Nothing has value in itself. The consumer confers value on it by seeking to acquire it. Hence, the value of a thing is never objective, but always subjective.

The excellence of metallic money in free circulation consists in the fact that it renders impossible the abuse of the power of the government to dispose of the possessions of its citizens by means of its monetary policy and thus serves as the solid foundation of economic liberty within each country and of free trade between one country and another.

It is impossible to find a single example of a monopoly that has ever existed without official protection.