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Seignorage

The way in which I dealt with and explained the theme Mrs. GGIO in my previous post , proved incorrect and inappropriate.
In my defense I can bring that, incorrect and inappropriate, it was the way in which that theme is explained on the majority of websites that talk about it (one of them also mentioned in my post).

The correct definition of seigniorage is as follows:

"In principle, the creation of base money in a monopoly situation gives the possibility the central bank to obtain income (called seigniorage) as the difference between the revenues derived from the investment in financial and real assets and the (negligible) cost of production. Since these revenues are derived from the condition of privilege granted by the State, the profits are generally forfeited principally on the latter, in the form of taxes. One limitation to production, potentially unlimited monetary base is set by the objective of maintaining a relatively stable price level, given the direct relationship that historically was observed between inflation and money supply. "

Bagliano and Marotta, Economics Monetary
Il Mulino, p.. 18

Ultimately it false claim that the seigniorage is the difference between the nominal value of the note and the costs of production, as suggested by the seigniorage as shown in the picture and description of this post to post (top right).
Here is an actual example described by the Bank of Canada, where it discriminates between coin (minted by the state):

"The Ministry of Finance pays the Royal Canadian Mint that produces and distributes all the coins (metal) in Canada. The cost to produce a Canadian dollar is about 12 cents. Consequently, it produces a seigniorage income of about 88 cents to the Canadian government, for every dollar given to financial institutions at face value. "

and paper money (printed by the Bank of Canada itself):

" Seigniorage is the difference between the interest derived from the portfolio of government securities and the cost to produce and distribute notes. Unlike the seigniorage on coins, banknotes generate seignorage for some years.
Take, for example, a $ 20 bill, which is the most widespread. At an average interest rate of 5%, a 20 bill in circulation generates revenue for about $ 1 a year. The cost of production amounts to 6 cents for a period of about three years, which means a cost of 2 cents a year.
If you add the average cost of distribution of about 2 cents, the result is an average annual cost of about 4 cents to put in circulation and replace the worn bill.
The Bank of Canada will therefore receive a net income of about 96 cents for every $ 20 bill in circulation. "That is the

Bank invests the money printed in the state's debt and does exactly what we do all of us when we buy BOT : as long as the money used to purchase food remains in the hands of the state, generates interest, then there will be credited when we collect the money.

Finally false to say that central banks are
SpA do not know how it works in America or Canada but in Europe certainly does not.
do not know exactly the articles of association of the ECB, but the shares have only been members of the Central Bank and the Bank of Italy is not a SpA:

1. Just read the Statute of the Bank of Italy to find it is an "Institute of Public law "
2. What SpA would choose their president by the Government of a State? Nobody remembers the dismissal of Fazio and his replacement with dragons? Yeah, because the choice of the President (in office for seven years, I believe) is incumbent upon the Government ... SpA strange, no?

Who want to know more, please read this pdf that I found online, with quotations from authoritative sources and (And not "undefined MBA degree with a thesis on seigniorage," which swarm sites seigniorage).