In our world,coins have been around since about 700BC. In the ancient and mediaeval world, coins were simply the value of the metal in them, so it didn't matter whose head was on the coin, it was valid in any country. I assume that was the system in middle earth.
We rarely hear of elves dealing in money, incidently. Jewels, goods, yes but not in coins. Elves also seem to have been able to more or less conjure things out of thin air. Lothlorien is a closed forest kingdom - where, for example, came the raw materials for the cloth with which they spun the elven cloaks?
I agree that this is something Tolkien didn't delve to deeply into. I don't think he was terribly interested in economics. I don't blame him at all. (Some of my work is in this area so I know just how dull it can be...)
Edit - actually, I've just thought of how they could have got the raw material. Linen is, I believe, made from wood-pulp. But anyway...
[ March 25, 2003: Message edited by: Lalaith ]
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