gold or silver is obtained varies with the productiveness of the
poorest mine in working. Thus by directing consumption, states are
controlling production, and therefore—within limits—fixing the
relative value of the two metals. This power has been shown in the
stability of the ratio during the continuance of the French double-standard
(1803–1873). The possibility of maintaining a given
ratio being thus established, the argument proceeds to show the
advantages of the system. (i.) It secures the concurrent use of the
precious metals and avoids throwing all the money work on gold.
(ii.) Greater stability in value may be expected, since the fluctuations
of either metal will be compensated by those of the other.
At the worst the variation can only be as great. (iii.) The larger
stock of money tends to keep up prices to the benefit of trade;
for falling prices hamper production. (iv.) The fixed ratio provides
a stable par of exchange between silver-using and gold-using
countries; though universal bimetallism would remove this
distinction.
(v.) The establishment of a world-currency would be
facilitated by allowing both metals a well-defined relation. This
enumeration of the heads of the “bimetallic” case shows that its
working depends on the area of its operation. It must be
“international” and the states composing the union must be “great
powers” in the monetary sense. Otherwise, their action would
be comparatively ineffective. The crucial difficulty has been the
determination of the common ratio. The risk of failure in carrying
out the policy has proved a deterrent to such great powers as England
and Germany, who are in possession of the gold standard. On the
theoretic side the chief weakness of bimetallism has been its failure
to supply any clear account of the limits within which states can
regulate the ratio of gold to silver. If the ratio 15·5:1 can be set
up why should not the ratio 100:1, or that of equality? Its
practical failure has resulted partly from political conditions,
partly from the removal of most of the difficulties which it was
| Coins. | Material. | Weight in Grammes. |
Millesimal Fineness. |
Rem. p. 1000 | Approximate Money Value. | ||
| In Fineness. | In Weight. | English. | United States. | ||||
| £ s. d. | $ c. | ||||||
|
Austria Hungary[1]— |
|||||||
| 100 Kreutzer = 1 Gulden. | |||||||
| 20 Kronen piece | Gold | 6·775067 | 900·0 | 2·0 | 2·5 | 0 16 8 | 4 05 |
| 10”” | ” | 3·387534 | 900·0 | 2·0 | 2·5 | 0 8 4 | 2 02 |
| 8 Gulden” | ” | 6·45161 | 900·0 | 2·0 | 2·5 | 0 15 10 | 3 86 |
| 4”” | ” | 3·22580 | 900·0 | 2·0 | 2·5 | 0 7 11 | 1 93 |
| 4 Ducat” | ” | 13·9636 | 986·1 | — | — | 1 17 7 | 9 15 |
| 1”” | ” | 3·4909 | 986·1 | — | — | 0 9 5 | 2 29 |
| 1 Krone” | Silver | 5·0 | 835·0 | — | — | 0 0 10 | 0 20 |
| 1 Dollar” | ” | 28·0668 | 833·3 | — | — | — | — |
| (Maria Theresa) | |||||||
| 2 Gulden” | ” | 24·6914 | 900·0 | 2·0 | 2·5 | 0 3 111/2 | 0 96 |
| 1”” | ” | 12·3457 | 900·0 | 2·0 | 2·5 | 0 1 111/2 | 0 48 |
| 20 Kreutzer” | ” | 2·666 | 500·0 | 2·0 | 2·5 | 0 0 5 | 0 10 |
| 10”” | ” | 1·666 | 400·0 | 2·0 | 2·5 | 0 0 21/2 | 0 5 |
|
Belgium. See France. |
|||||||
|
Denmark[2]— |
|||||||
| 100 Öre = 1 Krone. | |||||||
| 20 Kroner piece | Gold | 8·960572 | 900·0 | 1·5 | 1·5 | 0 2 1 | 5 36 |
| 10”” | ” | 4·480286 | 900·0 | 1·5 | 2·0 | 0 11 01/2 | 2 68 |
| 2”” | Silver | 15·000 | 800·0 | 3·0 | 3·0 | 0 2 22/3 | 0 53 |
| 1 Krone” | ” | 7·500 | 800·0 | 3·0 | 3·0 | 0 1 11/3 | 0 27 |
| 50 Öre piece | ” | 5·000 | 600·0 | 3·0 | 3·0 | 0 0 62/3 | 0 13 |
| 40” | ” | 4·000 | 600·0 | 3·0 | 3·0 | 0 0 51/3 | 0 10 |
| 25” | ” | 2·420 | 600·0 | 3·0 | 3·0 | 0 0 31/3 | 0 61/2 |
| 10” | ” | 1·450 | 400·0 | 3·0 | 3·0 | 0 0 11/3 | 0 21/2 |
|
France[3]— |
|||||||
| 100 Centimes = 1 Franc. | |||||||
| 100 Franc piece | Gold | 32·25806 | 900·0 | 2·0 | 1·0 | 3 19 31/2 | 19 30 |
| 50”” | ” | 16·12903 | 900·0 | 2·0 | 1·0 | 1 19 73/4 | 9 65 |
| 20”” | ” | 6·45161 | 900·0 | 2·0 | 2·0 | 0 15 10 | 3 86 |
| 10”” | ” | 3·22580 | 900·0 | 2·0 | 2·0 | 0 7 11 | 1 93 |
| 5”” | ” | 1·61290 | 900·0 | 2·0 | 3·0 | 0 3 111/2 | 0 96 |
| 5”” | Silver | 25·0 | 900·0 | 2·0 | 3·0 | 0 3 111/2 | 0 96 |
| 2”” | ” | 10·0 | 835·0 | 3·0 | 5·0 | 0 1 7 | 0 38 |
| 1”” | ” | 5·0 | 835·0 | 3·0 | 5·0 | 0 0 91/2 | 0 19 |
| 50 Centimes | ” | 2·5 | 835·0 | — | — | 0 0 43/4 | 0 10 |
| 20” | ” | 1·0 | 835·0 | — | — | 0 0 2 | 0 4 |
|
Germany[4]— |
|||||||
| 100 Pfennige = 1 Mark. | |||||||
| 20 Mark piece | Gold | 7·964954 | 900·0 | — | — | 0 19 7 | 4 76 |
| 10” | ” | 3·982477 | 900·0 | — | — | 0 9 91/2 | 2 38 |
| 5” | ” | 1·991239 | 900·0 | — | — | 0 4 103/4 | 1 19 |
| 5” | Silver | 27·7777. | 900·0 | — | — | 0 4 103/4 | 1 19 |
| 2” | ” | 11·1111. | 900·0 | — | — | 0 1 111/2 | 0 48 |
| 1” | ” | 5·5555. | 900·0 | — | — | 0 0 113/4 | 0 24 |
| 50 Pfennige | ” | 2·7777. | 900·0 | — | — | 0 0 6 | 0 12 |
| 20” | ” | 1·1111. | 900·0 | — | — | 0 0 21/2 | 0 5 |
| Greece.* See France. | |||||||
|
Italy. See France. |
|||||||
|
Netherlands[5]— |
|||||||
| 100 Cents = 1 Guilder. | |||||||
| 10 Guilder piece | Gold | 6·720 | 900·0 | 1·5 | 2·0 | 0 16 6 | 4 2 |
| 5”” | ” | 3·360 | 900·0 | 1·5 | 2·0 | 0 8 3 | 2 1 |
| 21/2”” | Silver | 25·000 | 945·0 | 2·5 | 2·5 | 0 4 2 | 1 0 |
| 1”” | ” | 10·000 | 945·0 | 2·5 | 2·5 | 0 1 8 | 0 40 |
| 1/2”” | ” | 5·000 | 945·0 | 2·5 | 2·5 | 0 0 10 | 0 20 |
| 25 Cents | ” | 3·575 | 640·0 | 2·5 | 2·5 | 0 0 5 | 0 10 |
| 10” | ” | 1·400 | 640·0 | 2·5 | 2·5 | 0 0 2 | 0 4 |
| 5” | ” | 0·685 | 640·0 | 2·5 | 2·5 | 0 0 1 | 0 2 |
|
Norway. See Denmark. |
|||||||
|
Portugal * [6]— |
|||||||
| 100 Reis = 1 Milrei. | |||||||
| Crown or $10·000 | Gold | 17·735 | 916·666 | 2·0 | 2·0 | 2 4 5 | 10 80 |
| Half-Crown or $5·000 | ” | 8·867 | 916·666 | 2·0 | 2·0 | 1 2 21/2 | 5 40 |
| One-fifth Crown or $2·000 | ” | 3·547 | 916·666 | 2·0 | 2·0 | 0 8 10 | 2 16 |
| One-tenth Crown or $1·000 | ” | 1·773 | 916·666 | 2·0 | 2·0 | 0 4 5 | 1 8 |
| 500 Reis | Silver | 12·500 | 916·666 | 2·0 | 3·0 | 0 2 21/2 | 0 54 |
| 200 ” | ” | 5·000 | 916·666 | 2·0 | 3·0 | 0 0 101/2 | 0 21 |
| 100 ” | ” | 2·500 | 916·666 | 2·0 | 3·0 | 0 0 51/4 | 0 11 |
| 50 ” | ” | 1·250 | 916·666 | 2·0 | 3·0 | 0 0 25/8 | 0 5 |
|
Rumania. See France. |
|||||||
|
Russia[7]— |
|||||||
| 100 Copecks = Rouble. | |||||||
| 15 Rouble piece | Gold | 12·902 | 900·0 | nil | 2·0 | 1 11 8 | 7 72 |
| (Imperial) | |||||||
| 10”” | ” | 8·601 | 900·0 | ” | 2·0 | 1 1 3 | 5 14 |
| 71/2”” | ” | 6·451 | 900·0 | ” | 2·0 | 1 15 10 | 3 86 |
| (1/2-Imperial) | |||||||
| 5”” | ” | 4·301 | 900·0 | ” | 2·0 | 1 10 8 | 2 57 |
| 1”” | Silver | 19·995 | 900·0 | ” | 2·0 | 0 2 11/2 | 0 51 |
| 1/2”” | ” | 9·997 | 900·0 | ” | 2·0 | 0 1 03/4 | 0 25 |
| 1/4”” | ” | 4·998 | 900·0 | ” | 2·0 | 0 1 61/2 | 0 13 |
| 20 Copecks | ” | 3·599 | 500·0 | — | — | 0 0 5 | 0 10 |
| 15” | ” | 2·699 | 500·0 | — | — | 0 0 33/4 | 0 7 |
| 10” | ” | 1·799 | 500·0 | — | — | 0 0 21/2 | 0 5 |
|
Servia. See France. |
|||||||
|
Spain. * [8] See France. |
|||||||
|
Sweden. See Denmark. |
|||||||
|
Switzerland. See France. |
|||||||
|
Turkey * [9]— |
|||||||
| 100 Piastres = 1 Medjidie. | |||||||
| Medjidie or Lira | Gold | 7·216 | 916·666 | 2·0 | 2·0 | 0 18 0 | 4 40 |
| 1/2”” | ” | 3·608 | 916·666 | 2·0 | 2·0 | 0 9 9 | 2 20 |
| 1/4”” | ” | 1·804 | 916·666 | 2·0 | 2·0 | 0 4 6 | 1 10 |
| 20 Piastres | Silver | 24·055 | 830·0 | 3·0 | 3·0 | 0 3 7 | 0 88 |
| 10” | ” | 12·027 | 830·0 | 3·0 | 3·0 | 0 1 91/2 | 0 44 |
| 5” | ” | 6·013 | 830·0 | 3·0 | 3·0 | 0 0 101/2 | 0 22 |
| 2” | ” | 2·405 | 830·0 | 3·0 | 3·0 | 0 0 4 | 0 9 |
| 1” | ” | 1·202 | 830·0 | 3·0 | 3·0 | 0 0 2 | 0 4 |
* Inconvertible paper currency.
- ↑ Present system introduced in 1894, in place of the system adopted in 1870. The Maria Theresa dollar is only used as a commercial money in Levantine trade.
- ↑ The system of the Scandinavian union came into force on the 1st of January 1875. It is based on gold monometallism.
- ↑ The coinage system of France came into force on the 6th of May 1799. It was extended to the countries forming the Latin union in 1865; it has been adopted by Greece, Rumania, Servia and Spain. It is the most widely extended system in Europe. The Austrian 8 and 4 gulden pieces were equivalent to the 20 and 10 franc pieces. In 1879 it was estimated that the system was used by populations amounting to 148,000,000. In its origin a double standard (with ratio of 15·5:1) it has become a limping standard by the limitation of the silver coinage. The unit is the same value all through the union, but receives different names in different countries. The titles are: in France, Belgium and Switzerland, franc and centime; in Italy, lira and centesimo; in Greece, drachme and lepta; in Rumania, lëu and ban; in Servia, dinar and para; in Spain, peseta and centesimo.
- ↑ The German coinage law came into force on the 1st of January 1875. It was modelled on the English system, but it is only in the last few years that the old silver has been completely withdrawn.
- ↑ The Dutch standard has been changed more than once. In 1847 a silver standard was introduced, and retained till 1872, the unit being the silver guilder. In 1875 the free coinage of gold was decreed; silver coinage having been restricted since 1872. Thus the limping standard is in force.
- ↑ The nominal standard of Portugal is gold. The English sovereign is legal tender at 4500 reis.
- ↑ The Russian currency until 1897 was nominally a silver standard one; but really was inconvertible. The currency was improved in 1885; and in 1897 the gold standard was adopted, provision being made for the withdrawal of the paper money. Finland, which had a currency on the French model, is now being compelled to accept the Russian currency.
- ↑ Spanish coinage was assimilated to that of the Latin union in 1871. Spain, differing from the other countries of the group, coins a 25 peseta piece.
- ↑ The Medjidie coinage was introduced in 1844. English sovereigns circulate at 125 piastres; 20 franc pieces at 100 piastres.
