The value of a note is not altered by how often it has been spent

The Velocity Theory of Inflation can be said to be (is) a flawed theory (similar to the Marxian labour theory of value) which gives a misplaced explanation for the phenomenon of inflation. The theory, or assumption, is that the more (often) money is spent within the economy, the less its value will be and this will result in inflation. It is as though, the more people to have been in possession of the money on its course through the economy, the less its value will be. This is clearly absurd, we might ask ourselves how the price of a note would compare to that of a similar note which has been used multiple times. Of course the price of each note is the same, according to its face value, we take no account of its wear-and-tear the value is determined only by its denomination.