 If the value of the currency relative to gold has changed in the interim, the second exchange will yield more (or less) than one ounce of gold (assuming that the value, or purchasing power, of one ounce of gold remains constant through the year).If the value of the currency relative to gold has decreased, the person receives less than one ounce of gold and seigniorage occurred.If the value of the currency relative to gold has increased, the person receives more than one ounce of gold; seigniorage did not occur.