant. “You should have had twice that for your service to him. Now, do you know what these are worth?”

“Yes,” Steven said proudly. “These two are worth half a day of my labor, and these five are worth three days on the road. I found that two silver coins could be traded for a bowl of watery soup and a closet to sleep in.”

“Hmmm. Yes,” said the merchant. “And by that logic, how many days could you last in the city?”

“As long as I wish,” Steven answered. “I can hunt and spread my bedroll beneath any tree.”

“Well, the problem is that there are few trees in the city and no game. You must stay at an inn or at several as you work your way across the city. Now in Byzatica, an inn will cost three silver coins for dinner and a room. Another for breakfast and yet another if you drink ale. So, if it costs five silver coins for a single night, how long can you stay in the city?”

Steven looked at his meager pile of coins. “Only one night,” he said, sighing at last.

“Yes,” said the merchant. “That is not enough for you to get through Byzatica. Therefore, I will propose another way for you to get coins that is much better than thatching a roof or squiring for a knight.” Steven was intrigued. In his village everyone shared common fields and flocks and traded with each other for anything else they needed. He had never seen a coin until he was with the tinker.

“How shall I get more coins?” Steven asked anxiously.

“Well, you sell things,” the merchant suggested. “The idea is that you buy things for one silver coin and sell them to someone else for two silver coins.”

“But if the thing is worth one silver coin, why would someone buy it for two silver coins?” Steven asked incredulously.

“Well, you see, things are not worth the same to everyone,” said the merchant.

“I don’t think I can do this,” Steven said.

“I believe in you,” the merchant answered. “For example, you may, in your travels, have acquired information for which you paid nothing. It is simply an experience that you have had. But to someone else, that information might be worth quite a great deal.”

“Oh. You mean like a story?” Steven asked puzzled.

“Something like that,” said the merchant. “Let’s say that before you met with the knights you had wandered high in the mountains and had come across a big lake. And somehow while you were up there wandering around, you encountered a very short man with an axe and his very tall thin wife. Now someone might want to know how this old couple was getting along and whether they were in need of anything.”

“Oh, I could tell them that,” Steven said proudly. “They are a fine pair...” he was cut off by the merchant.

“Now here is your lesson in commerce,” said the merchant. “How much will that information cost me?” Steven worked his mouth up and down trying to relate the concept of information and coins together. He had no idea how many coins he should ask for. Then he noticed that the merchant had stacked ten coins together and moved them slightly toward Steven.

“I should say ten silver coins?” Steven ventured.

“Now I am interested in your information,” said the merchant. “Here are ten silver coins. Please tell me how my dear parents are and if they need anything from their sons.” And so, Steven exchanged all he had seen and heard in the woodcutter’s house to the merchant and the merchant gave him the ten silver coins.

“Now I must explain to you the idea of equals,” the merchant said after he had paid Steven. “Here is one gold coin. It is only slightly larger than the silver coins, but it is worth much more. One gold coin equals ten silver coins.” He placed the gold coin on the table and traded Steven for the ten silver coins. “In the same way, some information is worth much more than other information. For example, if you had information regarding a wayward brother who wandered away from home to seek his fortune and was unable to find his way home that would be worth ten times as much as information about the parents. For one older brother would like to go and collect him and bring him back to his family where he belongs.”

Now Steven understood what he had felt long before. His journey had connected three brothers and their parents. He gladly accepted the ten gold coins the merchant offered him and told all about Jasper.

“He is in the town of Lastford. It is four hundred ninety-six thousand two hundred forty-eight steps and a wagon ride that way,” Steven said pointing back the way they had come, “across a lake and next to a great river.” In Steven’s mind, he knew exactly where the location was. He was not lost. The merchant looked sadly at Steven, then offered him two more gold coins.

“And shall I keep to the left or to the right?” he asked.

“I went always to the right when I walked from home to here, until the knights took me to the left. But then we came back to the right.”

“So, I should keep to the left,” the merchant said and handed him the coins. “This is good information. I wonder that my brother did not come back with you.” So, Steven told the merchant how he had started back with Jasper, but that they had encountered a storm and Steven had escorted Jasper back to the town of Lastford. The merchant had a tear in his eye.

“Thank you for taking care of him,” the merchant said. “Because you are a good man, and remind me of my brother in some ways, I will now pay you to take some information from me.” The merchant pushed ten more gold coins across the table. “I do not know if such a thing as a dragon exists, but if it does, you are poorly equipped to fight it. You need a shield and a sword. You would travel more swiftly if you had a horse. When we enter the city of Byzatica, I will escort you to an armorer. He will equip you with the right weapons. With them you will be able to complete your mission. He will charge you for the armor. You should not pay more than five gold coins for a sword and two for a shield. If you decided to buy a horse, do not pay more than ten gold coins, and make sure he gives you a saddle as well. Then hie you out of Byzatica as fast as you can go, for this city is no place for such as you. Now take that advice and go after your dragon. Steven humbly thanked the merchant for his advice and accepted the payment.