Strike action called labor strike, labour strike, or strike, is a work stoppage, caused by the mass refusal of employees to work. A strike takes place in response to employee grievances. Strikes became common during the Industrial Revolution, when mass labor became important in factories and mines. In most countries, strike actions were made illegal, as factory owners had far more power than workers. Most Western countries legalized striking in the late 19th or early 20th centuries. Strikes are sometimes used to pressure governments to change policies. Strikes destabilize the rule of a particular political party or ruler. Notable examples are the 1980 Gdańsk Shipyard, the 1981 Warning Strike, led by Lech Wałęsa; these strikes were significant in the long campaign of civil resistance for political change in Poland, were an important mobilizing effort that contributed to the fall of the Iron Curtain and the end of communist party rule in eastern Europe. The use of the English word "strike" was first seen in 1768, when sailors, in support of demonstrations in London, "struck" or removed the topgallant sails of merchant ships at port, thus crippling the ships.
Official publications have used the more neutral words "work stoppage" or "industrial dispute". The first certain account of strike action was towards the end of the 20th dynasty, under Pharaoh Ramses III in ancient Egypt on 14 November 1152 BC; the artisans of the Royal Necropolis at Deir el-Medina walked off their jobs because they had not been paid. The Egyptian authorities raised the wages. An early predecessor of the general strike may have been the secessio plebis in ancient Rome. In The Outline of History, H. G. Wells characterized this event as "the general strike of the plebeians, their first strike occurred because they "saw with indignation their friends, who had served the state bravely in the legions, thrown into chains and reduced to slavery at the demand of patrician creditors." The strike action only became a feature of the political landscape with the onset of the Industrial Revolution. For the first time in history, large numbers of people were members of the industrial working class.
By the 1830s, when the Chartist movement was at its peak in Britain, a true and widespread'workers consciousness' was awakening. In 1842 the demands for fairer wages and conditions across many different industries exploded into the first modern general strike. After the second Chartist Petition was presented to Parliament in April 1842 and rejected, the strike began in the coal mines of Staffordshire and soon spread through Britain affecting factories, mills in Lancashire and coal mines from Dundee to South Wales and Cornwall. Instead of being a spontaneous uprising of the mutinous masses, the strike was politically motivated and was driven by an agenda to win concessions; as much as half of the industrial work force were on strike at its peak – over 500,000 men. The local leadership marshalled a growing working class tradition to politically organize their followers to mount an articulate challenge to the capitalist, political establishment. Friedrich Engels, an observer in London at the time, wrote: by its numbers, this class has become the most powerful in England, woe betide the wealthy Englishmen when it becomes conscious of this fact...
The English proletarian is only just becoming aware of his power, the fruits of this awareness were the disturbances of last summer. As the 19th century progressed, strikes became a fixture of industrial relations across the industrialized world, as workers organized themselves to collectively bargain for better wages and standards with their employers. Karl Marx has condemned the theory of Pierre-Joseph Proudhon criminalizing strike action in his work The Poverty of Philosophy. In 1937 there were 4,740 strikes in the United States; this was the greatest strike wave in American labor history. The number of major strikes and lockouts in the U. S. fell by 97% from 381 in 1970 to 187 in 1980 to only 11 in 2010. Companies countered the threat of a strike by threatening to move a plant. International Covenant on Economic and Cultural Rights adopted in 1967 ensure the right to strike in Article 8 and European Social Charter adopted in 1961 ensure the right to strike in Article 6; the Farah Strike, 1972–1974, labeled the "strike of the century," and it was organized and led by Mexican American women predominantly in El Paso, Texas.
Most strikes are undertaken by labor unions during collective bargaining as a last resort. The object of collective bargaining is for the employer and the union to come to an agreement over wages and working conditions. A collective bargaining agreement may include a clause which prohibits the union from striking during the term of the agreement, known as a "no-strike clause." No-strike clauses arose in the United States following World War II. Some in the labor movement consider no-strike clauses to be an unnecessary detriment to unions in the collective bargaining process. Strikes are rare: according to the News Media Guild, 98% of union contracts in the United States are settled each of the 67 years without a strike. Workers decide to strike without the sanction of a labor union, either because the union refuses to endorse such a tactic, or because the workers concerned are non-unionized; such strikes are described as unofficial. Strikes without formal union authorization are known as wildcat strikes
A trade union called a labour union or labor union, is an association of workers in a particular trade, industry, or company created for the purpose of securing improvement in pay, working conditions or social and political status through collective bargaining and working conditions through the increased bargaining power wielded by creation of a monopoly of the workers. The trade union, through its leadership, bargains with the employer on behalf of union members and negotiates labour contracts with employers; the most common purpose of these associations or unions is "maintaining or improving the conditions of their employment". This may include the negotiation of wages, work rules, complaint procedures, rules governing hiring and promotion of workers, workplace safety and policies. Unions may organize a particular section of skilled workers, a cross-section of workers from various trades, or attempt to organize all workers within a particular industry; the agreements negotiated by a union are binding on the rank and file members and the employer and in some cases on other non-member workers.
Trade unions traditionally have a constitution which details the governance of their bargaining unit and have governance at various levels of government depending on the industry that binds them to their negotiations and functioning. Originating in Great Britain, trade unions became popular in many countries during the Industrial Revolution. Trade unions may be composed of individual workers, past workers, apprentices or the unemployed. Trade union density, or the percentage of workers belonging to a trade union, is highest in the Nordic countries. Since the publication of the History of Trade Unionism by Sidney and Beatrice Webb, the predominant historical view is that a trade union "is a continuous association on wage earners for the purpose of maintaining or improving the conditions of their employment." Karl Marx described trade unions thus: "The value of labour-power constitutes the conscious and explicit foundation of the trade unions, whose importance for the working class can scarcely be overestimated.
The trade unions aim at nothing less than to prevent the reduction of wages below the level, traditionally maintained in the various branches of industry. That is to say, they wish to prevent the price of labour-power from falling below its value". A modern definition by the Australian Bureau of Statistics states that a trade union is "an organization consisting predominantly of employees, the principal activities of which include the negotiation of rates of pay and conditions of employment for its members."Yet historian R. A. Leeson, in United we Stand, said: Two conflicting views of the trade-union movement strove for ascendancy in the nineteenth century: one the defensive-restrictive guild-craft tradition passed down through journeymen's clubs and friendly societies... the other the aggressive-expansionist drive to unite all'labouring men and women' for a'different order of things'. Recent historical research by Bob James in Craft, Trade or Mystery puts forward the view that trade unions are part of a broader movement of benefit societies, which includes medieval guilds, Oddfellows, friendly societies, other fraternal organizations.
The 18th century economist Adam Smith noted the imbalance in the rights of workers in regards to owners. In The Wealth of Nations, Book I, chapter 8, Smith wrote: We hear, it has been said, of the combination of masters, though of those of workmen, but whoever imagines, upon this account, that masters combine, is as ignorant of the world as of the subject. Masters are always and everywhere in a sort of tacit, but constant and uniform combination, not to raise the wages of labor above their actual rate When workers combine, masters... never cease to call aloud for the assistance of the civil magistrate, the rigorous execution of those laws which have been enacted with so much severity against the combination of servants and journeymen. As Smith noted, unions were illegal for many years in most countries, although Smith argued that it should remain illegal to fix wages or prices by employees or employers. There were severe penalties for including execution. Despite this, unions were formed and began to acquire political power resulting in a body of labour law that not only legalized organizing efforts, but codified the relationship between employers and those employees organized into unions.
The origins of trade unions can be traced back to 18th century Britain, where the rapid expansion of industrial society taking place drew women, rural workers and immigrants into the work force in large numbers and in new roles. They encountered a large hostility in their early existence from employers and government groups; this pool of unskilled and semi-skilled labour spontaneously organized in fits and starts throughout its beginnings, would be an important arena for the development of trade unions. Trade unions have sometimes been seen as successors to the guilds of medieval Europe, though the relationship between the two is disputed, as the masters of the guilds employed workers who were not allowed to organize. Trade unions and collective bargaining were outlawed from no than the middle of the 14th century when the Ordinance of Labourers was enacted in the Kingdom of England but their way of thinking was the one that endured dur
A coin is a small, round piece of metal or plastic used as a medium of exchange or legal tender. They are standardized in weight, produced in large quantities at a mint in order to facilitate trade, they are most issued by a government. Coins are metal or alloy, or sometimes made of synthetic materials, they are disc shaped. Coins made of valuable metal are stored in large quantities as bullion coins. Other coins are used as money in everyday transactions; the highest value coin in circulation is worth less than the lowest-value note. In the last hundred years, the face value of circulation coins has been lower than the value of the metal they contain, for example due to inflation. If the difference becomes significant, the issuing authority may decide to withdraw these coins from circulation issuing new equivalents with a different composition, or the public may decide to melt the coins down or hoard them. Exceptions to the rule of face value being higher than content value occur for some bullion coins made of copper, silver, or gold, intended for collectors or investors in precious metals.
Examples of modern gold collector/investor coins include the British sovereign minted by the United Kingdom, the American Gold Eagle minted by the United States, the Canadian Gold Maple Leaf minted by Canada, the Krugerrand, minted by South Africa. While the Eagle, Maple Leaf, Sovereign coins have nominal face values, the Krugerrand does not. A great quantity of coinage metals and other materials have been used to produce coins for circulation and metal investment: bullion coins serve as more convenient stores of assured metal quantity and purity than other bullion. Metal ingots, silver bullion or unmarked bars were in use for exchange among many of the civilizations that mastered metallurgy; the weight and purity of bullion would be the key determinant of value. In the Achaemenid Empire in the early 6th century BC, coinage was yet unknown, barter and to some extent silver bullion was used instead for trade; the practice of using silver bars for currency seems to have been current in Central Asia from the 6th century BC.
Coins were an evolution of "currency" systems of the Late Bronze Age, where standard-sized ingots, tokens such as knife money, were used to store and transfer value. In the late Chinese Bronze Age, standardized cast tokens were made, such as those discovered in a tomb near Anyang; these were replicas in bronze of earlier Chinese currency, cowrie shells, so they were named Bronze Shell. The earliest coins are associated with Iron Age Anatolia of the late 7th century BC, with the kingdom of Lydia. Early electrum coins were not standardized in weight, in their earliest stage may have been ritual objects, such as badges or medals, issued by priests; the unpredictability of the composition of occurring electrum implied that it had a variable value, which hampered its development. Most of the early Lydian coins include no writing, only an image of a symbolic animal. Therefore, the dating of these coins relies on archaeological evidence, with the most cited evidence coming from excavations at the Temple of Artemis at Ephesus called the Ephesian Artemision, site of the earliest known deposit of electrum coins.
Because the oldest lion head "coins" were discovered in that temple, they do not appear to have been used in commerce, these objects may not have been coins but badges or medals issued by the priests of that temple. Anatolian Artemis was the Πὀτνια Θηρῶν, it took some time before ancient coins were used for trade. The smallest-denomination electrum coins worth about a day's subsistence, would have been too valuable for buying a loaf of bread; the first coins to be used for retailing on a large-scale basis were small silver fractions, Ancient Greek coinage minted by the Ionian Greeks in the late sixth century BC. Many early Lydian and Greek coins were minted under the authority of private individuals and are thus more akin to tokens or badges than to modern coins, though due to their numbers it is evident that some were official state issues; the earliest inscribed coins are those of Phanes, dated to 625–600 BC from Ephesus in Ionia, with the legend ΦΑΝΕΟΣ ΕΜΙ ΣΗΜΑ, or just bearing the name ΦΑΝΕΟΣ.
The first electrum coins issued by a monarch are those minted by king Alyattes of Lydia, for which reason this king is sometimes mentioned as the originator of coinage. The successor of Alyattes, king Croesus, became associated with great wealth in Greek historiography, he is credited with issuing the Croeseid, the first true gold coins with a standardised purity for general circulation. And the world's first bimetallic monetary system circa 550 BCE. Herodotus mentioned the innovation made by the Lydians: "So far as we have any knowledge, they were the first people to introduce the use of gold and silver coins, the first who sold goods by retail" Coins spread in the 6th and 5th centuries BC, leading to the development of Ancient Greek coinage and Achaemenid coinage, further to Illyrian coinage. Standardized Roman currency
Proof coinage refers to special early samples of a coin issue made for checking the dies and for archival purposes, but nowadays struck in greater numbers specially for coin collectors. Nearly all countries have issued proof coinage. Preparation of a proof striking involved polishing of the dies, they can be distinguished from normal circulation coins by their sharper rims and design, as well as much smoother "fields" – the blank areas not part of the coin's design. The dies for making modern proof coins are treated with chemicals to make certain parts of the design take on a frosted appearance, with the polished fields taking on a mirror finish. Several other methods have been used in the past to achieve this effect, including sand blasting the dies, matte proofs. Proof coins of the early 19th century appear to be scratched, but it was part of the production process; the term "proof" refers to the process by which the coins are made and not to the condition of the coin. Certification agencies can assign numerical ratings for proof coins.
A PR70 coin is the highest grade possible for a proof coin and indicates a perfect example, with PR69 and lower grades reflecting some deficiency in the strike, details, or other aspect of the coin. Most proof coins are double struck under higher pressure; this does not result in doubling, observable, but does result in the devices being struck fully. After being struck, they are separately and individually handled, in contrast to normal coins which are thrown into bins; the U. S. had stopped striking proof coins in 1916, although a few specimens exist. From 1936 to 1942, proof coins could be ordered individually from the U. S. Mint. Beginning in 1950, customers could order proof coins only as complete sets. From 1950 to 1955, proof sets were packaged in a box and each of the five coins was sealed in a cellophane bag. 1955 saw both the original "box" packaging and introduced the flat-pack, where the coins were sealed in cellophane and presented in an envelope. The flat-pack packaging continued through 1964, after which the coins were sealed in various styles of hard plasticized cases.
Sets struck from 1936 to 1942 and from 1950 to 1972 include the cent, dime and half dollar. From 1973 through 1981 the dollar was included, from 2000 on; the 1999–2008 proof sets contain five different Statehood quarters. The 2004–2005 series contain the two Lewis and Clark nickels; the 2007-2016 proof sets include Presidential dollars. The 2010-2021 proof sets contain America the Beautiful quarters, depicting different National Parks and Monuments. Proof sets issued in 2009 contain 18 coins – the most included – as that year featured four different reverses for the Lincoln Cent, six quarters issued under the District of Columbia and United States Territories quarters program, four Presidential and one Native American dollar struck that year, the five cent and half dollar coins. Proof sets containing only 2009 cents, Statehood quarters, America the Beautiful quarters, Presidential dollars are available; the U. S. Mint has released special proof sets, such as in 1976, when a proof set of three 40% silver-clad coins: the quarter, half-dollar and dollar coins depicting special reverses to commemorate the U.
S. Bicentennial was issued. From 1971 to 1974, proof silver-clad Eisenhower dollars were issued in a plastic case contained in a brown wood-grain finish slipcase box, are referred to as "Brown Ikes". Proof Susan B. Anthony dollars were struck in 1999. Although these proof dollars were sold separately and not included in the proof sets for that year, some third parties used the cases from other years to create 1999 proof sets that include the dollar, prompting the U. S. Mint to advise the public that these sets were not government-issued sets. A proof "Coin & Chronicles" set was issued for 2009, which included one each of the 4 different Lincoln Cent designs and a commemorative Lincoln Silver Dollar, presented in special packaging. Other sets, called "Prestige Proof" sets contain selected commemorative coins; these sets were sold from 1983 to 1997 at an additional premium. As Legacy Proof sets, the practice was resumed from 2005 to 2008. There are errors which escape the Mint's inspection process, resulting in some rare and expensive proof sets.
This has happened at least seven times: 1968-S, 1970-S and 1975-S and in the 1983-S Prestige set, each with a dime that has no mint mark. Not as rare are proof sets issued with coin varieties that are less common than those found in other sets issued in the same year; these include the 1960 and 1970-S sets, both of which are found in either a "small date" or "large date" variety, which refers to the size and position of the date on the Lincoln cent. The 1979-S and 1981-S sets each come in either a "Type I" or a "Type II" version, where on all coins the "S" mint mark is either "filled" or "clear". 1964 has a design variation where the President's portrait on the Kennedy half-dollar has "accented hair". The design was modified early in the production to give the hair a smoother appearance; this resulted in the "accented hair" variety being somewhat rarer
Coin collecting is the collecting of coins or other forms of minted legal tender. Coins of interest to collectors include those that circulated for only a brief time, coins with mint errors and beautiful or significant pieces. Coin collecting can be differentiated from numismatics, in that the latter is the systematic study of currency. A coin's grade is a main determinant of its value. For a tiered fee, a third party certification service like PCGS or NGC will grade, authenticate and encapsulate most U. S. and foreign coins. Over 80 million coins have been certified by the four largest services. People have hoarded coins for their bullion value for as long. However, the collection of coins for their artistic value was a development. Evidence from the archaeological and historical record of Ancient Rome and medieval Mesopotamia indicates that coins were collected and catalogued by scholars and state treasuries, it seems probable that individual citizens collected old, exotic or commemorative coins as an affordable, portable form of art.
According to Suetonius in his De vita Caesarum, written in the first century CE, the emperor Augustus sometimes presented old and exotic coins to friends and courtiers during festivals and other special occasions. Contemporary coin collecting and appreciation began around the fourteenth century. During the Renaissance, it became a fad among some members of the privileged classes kings and queens; the Italian scholar and poet Petrarch is credited with being the pursuit's first and most famous aficionado. Following his lead, many European kings and other nobility kept collections of ancient coins; some notable collectors were Pope Boniface VIII, Emperor Maximilian I of the Holy Roman Empire, Louis XIV of France, Ferdinand I, Henry IV of France and Elector Joachim II of Brandenburg, who started the Berlin Coin Cabinet. Because only the wealthy could afford the pursuit, in Renaissance times coin collecting became known as the "Hobby of Kings."During the 17th and 18th centuries coin collecting remained a pursuit of the well-to-do.
But rational, Enlightenment thinking led to a more systematic approach to study. Numismatics as an academic discipline emerged in these centuries at the same time as coin collecting became a leisure pursuit of a growing middle class, eager to prove their wealth and sophistication. During the 19th and 20th centuries, coin collecting increased further in popularity; the market for coins expanded to include not only antique coins, but foreign or otherwise exotic currency. Coin shows, trade associations, regulatory bodies emerged during these decades; the first international convention for coin collectors was held 15–18 August 1962, in Detroit and was sponsored by the American Numismatic Association and the Royal Canadian Numismatic Association. Attendance was estimated at 40,000; as one of the oldest and most popular world pastimes, coin collecting is now referred to as the "King of Hobbies". The motivations for collecting vary from one person to another; the most common type of collectors are the hobbyists, who amass a collection purely for the pleasure of it with no real expectation of profit.
Another frequent reason for purchasing coins is as an investment. As with stamps, precious metals or other commodities, coin prices are periodical based on supply and demand. Prices drop for coins that are not in long-term demand, increase along with a coin's perceived or intrinsic value. Investors buy with the expectation that the value of their purchase will increase over the long term; as with all types of investment, the principle of caveat emptor applies and study is recommended before buying. As with most collectibles, a coin collection does not produce income until it is sold, may incur costs in the interim. Coin hoarders may be similar to investors in the sense that they accumulate coins for potential long-term profit. However, unlike investors, they do not take into account aesthetic considerations; this is most common with coins. Speculators, be they amateurs or commercial buyers purchase coins in bulk and act with the expectation of short-term profit, they may wish to take advantage of a spike in demand for a particular coin.
The speculator might hope to sell at profit within weeks or months. Speculators may buy common circulation coins for their intrinsic metal value. Coins without collectible value may be melted down or distributed as bullion for commercial purposes, they purchase coins that are composed of rare or precious metals, or coins that have a high purity of a specific metal. A final type of collector is the inheritor, an accidental collector who acquires coins from another person as part of an inheritance; the inheritor type may not have an interest in or know anything about numismatics at the time of the acquisition. Casual coin collectors begin the hobby by saving notable coins found by chance; these coins may be pocket change left from an international trip or an old coin found in circulation. If the enthusiasm of the novice increases over time, random coins found in circulation are not enough to satisfy their interest; the hobbyist may trade coins in a coin club or buy coins from dealers or mints. Their collection takes on a more specific focus.
Some enthusiasts become generalists and accumulate
Commerce relates to "the exchange of goods and services on a large scale". It includes legal, political, social and technological systems that operate in a country or in international trade; the English-language word commerce has been derived from the Latin word commercium, from cum and merx. Some commentators trace the origins of commerce to the start of transactions in prehistoric times. Apart from traditional self-sufficiency, trading became a principal facility of prehistoric people, who bartered what they had for goods and services from each other. Historian Peter Watson and Ramesh Manickam date the history of long-distance commerce from circa 150,000 years ago. In historic times, the introduction of currency as a standardized money facilitated the wider exchange of goods and services. Numismatists have collections of tokens, which include coins from some Ancient-World large-scale societies, although initial usage involved unmarked lumps of precious metal; the circulation of a standardized currency provides a method of overcoming the major disadvantage to commerce through use of a barter system, the "double coincidence of wants", necessary for barter trades to occur.
For example, if a person who makes pots for a living needs a new house, he/she may wish to hire someone to build it for him/her. But he/she cannot make an equivalent number of pots to equal this service done for him/her, because if the builder could build the house, the builder might not want many or any pots; the barter system had a major drawback in that whatever goods a person get as payment may not store for long amounts of time. For example: if a person has got dozens of fruits as his payment, he/she can't store fruit for long or they may rot - which means a person will have to bear a huge loss. Currency solved this problem by allowing a society as a whole to assign values and thus to collect goods and services and to store them for use, or to split them among minions. During the Middle Ages, commerce developed in Europe through the trading of luxury goods at trade fairs; some wealth became converted into movable capital. Banking systems developed. Hand-to-hand markets became a feature of town life, were regulated by town authorities.
Today commerce includes as a subset of itself a complex system of companies which try to maximize their profits by offering products and services to the market at the lowest production cost. A system of international trade has helped to develop the world economy.
Commemorative coins are coins that were issued to commemorate some particular event or issue. Most world commemorative coins were issued from the 1960s onward, although there are numerous examples of commemorative coins of earlier date; such coins have a distinct design with reference to the occasion. Many coins of this category serve as collectors items only, although some countries are issuing commemorative coins for regular circulation. Vast numbers of thematic coins are continuously being issued, highlighting ancient monuments or sites, historical personalities, endangered species etc. While such thematic coins may or may not commemorate any particular event or jubilee, the distinction between commemorative coins and thematic coins is blurred or ignored. Coins can be seen as being of one of three types: Regular issue coinage are the normal coins intended to be used in commerce every day and are issued with the same design for several years, e.g. euro coins. Circulating commemoratives are intended to be used for commerce, but the design will only be issued for a limited time, is intended to draw some attention to a specific event or person.
Examples include the €2 commemorative coins, or U. S. 50 State Quarters. Non-circulating legal tender are coins which are legal tender, thus can in theory be used to purchase goods or services, but are not intended to be used in such a manner. Rather, they are intended to be used only as souvenirs, are produced in gold or silver with a proof finish; the coins issued by any state have always reflected the current political or economic situation. Many ancient and pre-modern coins commemorate events in contemporary times. For instance, Roman coins have references to military campaigns and the defeat of foreign powers; these reverse types symbolically represent the subordination of conquered territories to Roman authority. Such coins are examples of ancient political propaganda; the Roman Empire may be represented by a proud warrior'raising' an undersized figure, representing the defeated enemy. Throughout history, coins have been issued on special occasions, without citing that occasion explicitly.
In some cases, emergency money have been issued under unfavourable conditions, such as a city under siege. Such emergency coins were issued in Vienna in 1529, while the city was besieged by the troops of the Ottoman Empire. Due to the conditions at the time, such coins are minted on square flans, rather than round ones. European square coins of this era are known by their German name'klippe'. Coins might be issued with the specific purpose of financing a military campaign, or for the payment of tribute or war indemnity by a feudal lord to his sovereign. During recent centuries, specially prepared coins have been issued to proclaim the coronation of a new monarch; such coins are known as'largesse' coins. This type of coins were issued in India during the Mughal era, in Europe in the age of absolutism. In Europe, such coins were scattered from the royal chariot, to achieve attention and applause from the public. In Sweden, coins of this type were issued as late as 1873. During the era of the formation of the European nation states, the issuance of special coins explicitly commemorating various events became common.
These coins were devised to establish a public notion of nationhood, to honor the ruling monarch and his dynasty. During the economically exhaustive Napoleonic wars, a one sixth rigsdaler was issued in Denmark from voluntary contributions from the public, intended to finance the creation of a new fleet. Another notable coin is the Prussian thaler of 1871, commemorating the victory of the Franco-Prussian war, opening the gates for the Prussian king to be crowned as Emperor of the unified German nation. After the unification of Germany, some German states continued issuing separate coins on special occasions, such as the jubilee of a ruling monarch; the issuance of these royal jubilee coins became common throughout Europe in the late 19th and early 20th century. In some cases, these became collector items at the time of their minting. Before World War II, commemorative coins were always made of precious metals; the base metal coins were not considered appropriate for, or worthy of, honoring the nation or the ruling dynasty.
However, during the 20th century, the use of precious metals for circulating currency became scarce. World War I and the world economic crisis of the 1930s brought about temporary or permanent abolition of the convertibility of bank notes to silver and gold coins; the issuance of precious metal coins became restricted, definitively abandoned about 1970. While the commemoratives of these decades continued to be issued predominantly in precious metals, their use as circulating currency became scarce or ceased entirely. Thus, the commemoratives developed into a separate class of coins with no recognisable link to the coins and notes used in everyday transactions; this class of coins were collectors items, or in some cases objects for economic investment. With the ascendance of coin collecting as a hobby for larger numbers of people in the decades after World War II, commemorative coins came to be seen as treasured items, their beauty and impressive appearance appealing to many. From this point in time, we can distinguish quite between two classes of commemorative coins.
Apart from the non-circulating medal-like coins referred to above, increasing numbers of circulating base metal commemorative coins have been issued in rece