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Trade Coin
Trade coins are coins minted by a government, but not necessarily legal tender within the territory of the issuing country. These quasi bullion coins (in rarer cases small change) were thus actually export goods - that is, bullion in the form of coins, used to bulk buy important goods from other countries, where they could be bought at a favourable price, compared to the purchasing power of the same amount of bullion within the trade coins' country of origin. A distinction must be drawn between full value bullion trade coins, that were used in ordinary peacetime trade on the one hand, and on the other hand debased coins, that were usually made with the intention to deceive. Such debased "trade coins" were occasionally minted during times of war, e.g. the Prussian ephraimiten, silver-clad copper coins minted during the Seven Years' War. If these were ever accepted or approved as legal tender, they would be valued far below the regular coins, their value being calculated according to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mint (coin)
A mint is an industrial facility which manufactures coins that can be used as currency. The history of mints correlates closely with the history of coins. In the beginning, hammered coinage or cast coinage were the chief means of coin minting, with resulting production runs numbering as little as the hundreds or thousands. In modern mints, coin dies are manufactured in large numbers and planchets are made into milled coins by the billions. With the mass production of currency, the production cost is weighed when minting coins. For example, it costs the United States Mint much less than 25 cents to make a quarter (a 25 cent coin), and the difference in production cost and face value (called seigniorage) helps fund the minting body. Conversely, a U.S. penny ($0.01) cost $0.015 to make in 2016. History The first minted coins The earliest metallic money did not consist of coins, but of unminted metal in the form of rings and other ornaments or of weapons, which were used for th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Friedrich D'or
The Friedrich d'or was a Prussian gold coin (pistole) nominally worth 5 silver Prussian thalers. It was subsequently copied by other North German states under their own rulers' names (''August-, Friedrich-August-, Christian d'or'') and valued at 4.8-5 silver North German thalers. It was used from 1741 to 1855 as a regular issue coinage, regularly-issued gold trade coin at this time, and was traded at a small agio (commerce), premium or point (mortgage), discount to its face value of five thalers in silver standard currency (''silberkurantgeld'') used in the stock exchanges and elsewhere. Around 1780, for example, the Saxon August d'or was quoted at 116 to 120 ''groschen sächsischen silberkurantgeldes'' (4.83 to 5 thalers, Saxon silver currency), with a maximum discount of 4 groschen (0.17 thaler). In the 19th century it usually had a low premium. Prussian purchase contracts or IOU, bonds payable in 5-thaler gold pistoles (rather than silver currency) were noted as payable in ''"XX ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Metallism
Metallism is the economic principle that the value of money derives from the purchasing power of the commodity upon which it is based. The currency in a metallist monetary system may be made from the commodity itself (commodity money) or it may use tokens (such as national banknotes) redeemable in that commodity. Georg Friedrich Knapp (1842–1926) coined the term "metallism" to describe monetary systems using coin minted in silver, gold or other metals. In metallist economic theory, the value of the currency derives from the market value of the commodity upon which it is based independent of its monetary role. Carl Menger (1840–1921) theorized that money came about when buyers and sellers in a market agreed on a common commodity as a medium of exchange in order to reduce the costs of barter. The intrinsic value of that commodity must be sufficient to make it highly "saleable", or readily accepted as payment. In this system, buyers and sellers of real goods and services establ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of International Trade
The history of international trade chronicles notable events that have affected the trade between various countries. In the era before the rise of the nation state, the term 'international' trade cannot be literally applied, but simply means trade over long distances; the sort of movement in goods which would represent international trade in the modern world. Chronology of events Ancient * The domestication of the horse around 4800 BCE allowed for the development of horse riding around 3700 BCE, and long distance travel across the Central Asian steppes. * * The Maritime Jade Road (2000 BCE to 1000 CE) was established by the animist indigenous peoples of Taiwan and the Philippines, and later expanded throughout Southeast Asia. The network operated for 3,000 years. * Indus–Mesopotamia trade * Records from the 19th century BCE attest to the existence of an Assyrian merchant colony at Kanesh in Cappadocia. * The domestication of Dromedary camels around 2,000 BCE allowed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Banking
The history of banking began with the first prototype banks, that is, the merchants of the world, who gave grain loans to farmers and traders who carried goods between cities. This was around 2000 BCE in Assyria, India and Sumeria. Later, in ancient Greece and during the Roman Empire, lenders based in temples gave loans, while accepting deposits and performing the change of money. Archaeology from this period in ancient China and India also shows evidence of money lending. Many scholars trace the historical roots of the modern banking system to medieval and Renaissance Italy, particularly the affluent cities of Florence, Venice and Genoa. The Bardi and Peruzzi Families dominated banking in 14th century Florence, establishing branches in many other parts of Europe. Hoggson, N. F. (1926) ''Banking Through the Ages'', New York, Dodd, Mead & Company. The most famous Italian bank was the Medici Bank, established by Giovanni Medici in 1397.Goldthwaite, R. A. ''Banks, Places and Entr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coins
A coin is a small, flat (usually depending on the country or value), round piece of metal or plastic used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order to facilitate trade. They are most often issued by a government. Coins often have images, numerals, or text on them. ''Obverse'' and its opposite, ''reverse'', refer to the two flat faces of coins and medals. In this usage, ''obverse'' means the front face of the object and ''reverse'' means the back face. The obverse of a coin is commonly called ''heads'', because it often depicts the head of a prominent person, and the reverse ''tails''. Coins are usually made of metal or an alloy, or sometimes of man-made materials. They are usually disc shaped. Coins, made of valuable metal, are stored in large quantities as bullion coins. Other coins are used as money in everyday transactions, circulating alongside banknotes. Usually the highest value ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Silver Standard
The silver standard is a monetary system in which the standard economic unit of account is a fixed weight of silver. Silver was far more widespread than gold as the monetary standard worldwide, from the Sumerians 3000 BC until 1873. Following the discovery in the 16th century of large deposits of silver at the Cerro Rico in Potosí, Bolivia, an international silver standard came into existence in conjunction with the Spanish pieces of eight. These silver dollar coins played the role of an international trading currency for nearly four hundred years. The move away from the silver to the gold standard began in the 18th century when Great Britain set the gold guinea’s price in silver higher than international prices on the recommendation of Sir Isaac Newton, attracting gold and putting them on a de facto gold standard. Great Britain formalized the gold standard in 1821 and introduced it to its colonies afterwards. Imperial Germany’s move to the gold standard in 1873 triggered ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trade Dollar
Trade dollars are silver coins minted as trade coins by various countries to facilitate trade with China and the Orient. They all approximated in weight and fineness to the Spanish dollar, which had set the standard for a de facto common currency for trade in the Far East. History The existence of trade dollars came about because of the popularity of the silver Spanish dollar in the Far East, such as in China, East Asia, and the East Indies. Following the establishment of Spanish Philippines, Manila (in the modern area of Intramuros) became an entrepôt for Chinese goods in one direction and Spanish silver dollar, from across the Pacific to the Spanish-held mints and silver mines of Mexico, Peru, and Bolivia, in the other. The Manila-Acapulco Galleon Trade, led from the 16th Century onwards to the wide circulation of "pieces of eight" as a standard of trade in the Far East. The high regard in which these coins came to be held, led to the minting of the silver Chinese yuan, a co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ducat
The ducat () coin was used as a trade coin in Europe from the later Middle Ages from the 13th to 19th centuries. Its most familiar version, the gold ducat or sequin containing around of 98.6% fine gold, originated in Venice in 1284 and gained wide international acceptance over the centuries. Similarly named silver ducatons also existed. The gold ducat circulated along with the Florentine florin and preceded the modern British pound sterling and the United States dollar. Predecessors The word ''ducat'' is from Medieval Latin ''ducalis'' = "relating to a duke (or dukedom)", and initially meant "duke's coin" or a "duchy's coin". The first issue of scyphate billon coins modelled on Byzantine ''trachea'' was made by King Roger II of Sicily as part of the Assizes of Ariano (1140). It was to be a valid issue for the whole kingdom. The first issue bears the figure of Christ and the Latin inscription ''Sit tibi, Christe, datus, quem tu regis iste ducatus'' (meaning "O Christ, let thi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bimetallism
Bimetallism, also known as the bimetallic standard, is a monetary standard in which the value of the monetary unit is defined as equivalent to certain quantities of two metals, typically gold and silver, creating a fixed rate of exchange between them. For scholarly purposes, "proper" bimetallism is sometimes distinguished as permitting that both gold and silver money are legal tender in unlimited amounts and that gold and silver may be taken to be coined by the government mints in unlimited quantities. This distinguishes it from "limping standard" bimetallism, where both gold and silver are legal tender but only one is freely coined (e.g. the moneys of France, Germany, and the United States after 1873), and from "trade" bimetallism, where both metals are freely coined but only one is legal tender and the other is used as "trade money" (e.g. most moneys in western Europe from the 13th to 18th centuries). Economists also distinguish ''legal'' bimetallism, where the law guarantees ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reichstaler
The ''Reichsthaler'' (; modern spelling Reichstaler), or more specifically the ''Reichsthaler specie'', was a standard thaler silver coin introduced by the Holy Roman Empire in 1566 for use in all German states, minted in various versions for the next 300 years, and containing 25–26 grams fine silver.MAIN reference p 360-393: German monetary system https://books.google.com/books?id=GrJCAAAAIAAJ&pg=PA360#v=onepage&q&f=false ''Reichsthaler'' was also the name of a currency unit worth less than the ''Reichsthaler specie'' introduced by several North German states from the 17th century; discussed separately under '' North German thaler''. Several old books confusingly use the same term ''Reichsthaler'' for the specie silver coin as well as the currency unit. This is disambiguated by referring to the full-valued coin as the '' Reichsthaler specie'' and the lower-valued currency unit as the ''Reichsthaler currency (courant, kurant)''. History The ''Reichsthaler'' - literally, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gold Standard
A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system. Many states nonetheless hold substantial gold reserves. Historically, the silver standard and bimetallism have been more common than the gold standard. The shift to an international monetary system based on a gold standard reflected accident, network externalities, and path dependence. Great Britain accidentally adopted a ''de facto'' gold standard in 1717 when Sir Isaac Newton, then-master of the Royal Mint, set the exchange rate of silver to gold too low, thus causing silver coins to go out of circulation. As Great Britain became the world's leading financ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
