New Zealand is a sovereign island country in the southwestern Pacific Ocean. The country geographically comprises two main landmasses—the North Island, the South Island —and around 600 smaller islands. New Zealand is situated some 2,000 kilometres east of Australia across the Tasman Sea and 1,000 kilometres south of the Pacific island areas of New Caledonia and Tonga; because of its remoteness, it was one of the last lands to be settled by humans. During its long period of isolation, New Zealand developed a distinct biodiversity of animal and plant life; the country's varied topography and its sharp mountain peaks, such as the Southern Alps, owe much to the tectonic uplift of land and volcanic eruptions. New Zealand's capital city is Wellington. Sometime between 1250 and 1300, Polynesians settled in the islands that were named New Zealand and developed a distinctive Māori culture. In 1642, Dutch explorer Abel Tasman became the first European to sight New Zealand. In 1840, representatives of the United Kingdom and Māori chiefs signed the Treaty of Waitangi, which declared British sovereignty over the islands.
In 1841, New Zealand became a colony within the British Empire and in 1907 it became a dominion. Today, the majority of New Zealand's population of 4.9 million is of European descent. Reflecting this, New Zealand's culture is derived from Māori and early British settlers, with recent broadening arising from increased immigration; the official languages are English, Māori, NZ Sign Language, with English being dominant. A developed country, New Zealand ranks in international comparisons of national performance, such as quality of life, education, protection of civil liberties, economic freedom. New Zealand underwent major economic changes during the 1980s, which transformed it from a protectionist to a liberalised free-trade economy; the service sector dominates the national economy, followed by the industrial sector, agriculture. Nationally, legislative authority is vested in an elected, unicameral Parliament, while executive political power is exercised by the Cabinet, led by the prime minister Jacinda Ardern.
Queen Elizabeth II is the country's monarch and is represented by a governor-general Dame Patsy Reddy. In addition, New Zealand is organised into 11 regional councils and 67 territorial authorities for local government purposes; the Realm of New Zealand includes Tokelau. New Zealand is a member of the United Nations, Commonwealth of Nations, ANZUS, Organisation for Economic Co-operation and Development, ASEAN Plus Six, Asia-Pacific Economic Cooperation, the Pacific Community and the Pacific Islands Forum. Dutch explorer Abel Tasman sighted New Zealand in 1642 and named it Staten Land "in honour of the States General", he wrote, "it is possible that this land joins to the Staten Land but it is uncertain", referring to a landmass of the same name at the southern tip of South America, discovered by Jacob Le Maire in 1616. In 1645, Dutch cartographers renamed the land Nova Zeelandia after the Dutch province of Zeeland. British explorer James Cook subsequently anglicised the name to New Zealand. Aotearoa is the current Māori name for New Zealand.
It is unknown whether Māori had a name for the whole country before the arrival of Europeans, with Aotearoa referring to just the North Island. Māori had several traditional names for the two main islands, including Te Ika-a-Māui for the North Island and Te Waipounamu or Te Waka o Aoraki for the South Island. Early European maps labelled the islands North and South. In 1830, maps began to use North and South to distinguish the two largest islands and by 1907 this was the accepted norm; the New Zealand Geographic Board discovered in 2009 that the names of the North Island and South Island had never been formalised, names and alternative names were formalised in 2013. This set the names as North Island or Te Ika-a-Māui, South Island or Te Waipounamu. For each island, either its English or Māori name can be used. New Zealand was one of the last major landmasses settled by humans. Radiocarbon dating, evidence of deforestation and mitochondrial DNA variability within Māori populations suggest New Zealand was first settled by Eastern Polynesians between 1250 and 1300, concluding a long series of voyages through the southern Pacific islands.
Over the centuries that followed, these settlers developed a distinct culture now known as Māori. The population was divided into iwi and hapū who would sometimes cooperate, sometimes compete and sometimes fight against each other. At some point a group of Māori migrated to Rēkohu, now known as the Chatham Islands, where they developed their distinct Moriori culture; the Moriori population was all but wiped out between 1835 and 1862 because of Taranaki Māori invasion and enslavement in the 1830s, although European diseases contributed. In 1862 only 101 survived, the last known full-blooded Moriori died in 1933; the first Europeans known to have reached New Zeala
The Roman Empire was the post-Roman Republic period of the ancient Roman civilization. Ruled by emperors, it had large territorial holdings around the Mediterranean Sea in Europe, North Africa, the Middle East, the Caucasus. From the constitutional reforms of Augustus to the military anarchy of the third century, the Empire was a principate ruled from the city of Rome; the Roman Empire was ruled by multiple emperors and divided in a Western Roman Empire, based in Milan and Ravenna, an Eastern Roman Empire, based in Nicomedia and Constantinople. Rome remained the nominal capital of both parts until 476 AD, when Odoacer deposed Romulus Augustus after capturing Ravenna and the Roman Senate sent the imperial regalia to Constantinople; the fall of the Western Roman Empire to barbarian kings, along with the hellenization of the Eastern Roman Empire into the Byzantine Empire, is conventionally used to mark the end of Ancient Rome and the beginning of the Middle Ages. The previous Republic, which had replaced Rome's monarchy in the 6th century BC, became destabilized in a series of civil wars and political conflict.
In the mid-1st century BC Julius Caesar was appointed as perpetual dictator and assassinated in 44 BC. Civil wars and proscriptions continued, culminating in the victory of Octavian, Caesar's adopted son, over Mark Antony and Cleopatra at the Battle of Actium in 31 BC; the following year Octavian conquered Ptolemaic Egypt, ending the Hellenistic period that had begun with the conquests of Alexander the Great of Macedon in the 4th century BC. Octavian's power was unassailable and in 27 BC the Roman Senate formally granted him overarching power and the new title Augustus making him the first emperor; the first two centuries of the Empire were a period of unprecedented stability and prosperity known as the Pax Romana. It reached its greatest territorial expanse during the reign of Trajan. A period of increasing trouble and decline began with the reign of Commodus. In the 3rd century, the Empire underwent a crisis that threatened its existence, but was reunified under Aurelian. In an effort to stabilize the Empire, Diocletian set up two different imperial courts in the Greek East and Latin West.
Christians rose to power in the 4th century following the Edict of Milan in 313 and the Edict of Thessalonica in 380. Shortly after, the Migration Period involving large invasions by Germanic peoples and the Huns of Attila led to the decline of the Western Roman Empire. With the fall of Ravenna to the Germanic Herulians and the deposition of Romulus Augustulus in 476 AD by Odoacer, the Western Roman Empire collapsed and it was formally abolished by emperor Zeno in 480 AD; the Eastern Roman Empire, known in the post-Roman West as the Byzantine Empire, collapsed when Constantinople fell to the Ottoman Turks of Mehmed II in 1453. Due to the Roman Empire's vast extent and long endurance, the institutions and culture of Rome had a profound and lasting influence on the development of language, architecture, philosophy and forms of government in the territory it governed Europe; the Latin language of the Romans evolved into the Romance languages of the medieval and modern world, while Medieval Greek became the language of the Eastern Roman Empire.
Its adoption of Christianity led to the formation of Christendom during the Middle Ages. Greek and Roman art had a profound impact on the late medieval Italian Renaissance, while Rome's republican institutions influenced the political development of republics such as the United States and France; the corpus of Roman law has its descendants in many legal systems of the world today, such as the Napoleonic Code. Rome's architectural tradition served as the basis for Neoclassical architecture. Rome had begun expanding shortly after the founding of the republic in the 6th century BC, though it did not expand outside the Italian peninsula until the 3rd century BC, it was an "empire" long before it had an emperor. The Roman Republic was not a nation-state in the modern sense, but a network of towns left to rule themselves and provinces administered by military commanders, it was ruled, not by annually elected magistrates in conjunction with the senate. For various reasons, the 1st century BC was a time of political and military upheaval, which led to rule by emperors.
The consuls' military power rested in the Roman legal concept of imperium, which means "command". Successful consuls were given the honorary title imperator, this is the origin of the word emperor since this title was always bestowed to the early emperors upon their accession. Rome suffered a long series of internal conflicts and civil wars from the late second century BC onward, while extending its power beyond Italy; this was the period of the Crisis of the Roman Republic. Towards the end of this era, in 44 BC, Julius Caesar was perpetual dictator before being assassinated; the faction of his assassins was driven from Rome and defeated at the Battle of Philippi in 42 BC by an army led by Mark Antony and Caesar's adopted son Octavian. Antony and Octavian's division of the Roman world between themselves did not last and Octavian's forces defeated those of Mark Antony and Cleopatra at the Battle of Actium in 31 BC, ending the Final War of the Roman Republic. In 27 BC the Senate and People of Rome made Octavian princeps ("first citi
Holy Roman Empire
The Holy Roman Empire was a multi-ethnic complex of territories in Western and Central Europe that developed during the Early Middle Ages and continued until its dissolution in 1806 during the Napoleonic Wars. The largest territory of the empire after 962 was the Kingdom of Germany, though it came to include the neighboring Kingdom of Bohemia, the Kingdom of Burgundy, the Kingdom of Italy, numerous other territories. On 25 December 800, Pope Leo III crowned the Frankish king Charlemagne as Emperor, reviving the title in Western Europe, more than three centuries after the fall of the earlier ancient Western Roman Empire in 476; the title continued in the Carolingian family until 888 and from 896 to 899, after which it was contested by the rulers of Italy in a series of civil wars until the death of the last Italian claimant, Berengar I, in 924. The title was revived again in 962 when Otto I was crowned emperor, fashioning himself as the successor of Charlemagne and beginning a continuous existence of the empire for over eight centuries.
Some historians refer to the coronation of Charlemagne as the origin of the empire, while others prefer the coronation of Otto I as its beginning. Scholars concur, however, in relating an evolution of the institutions and principles constituting the empire, describing a gradual assumption of the imperial title and role; the exact term "Holy Roman Empire" was not used until the 13th century, but the concept of translatio imperii, the notion that he—the sovereign ruler—held supreme power inherited from the ancient emperors of Rome, was fundamental to the prestige of the emperor. The office of Holy Roman Emperor was traditionally elective, although controlled by dynasties; the German prince-electors, the highest-ranking noblemen of the empire elected one of their peers as "King of the Romans", he would be crowned emperor by the Pope. The empire never achieved the extent of political unification as was formed to the west in France, evolving instead into a decentralized, limited elective monarchy composed of hundreds of sub-units: kingdoms, duchies, prince-bishoprics, Free Imperial Cities, other domains.
The power of the emperor was limited, while the various princes, lords and cities of the empire were vassals who owed the emperor their allegiance, they possessed an extent of privileges that gave them de facto independence within their territories. Emperor Francis II dissolved the empire on 6 August 1806 following the creation of the Confederation of the Rhine by emperor Napoleon I the month before. In various languages the Holy Roman Empire was known as: Latin: Sacrum Imperium Romanum, German: Heiliges Römisches Reich, Italian: Sacro Romano Impero, Czech: Svatá říše římská, Polish: Święte imperium rzymskie, Slovene: Sveto rimsko cesarstvo, Dutch: Heilige Roomse Rijk, French: Saint-Empire romain. Before 1157, the realm was referred to as the Roman Empire; the term sacrum in connection with the medieval Roman Empire was used beginning in 1157 under Frederick I Barbarossa: the term was added to reflect Frederick's ambition to dominate Italy and the Papacy. The form "Holy Roman Empire" is attested from 1254 onward.
In a decree following the 1512 Diet of Cologne, the name was changed to the Holy Roman Empire of the German Nation, a form first used in a document in 1474. The new title was adopted because the Empire had lost most of its Italian and Burgundian territories to the south and west by the late 15th century, but to emphasize the new importance of the German Imperial Estates in ruling the Empire due to the Imperial Reform. By the end of the 18th century, the term "Holy Roman Empire of the German Nation" had fallen out of official use. Besides, contradicting the traditional view concerning that designation, Hermann Weisert has stated in a study on imperial titulature that, despite the claim of many textbooks, the name "Holy Roman Empire of the German Nation" never had an official status and points out that documents were thirty times as to omit the national suffix as include it. This, or the shortened "Roman Empire of the German Nation", is used in Germany to refer to the Holy Roman Empire. In a famous assessment of the name, the political philosopher Voltaire remarked sardonically: "This body, called and which still calls itself the Holy Roman Empire was in no way holy, nor Roman, nor an empire."
As Roman power in Gaul declined during the 5th century, local Germanic tribes assumed control. In the late 5th and early 6th centuries, the Merovingians, under Clovis I and his successors, consolidated Frankish tribes and extended hegemony over others to gain control of northern Gaul and the middle Rhine river valley region. By the middle of the 8th century, the Merovingians had been reduced to figureheads, the Carolingians, led by Charles Martel, had become the de facto rulers. In 751, Martel's son Pepin became King of the Franks, gained the sanction of the Pope; the Carolingians would maintain a close alliance with the Papacy. In 768, Pepin's son Charlemagne became King of the Franks and began an extensive expansion of the realm, he incorporated the territories of present-day France, northern Italy, beyond, linking the Frankish kingdom with Papal lands. In 797, the Eastern Roman Emperor Constantine VI was removed from the throne by his mother Irene who declared herself Empress; as the Church regarded a male Roman Emperor as the head of Christendom, Pope
The denarius was the standard Roman silver coin from its introduction in the Second Punic War c. 211 BC to the reign of Gordian III, when it was replaced by the Antoninianus. It continued to be minted in small quantities for ceremonial purposes and through the tetrarchy; the word dēnārius is derived from the Latin dēnī "containing ten", as its value was of 10 assēs. The word for "money" descends from it in Italian, Slovene and Spanish, its name survives in the dinar currency. Its symbol is represented in Unicode as, however it can be represented as X̶. A predecessor of the denarius was first struck in 267 BC, five years before the First Punic War, with an average weight of 6.81 grams, or 1⁄48 of a Roman pound. Contact with the Greeks prompted a need for silver coinage in addition to the bronze currency that the Romans were using at that time; the predecessor of the denarius was a Greek-styled silver coin called the didrachm, struck in Neapolis and other Greek cities in southern Italy. These coins were inscribed for Rome but resemble their Greek counterparts.
They were most used for trade purposes and were used in Rome. The first distinctively Roman silver coin appeared around 226 BC. Classic historians sometimes called these coins denarii, but they are classified by modern numismatists as quadrigati, derived from the quadriga, or four-horse chariot, on the reverse, which with a two-horse chariot or biga was the prototype for the most common designs used on Roman silver coins for the next 150 years. Rome overhauled its coinage around 211 BC and introduced the denarius alongside a short-lived denomination called the victoriatus; this denarius contained 1⁄72 of a Roman pound, of silver. It formed the backbone of Roman currency throughout the Roman republic; the denarius began to undergo slow debasement toward the end of the republican period. Under the rule of Augustus its silver content fell to 3.9 grams. It remained at nearly this weight until the time of Nero, when it was reduced to 1⁄96 of a pound, or 3.4 grams. Debasement of the coin's silver content continued after Nero.
Roman emperors reduced its content to 3 grams around the late 3rd century. The value at its introduction was 10 asses, giving the denarius its name, which translates as "containing ten". In about 141 BC, it was re-tariffed at 16 asses; the denarius continued to be the main coin of the Roman Empire until it was replaced by the antoninianus in the middle of the 3rd century. The coin was last issued, in bronze, under Aurelian between AD 270 and 275, in the first years of the reign of Diocletian.. It is difficult to give rough comparative values for money from before the 20th century, as the range of products and services available for purchase was so different. Classical historians say that in the late Roman Republic and early Roman Empire the daily wage for an unskilled laborer and common soldier was 1 denarius or about US$2.80 in bread. During the republic, legionary pay was 112.5 denarii per year doubled by Julius Caesar to 225 denarii, with soldiers having to pay for their own food and arms.
Centurions received higher pay: under Augustus, the lowest rank of centurion was paid 3,750 denarii per year, the highest rank, 15,000 denarii. The silver content of the denarius under the Roman Empire was about 50 grains, 3.24 grams, or 1⁄10 troy ounce. On June 6, 2011, this was about US$3.62 in value. The fineness of the silver content varied with economic circumstances. From a purity of greater than 90% silver in the 1st century AD, the denarius fell to under 60% purity by the year 200, plummeted to 5% purity by the year 300. By the reign of Gallienus, the antoninianus was a copper coin with a thin silver wash. By comparison, a laborer earning the minimum wage in the United States in January 2014 made US$58 for an 8-hour day, before taxes and an employee earning the minimum wage in the United Kingdom in 2014 made £52 for an 8-hour day, before taxes. In the final years of the 1st century BC Tincomarus, a local ruler in southern Britain, started issuing coins that appear to have been made from melted down denarii.
The coins of Eppillus, issued around Calleva Atrebatum around the same time, appear to have derived design elements from various denarii such as those of Augustus and M. Volteius. After the denarius was no longer issued, it continued to be used as a unit of account, the name was applied to Roman coins in a way, not understood; the Arabs who conquered large parts of the land that once belonged to the Eastern Roman Empire issued their own gold dinar. The lasting legacy of the denarius can be seen in the use of "d" as the abbreviation for the British penny until 1971, it survived in France as the name of a coin, the denier. The denarius survives in the common Arabic name for a currency unit, the dinar used from pre-Islamic times, still used in several modern Arab nations; the major currency unit in former Principality of Serbia, Kingdom of Serbia and former Yugoslavia was dinar, it is still used in present-day Serbia. The Macedonian currency denar is derived from the Roman denarius; the Italian word
Nigeria the Federal Republic of Nigeria, is a federal republic in West Africa, bordering Niger in the north, Chad in the northeast, Cameroon in the east, Benin in the west. Its coast in the south is located on the Gulf of Guinea in the Atlantic Ocean; the federation comprises 36 states and 1 Federal Capital Territory, where the capital, Abuja, is located. The constitution defines Nigeria as a democratic secular country. Nigeria has been home to states over the millennia; the modern state originated from British colonial rule beginning in the 19th century, took its present territorial shape with the merging of the Southern Nigeria Protectorate and Northern Nigeria Protectorate in 1914. The British set up administrative and legal structures while practising indirect rule through traditional chiefdoms. Nigeria became a formally independent federation in 1960, it experienced a civil war from 1967 to 1970. It thereafter alternated between democratically elected civilian governments and military dictatorships until it achieved a stable democracy in 1999, with the 2011 presidential election considered the first to be reasonably free and fair.
Nigeria is referred to as the "Giant of Africa", owing to its large population and economy. With 186 million inhabitants, Nigeria is the most populous country in Africa and the seventh most populous country in the world. Nigeria has the third-largest youth population in the world, after India and China, with more than 90 million of its population under age 18; the country is viewed as a multinational state as it is inhabited by 250 ethnic groups, of which the three largest are the Hausa and Yoruba. The official language is English. Nigeria is divided in half between Christians, who live in the southern part of the country, Muslims, who live in the north. A minority of the population practice religions indigenous to Nigeria, such as those native to the Igbo and Yoruba ethnicities; as of 2015, Nigeria is the world's 20th largest economy, worth more than $500 billion and $1 trillion in terms of nominal GDP and purchasing power parity respectively. It overtook South Africa to become Africa's largest economy in 2014.
The 2013 debt-to-GDP ratio was 11 percent. Nigeria is considered to be an emerging market by the World Bank. However, it has a "low" Human Development Index, ranking 152nd in the world. Nigeria is a member of the MINT group of countries, which are seen as the globe's next "BRIC-like" economies, it is listed among the "Next Eleven" economies set to become among the biggest in the world. Nigeria is a founding member of the African Union and a member of many other international organizations, including the United Nations, the Commonwealth of Nations and OPEC; the name Nigeria was taken from the Niger River running through the country. This name was coined in the late 19th century by British journalist Flora Shaw, who married Lord Lugard, a British colonial administrator; the origin of the name Niger, which applied only to the middle reaches of the Niger River, is uncertain. The word is an alteration of the Tuareg name egerew n-igerewen used by inhabitants along the middle reaches of the river around Timbuktu prior to 19th-century European colonialism.
The Nok civilisation of Northern Nigeria flourished between 500 BC and AD 200, producing life-sized terracotta figures that are some of the earliest known sculptures in Sub-Saharan Africa. Further north, the cities Kano and Katsina have a recorded history dating to around 999 AD. Hausa kingdoms and the Kanem–Bornu Empire prospered as trade posts between North and West Africa; the Kingdom of Nri of the Igbo people consolidated in the 10th century and continued until it lost its sovereignty to the British in 1911. Nri was ruled by the Eze Nri, the city of Nri is considered to be the foundation of Igbo culture. Nri and Aguleri, where the Igbo creation myth originates, are in the territory of the Umeuri clan. Members of the clan trace their lineages back to the patriarchal king-figure Eri. In West Africa, the oldest bronzes made using the lost-wax process were from Igbo-Ukwu, a city under Nri influence; the Yoruba kingdoms of Ife and Oyo in southwestern Nigeria became prominent in the 12th and 14th centuries, respectively.
The oldest signs of human settlement at Ife's current site date back to the 9th century, its material culture includes terracotta and bronze figures. Oyo, at its territorial zenith in the late 17th to early 18th centuries, extended its influence from western Nigeria to modern-day Togo; the Edo's Benin Empire is located in southwestern Nigeria. Benin's power lasted between the 19th centuries, their dominance reached further. At the beginning of the 19th century, Usman dan Fodio directed a successful jihad and created and led the centralised Fulani Empire; the territory controlled by the resultant state included much of modern-day northern and central Nigeria. For centuries, various peoples in modern-day Nigeria traded overland with traders from North Africa. Cities in the area became regional centres in a broad network of trade routes that spanned western and northern Africa. In the 16th century, Portuguese explorers were the first Europeans to begin significant, direct trade with peoples of modern-day Nigeria, at the port they named Lago
The guinea was a coin of one quarter ounce of gold, minted in Great Britain between 1663 and 1814. The name came from the Guinea region in West Africa, where much of the gold used to make the coins originated, it was the first English machine-struck gold coin worth one pound sterling, equal to twenty shillings, but rises in the price of gold relative to silver caused the value of the guinea to increase, at times to as high as thirty shillings. From 1717 to 1816, its value was fixed at twenty-one shillings; when Britain adopted the gold standard the guinea became a specialised term. Although the coin itself no longer circulated, the term guinea survived as a unit of account in some fields. Notable usages included professional fees, which were invoiced in guineas, horse racing and greyhound racing, the sale of rams. In each case a guinea meant an amount of one pound and one shilling, or one pound and five pence in decimalised currency; the name forms the basis for the Arabic word for the Egyptian pound الجنيه el-Genēh / el-Geni, as a sum of 100 qirsh was worth 21 shillings at the end of the 19th century.
The first guinea was produced on 6 February 1663. One troy pound of 11⁄12 fine gold would make 44 1⁄2 guineas, each thus theoretically weighing 129.438 grains. The denomination was worth one pound, or twenty shillings, but an increase in the price of gold during the reign of King Charles II led to the market trading it at a premium; the price of gold continued to increase in times of trouble, by the 1680s, the coin was worth 22 shillings. Indeed, in his diary entries for 13 June 1667, Samuel Pepys records that the price was 24 to 25 shillings; the diameter of the coin was 1 in throughout Charles II's reign, the average gold purity was 0.9100. "Guinea" was not an official name for the coin, but much of the gold used to produce the early coins came from Guinea in Africa. The coin was produced each year between 1663 and 1684, with the elephant appearing on some coins each year from 1663 to 1665 and 1668, the elephant and castle on some coins from 1674 onward; the elephant, with or without the castle, symbolises the Royal African Company, whose activities on the Guinea Coast of Africa resulted in the importation of much gold into England.
The obverse and reverse of this coin were designed by John Roettier. The obverse showed a fine right-facing bust of the king wearing a laurel wreath, surrounded by the legend CAROLVS II DEI GRATIA, while the reverse showed four crowned cruciform shields bearing the arms of England, Scotland and Ireland, between which were four sceptres, in the centre were four interlinked "C"s, surrounded by the inscription MAG BR FRA ET HIB REX; the edge was milled to deter clipping or filing, to distinguish it from the silver half-crown which had edge lettering. Until 1669 the milling was perpendicular to the edge, giving vertical grooves, while from 1670 the milling was diagonal to the edge. John Roettier continued to design the dies for this denomination in the reign of King James II. In this reign, the coins weighed 8.5 g with a diameter of 25–26 mm, were minted in all years between 1685 and 1688, with an average gold purity of 0.9094. Coins of each year were issued both without the elephant and castle mark.
The king's head faces left in this reign, is surrounded by the inscription IACOBVS II DEI GRATIA, while the reverse is the same as in Charles II's reign except for omitting the interlinked "C"s in the centre of the coin. The edge of the coins are milled diagonally. With the removal of James II in the Glorious Revolution of 1688, his daughter Mary and her husband Prince William of Orange reigned jointly as co-monarchs, their heads appear conjoined on the guinea piece in Roman style, with William's head uppermost, with the legend GVLIELMVS ET MARIA DEI GRATIA. In a departure from the previous reigns, the reverse featured a new design of a large crowned shield which bore the arms of England and France in the first and fourth quarters, of Scotland in the second quarter, of Ireland in the third quarter, the whole ensemble having a small shield in the centre bearing the rampant lion of Nassau. By the early part of this reign the value of the guinea had increased to nearly 30 shillings; the guineas of this reign weighed 8.5 g, were 25–26 mm in diameter, were the work of James and Norbert Roettier.
They were produced in all years between 1689 and 1694 both without the elephant and castle. Following the death of Queen Mary from smallpox in 1694, William continued to reign as William III; the guinea coin was produced in all years from 1695 to 1701, both with and without the elephant and castle, the design being the work of Johann Crocker known as John Croker, since James Roettier had died in 1698 and his brother Norbert had moved to France in 1695. The coins of William III's reign weighed 8.4 g with an average gold purity
The livre tournois, French for the "Tours pound", was: one of numerous currencies used in France in the Middle Ages. The denier tournois coin was minted by the abbey of Saint Martin in the Touraine region of France. Soon after Philip II of France seized the counties of Anjou and Touraine in 1203 and standardized the use of the livre tournois there, the livre tournois began to supersede the livre parisis, up to that point the official currency of the Capetian dynasty; the livre tournois was, in common with the original livre of Charlemagne, divided into 20 sols, each of, divided into 12 deniers. Between 1360 and 1641, coins worth one livre tournois were minted, known as francs. Other francs were minted under Henri III of France and Henri IV of France; the use of the name "franc" became a synonym for livre tournois in accounting. The first French paper money, issued between 1701 and 1720, was denominated in livres tournois; this was the last time the name was used as notes and coins were denominated in livres, the livre parisis having been abolished in 1667.
With many forms of domestic and international money circulating throughout Europe in the late Middle Ages and the early modern period, the use of an accounting currency became a financial necessity. In the world of international banking of the 13th century, it was the florin and ducat that were used. In France, the livre tournois and the currency system based on it became a standard monetary unit of accounting and continued to be used when the "livre tournois" ceased to exist as an actual coin. For example, the Louisiana Purchase treaty of 1803 specified the relative ratios of the franc and livre tournois; the official use of the livre tournois accounting unit in all contracts in France was legislated in 1549, but it had been one of the standard units of accounting in France since the 13th century. In 1577 the livre tournois accounting unit was abolished and accountants switched to the écu, at that time the major French gold coin in actual circulation, but in 1602 the livre tournois accounting unit was brought back..
Since coins in Europe in the Middle Ages and the Early modern period did not have any indication of their value, their official value was determined by royal edicts. In cases of financial need, French kings could use the official value for currency devaluation; this could be done in two ways: the amount of precious metal in a newly minted French coin could be reduced while maintaining the old value in livres tournois or the official value of a domestic or foreign coin in circulation could be increased. By reversing these techniques, currencies could be reinforced. For example: the worth of an écu d'or, a French gold coin, was changed from 60 sols to 57 sols in 1573. to curb increasing use of the Spanish real, its official worth was decreased to 4 sols 2 deniers in the 1570s. Royal finance officers faced many difficulties. In addition to currency speculation and the intentional shaving of precious metal from coins, they had the difficult problem of setting values for gold, silver and billon coins, responding to the large influx of foreign coin and the appearance of inferior foreign coins of intentionally similar design.
For more on these issues, see Monetary policy and Gresham's Law. A glyph for the livre tournois was added to Unicode 5.2, in the Currency Symbols block at code point U+20B6: ₶. French livre Livre parisis French franc Louis Luxembourgish livre Écu Roman currency