Nicolaus Copernicus is best known for his observation that the sun was at the center of our solar system, but he also made a number of astute observations about economics.

Coinage is imprinted gold or silver, by which the prices of things bought and sold are reckoned according to the regulations of any State or its ruler. Therefore money is, as it were, a common measure of values. That which ought to be a measure, however, must always preserve a fixed and constant standard. Otherwise, public order is necessarily disturbed, with buyers and sellers being cheated in many ways,...

This [face-value] Valor is corrupted in many ways. First, the metal, alone may be defective, when for the same weight of coin more than the right amount of copper is alloyed with the silver. Secondly, the weight may be defective, even though the proportion of copper and silver is correct.… This is indicated if somewhat less silver is found in the coin than is bought with it. This is the condition in which depreciation of the coinage is properly perceived.

…its [inflated moneys’] calamities benefit only the goldsmiths and those who know the purity of metal by experience. For from the mixed coinage they collect the old pieces, from which they melt down the silver and sell it. From the inexperienced public they constantly receive more silver with the coinage. But after those old shillings now disappear completely, the next best are selected, while the inferior mass of money remains behind.