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Well, I finally decided to consult the OED on the question of when "real"  
and "nominal" were first used in the sense we employ them today in  
relation to real and nominal prices. 
 
I direct anyone interested to the OED entries (esp. on "nominal"), but I  
can summarize here: 
 
Adam Smith's usage of the term is listed as the first usage of the  
word "nominal" in relation to price. However, his usage is  
related in the OED to the fourth definition of "nominal": existing in name  
only, in distinction to "real" or "actual"; merely named, stated, or  
expressed, without reference to reality or fact. That definition has as  
its earliest date 1624, when it is used in reference to someone being a  
"nominall Judge." Many of the other first dates for definitions of  
"nominal" are also from the 1600s. 
 
The first usage of the term "real" in relation to money or price is by  
William Petty in 1685. Again, many of the other first dates for  
definitions of "real" are from the 1500s and 1600s. 
 
One last comment: One of my English colleagues directed me to Jonathan  
Swift's essay against the abolishing of Christianity in England. In the  
essay Swift makes frequent reference to "real" and "nominal" Christianity. 
 
Ross Emmett 
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