Coins of the Hungarian forint
Hungarian forint coins are part of the physical form of current Hungarian currency, the Hungarian forint. Modern forint coins have been struck since 1946 and reflect the changes of post-World War II Hungarian history. After the trauma of the Second World War and the hyperinflation of the pengő the Hungarian government had to face the problems of introducing a new currency. In the case of coins this meant that they had to express stability and raise confidence in the people toward the new money; the first coins minted in 1946 were made of copper alloys in the case of the fillér coins and aluminium in the case of the 1 & 2 forint coins. Although the forint was based on gold standard, only silver coins were minted in the first 2 years: 5 forint coins made of good quality silver were put into circulation. However, the government fear of hoarding these coins convinced the national bank to lower the mass and quality of silver used for the 1947 strike. No silver 5 forint coins were minted for general circulation after 1947.
The 5 & 50 fillér coins were made of aluminium. Commemorative coins appeared early, the first being a series of 3 coins in 1948 to commemorate the centennial of the 1848 revolution. In 1949 the communist party took power in every field of politics and economy; the country's name was changed to Hungarian People's Republic which replaced the former name on the coins. The Kossuth's coat of arms was replaced with the Rákosi's one; the 2, 10 and 20 fillér coins were made of aluminium after 1950. As a consequence of the Hungarian Revolution of 1956 the coat of arms was changed again, this version was used from 1957 until 1989. In 1992, a new series of coins was introduced in denominations of 1, 2, 5, 10, 20, 50 and 100 forint. Production of 2 and 5 fillér coins ceased in 1992, with all fillér coins withdrawn from circulation by 1999. From 1996, a bimetallic 100 Forint coin was minted to replace the 1992 version, since the latter was considered to be "too big and ugly" by many, could be mistaken with the 20 forint coin.
The 200 forint coin was made of.500 fine silver. From 1994, mass minting of the 200 forint coin was stopped, since the price of the metal was getting higher than the face value of the coin. However, small issues for collector purposes were minted until 1998, when both the 1992 type 100 forint and the 200 forint coins were withdrawn from circulation; the 1 and 2 Forint coins were withdrawn from circulation on March 1, 2008. This was announced by the Hungarian National Bank in September 2007, pointing out that the cost of minting them is too high 4 times their face value; when paying with cash, the total is to be rounded to 5 forint. The 200 forint notes have been replaced with a new 200 forint coin in 2009; the Chain Bridge was chosen in an internet poll between October 13 and October 26, 2008 to be on the coin. The coin entered circulation on 15 June 2009; the 1 forint coin was illegally exported to Canada in significant amounts, as the tiny coin could be used in place of genuine tokens for entry at the underground railway's automatic gates.
This was a profitable venture that lasted until the machines were reprogrammed. The 50 forint coin is confused with the UK 50 pence coin by some vending machines in the UK. According to Hungary's new constitution, effective as of 1 January 2012, the country's official name changes from "Magyar Köztársaság" to "Magyarország". Although Hungary is still a republic, this does not appear anymore on its coinage: from 2012 Hungarian legal tender will bear the country's new official name, "Magyarország". Struck coins will remain legal tender. 5, 10 and 20 Forint coins are expected to appear in everyday circulation in 2012, with the rest of denominations following fulfilling the needs of Hungary's cash circulation. The official 2012 boxed set became available for collectors on 6 January 2012. "MAGYAR ÁLLAMI VÁLTÓPÉNZ" = "Hungarian state token coin" - váltópénz means "small change". Magyarország fém- és papírpénzei 1926-1998. Magyar Éremgyűjtők Egyesülete, Budapest. ISBN 978-963-03-6023-4
The Florentine florin was a coin struck from 1252 to 1533 with no significant change in its design or metal content standard during that time. It had 54 grains of nominally pure or'fine' gold with a purchasing power difficult to estimate but ranging according to social grouping and perspective from 140 to 1000 modern US dollars; the name of the coin comes from the flower of the Giglio bottonato, represented at the head of the coin. The "fiorino d'oro" of the Republic of Florence was the first European gold coin struck in sufficient quantities since the seventh century to play a significant commercial role; as many Florentine banks were international supercompanies with branches across Europe, the florin became the dominant trade coin of Western Europe for large-scale transactions, replacing silver bars in multiples of the mark. In the fourteenth century, a hundred and fifty European states and local coin-issuing authorities made their own copies of the florin; the most important of these was the Hungarian forint, because the Kingdom of Hungary was a major source of European gold.
The design of the original Florentine florins was the distinctive fleur-de-lis badge of the city on one side and on the other a standing and facing figure of St. John the Baptist wearing a hair shirt. On other countries' florins, the inscriptions were changed, local heraldic devices were substituted for the fleur-de-lis. Other figures were substituted for St. John. On the Hungarian forints, St. John was re-labelled St. Ladislaus, an early Christian king and patron saint of Hungary, a battle axe substituted for the original's sceptre; the image became more regal looking. The weight of the original fiorino d'oro of Florence was chosen to equal the value of one lira in the local money of account in 1252. However, the gold content of the florin did not change while the money of account continued to inflate; the values of other countries' money continually varied against each other, reinforcing the florin's utility as a common measure of value for foreign exchange transactions. The word florin was borrowed in many other countries: for example, the Dutch guilder, as well as the coin first issued in 1344 by Edward III of England – valued at six shillings, composed of 108 grains of gold with a purity of 23 carats and 3 1⁄2 grains – and more relating to a British pre-decimal silver coin known as a two shilling "bit" worth 24 pence or one-tenth of a pound.
Recent research indicates that the florin was once the dominant currency of Europe until accommodative policymaking led to the loss of its status as the continent's de facto reserve currency. A regional variant of the florin was the Rheingulden, minted by several German states encompassing the commercial centers of the Rhein River valley, under a series of monetary conventions starting in 1354 at a standard identical to the Florentine florin. By 1419, the weight had been reduced and the alloy was reduced. By 1626, the alloy had been reduced again, while the weight was more reduced. In 1409, the Rheingulden standard was adopted for the Holy Roman Empire's Reichsgulden. Denaro Florin History of coins in Italy Lira Soldo Venetian grosso Venetian lira http://www.gmmnut.com/gmm/sca/florin.html - See Discussion Philip Grierson. Coins of Medieval Europe. Seaby, London. ISBN 1-85264-058-8. Peter Spufford. Money and its use in medieval Europe. Cambridge University Press. ISBN 0-521-37590-8. Peter Spufford. Handbook of Medieval Exchange.
Royal Historical Society, London. ISBN 0-86193-105-X; the Economy of Renaissance Florence. Richard A. Goldthwaite Money museum:Fiorino d'Oro History of the British Florin
A currency, in the most specific sense is money in any form when in use or circulation as a medium of exchange circulating banknotes and coins. A more general definition is that a currency is a system of money in common use for people in a nation. Under this definition, US dollars, pounds sterling, Australian dollars, European euros, Russian rubles and Indian Rupees are examples of currency; these various currencies are recognized as stores of value and are traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, each type has limited boundaries of acceptance. Other definitions of the term "currency" are discussed in their respective synonymous articles banknote and money; the latter definition, pertaining to the currency systems of nations, is the topic of this article. Currencies can be classified into two monetary systems: fiat money and commodity money, depending on what guarantees the currency's value.
Some currencies are legal tender in certain political jurisdictions. Others are traded for their economic value. Digital currency has arisen with the popularity of the Internet. Money was a form of receipt, representing grain stored in temple granaries in Sumer in ancient Mesopotamia and in Ancient Egypt. In this first stage of currency, metals were used as symbols to represent value stored in the form of commodities; this formed the basis of trade in the Fertile Crescent for over 1500 years. However, the collapse of the Near Eastern trading system pointed to a flaw: in an era where there was no place, safe to store value, the value of a circulating medium could only be as sound as the forces that defended that store. A trade could only reach as far as the credibility of that military. By the late Bronze Age, however, a series of treaties had established safe passage for merchants around the Eastern Mediterranean, spreading from Minoan Crete and Mycenae in the northwest to Elam and Bahrain in the southeast.
It is not known what was used as a currency for these exchanges, but it is thought that ox-hide shaped ingots of copper, produced in Cyprus, may have functioned as a currency. It is thought that the increase in piracy and raiding associated with the Bronze Age collapse produced by the Peoples of the Sea, brought the trading system of oxhide ingots to an end, it was only the recovery of Phoenician trade in the 10th and 9th centuries BC that led to a return to prosperity, the appearance of real coinage first in Anatolia with Croesus of Lydia and subsequently with the Greeks and Persians. In Africa, many forms of value store have been used, including beads, ivory, various forms of weapons, the manilla currency, ochre and other earth oxides; the manilla rings of West Africa were one of the currencies used from the 15th century onwards to sell slaves. African currency is still notable for its variety, in many places, various forms of barter still apply; these factors led to the metal itself being the store of value: first silver both silver and gold, at one point bronze.
Now we have other non-precious metals as coins. Metals were mined and stamped into coins; this was to assure the individual accepting the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but the existence of standard coins created a new unit of account, which helped lead to banking. Archimedes' principle provided the next link: coins could now be tested for their fine weight of metal, thus the value of a coin could be determined if it had been shaved, debased or otherwise tampered with. Most major economies using coinage had several tiers of coins of different values, made of copper and gold. Gold coins were the most valuable and were used for large purchases, payment of the military and backing of state activities. Units of account were defined as the value of a particular type of gold coin. Silver coins were used for midsized transactions, sometimes defined a unit of account, while coins of copper or silver, or some mixture of them, might be used for everyday transactions.
This system had been used in ancient India since the time of the Mahajanapadas. The exact ratios between the values of the three metals varied between different eras and places. However, the rarity of gold made it more valuable than silver, silver was worth more than copper. In premodern China, the need for credit and for a medium of exchange, less physically cumbersome than large numbers of copper coins led to the introduction of paper money, i.e. banknotes. Their introduction was a gradual process which lasted from the late Tang dynasty into the Song dynasty, it began as a means for merchants to exchange heavy coinage for receipts of deposit issued as promissory notes by wholesalers' shops. These notes were valid for temporary use in a small regional territory. In the 10th century, the Song dynasty government began to circulate these notes amongst the traders in its monopolized salt industry; the Song government granted several shops the right to issue banknotes, in the early 12th century the government took over these shops to produce state-issued currency.
Yet the banknotes issued w
Principality of Montenegro
The Principality of Montenegro was a former realm in Southeastern Europe that existed from 13 March 1852 to 28 August 1910. It was proclaimed a kingdom by Nikola I, who became king; the capital was Cetinje and the Montenegrin perper was used as state currency from 1906. The territory corresponded to the central area of modern Montenegro, it was de facto absolutist. In Danilo I's Code, dated to 1855, he explicitly states that he is the "knjaz and gospodar of the Free Black Mountain and the Hills". In 1870, Nikola had the title of "knjaz of Crna Gora and Brda", while two years the state was called "knjaževina of Crna Gora"; the Principality was formed on 13 March 1852 when Danilo I Petrović-Njegoš known as Vladika Danilo II, decided to renounce to his ecclesiastical position as prince-bishop and married. With the first Montenegrin constitution being proclaimed in 1855, known as "Danilo's Code". After centuries of theocratic rule, this turned Montenegro into a secular principality. Grand Voivode Mirko Petrović, elder brother of Danilo I, led a strong army of 7,500 and won a crucial battle against the Turks at Grahovac on 1 May 1858.
The Turkish forces were routed. This victory forced the Great Powers to demarcate the borders between Montenegro and Ottoman Turkey, de facto recognizing Montenegro's centuries-long independence. Montenegro gained Grahovo, Nikšić, more than half of Drobnjaci, Tušina, Lipovo, Upper Vasojevići, part of Kuči and Dodoši; the glory of the Montenegrins was soon immortalized in songs and literature of all South Slavs. After the assassination of Danilo I on 13 August 1860, Nikola I, the nephew of Danilo, became the next ruler of Montenegro. Nikola sent aid to the Serb rebels in the Herzegovina Uprising, led a war against the Ottomans, the Montenegrin–Ottoman War; the advancement of Russian forces toward Turkey forced Turkey to sign a peace treaty on 3 March 1878, recognising the independence of Montenegro, as well as Romania and Serbia, increased Montenegro's territory from 4,405 km² to 9,475 km². Montenegro gained the towns of Nikšić, Kolašin, Spuž, Podgorica, Žabljak, Bar, as well as access to the sea.
This was the Great Powers' official demarcation between Montenegro and the Ottoman Empire, de facto recognizing Montenegro's independence. Under the rule of Nikola I, diplomatic relations were established with the Ottoman Empire. Minor border skirmishes excepted, diplomacy ushered in 30 years of peace between the two states until the deposition of Abdul Hamid II; the political skills of Abdul Hamid and Nikola I played a major role on the mutually amicable relations. Modernization of the state followed, culminating with the draft of a Constitution in 1905. However, political rifts emerged between the parliamentary People's Party that supported the process of democratization and union with Serbia and those of the True People's Party who were monarchist. Danilo I Nikola I The historical war flags were the krstaš-barjak, plain flags with crosses in the centre; the Montenegrin war flag used in the Battle of Vučji Do was red with a white cross pattée in the centre and a white border, this flag was adopted from the Serbian war flag in the Battle of Kosovo which found itself in Montenegro after surviving knights brought it there.
The same flag was used in Cetinje in 1878, upon recognition of independence by the Ottoman Empire at San Stefano. According to the 1905 constitution, the national flag was a tricolour of red-blue-white, the Serbian tricolour. Danilo I used the Law of Petar I Petrović-Njegoš, as an inspiration for his own "General Law of the Land" from 1855 called "Danilo I's Code". Danilo's Code was based on Montenegrin traditions and customs and it is considered to be the first national constitution in Montenegrin history, it stated rules, protected privacy and banned warring on the Austrian Coast. It stated: Although there is no other nationality in this land except Serb nationality and no other religion except Eastern Orthodoxy, each foreigner and each person of different faith can live here and enjoy the same freedom and the same domestic right as Montenegrin or Highlander. At the beginning of the 20th century political differences were starting to culminate; the country was now enlarged territorially and saw four decades of peace unusual for the country, in war the whole time since it fell to Ottoman hands.
The ruler, Prince Nikola I, was the longest reigning of all the Balkan dynasties, by many perceived as the most experienced diplomat and politician. On the other hand, there was a growing population of dissatisfied young people, educated abroad, who saw his rule as absolutistic and autocratic. Gathered in Belgrade, where they had support from certain political parties, they were demanding the reorganisation of government administration, constitutionalisation and the introduction of parliament; the opposition grew as their demands were supported by certain number of old military leaders and various clans' representatives. These primitive forms of nobility were old and conservative, but due to their own personal antagonisms towards the prince or because of their own political ambitions, they sided with the crowd which demanded the modernistaion of the country. For a long time prince and the circle of people around him defended hi
A banknote is a type of negotiable promissory note, made by a bank, payable to the bearer on demand. Banknotes were issued by commercial banks, which were required to redeem the notes for legal tender when presented to the chief cashier of the originating bank; these commercial banknotes only traded at face value in the market served by the issuing bank. Commercial banknotes have been replaced by national banknotes issued by central banks. National banknotes are legal tender, meaning that medium of payment is allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment; this practice of "backing" notes with something of substance is the basis for the history of central banks backing their currencies in gold or silver. Today, most national currencies have no backing in precious metals or commodities and have value only by fiat. With the exception of non-circulating high-value or precious metal issues, coins are used for lower valued monetary units, while banknotes are used for higher values.
In China during the Han dynasty promissory notes were made of leather. Rome may have used a durable lightweight substance as promissory notes in 57 AD which have been found in London. However, Carthage was purported to have issued bank notes on parchment or leather before 146 BC. Hence Carthage may be the oldest user of lightweight promissory notes; the first known banknote was first developed in China during the Tang and Song dynasties, starting in the 7th century. Its roots were in merchant receipts of deposit during the Tang dynasty, as merchants and wholesalers desired to avoid the heavy bulk of copper coinage in large commercial transactions. During the Yuan dynasty, banknotes were adopted by the Mongol Empire. In Europe, the concept of banknotes was first introduced during the 13th century by travelers such as Marco Polo, with European banknotes appearing in 1661 in Sweden. Counterfeiting, the forgery of banknotes, is an inherent challenge in issuing currency, it is countered by anticounterfeiting measures in the printing of banknotes.
Fighting the counterfeiting of banknotes and cheques has been a principal driver of security printing methods development in recent centuries. Paper currency first developed in Tang dynasty China during the 7th century, although true paper money did not appear until the 11th century, during the Song dynasty; the usage of paper currency spread throughout the Mongol Empire or Yuan dynasty China. European explorers like Marco Polo introduced the concept in Europe during the 13th century. Napoleon issued paper banknotes in the early 1800s. Cash paper money originated as receipts for value held on account "value received", should not be conflated with promissory "sight bills" which were issued with a promise to convert at a date; the perception of banknotes as money has evolved over time. Money was based on precious metals. Banknotes were seen by some as an I. O. U. or promissory note: a promise to pay someone in precious metal on presentation, but were accepted - for convenience and security - in the City of London for example from the late 1600s onwards.
With the removal of precious metals from the monetary system, banknotes evolved into pure fiat money. Development of the banknote began in the Tang dynasty during the 7th century, with local issues of paper currency, although true paper money did not appear until the 11th century, during the Song dynasty, its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants and wholesalers desired to avoid the heavy bulk of copper coinage in large commercial transactions. Before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle. Several coins could be strung together on a rope. Merchants in China, if they became rich enough, found that their strings of coins were too heavy to carry around easily. To solve this problem, coins were left with a trustworthy person, the merchant was given a slip of paper recording how much money they had with that person. If they showed the paper to that person, they could regain their money; the Song Dynasty paper money called "jiaozi" originated from these promissory notes.
By 960 the Song dynasty, short of copper for striking coins, issued the first circulating notes. A note is a promise to redeem for some other object of value specie; the issue of credit notes is for a limited duration, at some discount to the promised amount later. The jiaozi did not replace coins during the Song Dynasty; the central government soon observed the economic advantages of printing paper money, issuing a monopoly right of several of the deposit shops to the issuance of these certificates of deposit. By the early 12th century, the amount of banknotes issued in a single year amounted to an annual rate of 26 million strings of cash coins. By the 1120s the central government stepped in and produced their own state-issued paper money. Before this point, the Song government was amassing large amounts of paper tribute, it was recorded that each year before 1101 AD, the prefecture of Xin'an alone would send 1,500,000 sheets of paper in seven different varieties to the capital at Kaifeng. In that year of 1101, the Emperor Huizong of Song decided to lessen the amount of paper taken in the tribute quota, because it was causing detrimental effects and creating heavy burdens on the people of the regio
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 adópengő was a temporary unit of currency of Hungary between 1 January 1946, when it was introduced to try to stabilise the pengő, 31 July 1946, when both were replaced by the forint. The adópengő was only an accounting unit used by the government and commercial banks.