The dupondius was a brass coin used during the Roman Empire and Roman Republic valued at 2 asses. The dupondius was introduced during the Roman Republic as a large bronze cast coin, although at introduction it weighed less than 2 pounds; the initial coins featured the bust of Roma on a six-spoked wheel on the reverse. With the coinage reform of Augustus in about 23 BC, the sestertius and dupondius were produced in a golden colored copper-alloy called orichalcum by the Romans and numismatists, Latin brass by us, while lower denominations were produced out of reddish copper. However, some dupondii were made from copper under Augustus, while under Nero some aes were made from both orichalcum and copper, instead of only copper for aes coined until then. Therefore, the latter can only be distinguished from dupondii by their smaller size instead of by the appearance of the metal; the dupondius was further distinguished from the sized as with the addition of a radiate crown to the bust of the emperor in 66 AD during the reign of Nero.
Using a radiate crown to indicate double value was markedly used on the antoninianus introduced by Caracalla and the double sestertius. Since dupondii minted prior to and during the reign of Nero, under rulers, lack the radiate crown, it is hard to distinguish between the as and the dupondius due to heavy patina which obscures the coin's original color. An rare dupondius from the reign of Marcus Aurelius, dated to 154 or 155 and in excellent condition, was discovered in 2007 at the archeological site in Draper's Gardens, London. Roman currency
The Reichsmark was the currency in Germany from 1924 until 20 June 1948 in West Germany, where it was replaced with the Deutsche Mark, until 23 June in East Germany when it was replaced by the East German mark. The Reichsmark was subdivided into 100 Reichspfennig; the Mark is an ancient Germanic weight measure, traditionally a half pound used for several coins. The Reichsmark was introduced in 1924 as a permanent replacement for the Papiermark; this was necessary due to the 1920s German inflation which had reached its peak in 1923. The exchange rate between the old Papiermark and the Reichsmark was 1 ℛℳ = 1012 Papiermark. To stabilize the economy and to smooth the transition, the Papiermark was not directly replaced by the Reichsmark, but by the Rentenmark, an interim currency backed by the Deutsche Rentenbank, owning industrial and agricultural real estate assets; the Reichsmark was put on the gold standard at the rate used by the Goldmark, with the U. S. dollar worth 4.2 ℛℳ. A number of companies were created with inadequate capital for their operations and authorized to issue bonds exchangeable at a 1:1 rate for Reichsmarks and sold at a discount.
The Reichsbank rediscounted the bills of these companies creating a monetary expansion without formally renouncing the link to gold. Deutsche Gesellschaft für öffentliche Arbeiten AG, founded 1 August 1930, ended up issuing 1.26 billion Reichsmarks of Öffa bills to finance public construction. It formed the baseline model for further fraudulent issues of bills. MEFO was a dummy company, formed with small amounts of capital, used to finance German rearmament off the books, it issued bills without backing by its own resources but which were guaranteed redeemable at 1:1 for Reichsmarks for five years by the government. The MEFO bills amounts were considered a state secret and were an important element in the impression that Hitlerian economics was a success; this company created a large amount of Reichsmarks off the books, inflating the currency in secret. Payment was about to come due giving Hitler the option of shifting the German economy to export goods to pay the bills or going to war and paying the debts off from looting profits extracted from conquered states.
With the unification of Germany and Austria in 1938, the Reichsmark replaced the Schilling in Austria. During the Second World War, Germany established fixed exchange rates between the Reichsmark and the currencies of the occupied and allied countries set so as to give the Germans economic benefits; the rates were as follows: After the Second World War, the Reichsmark continued to circulate in Germany, but with new banknotes printed in the US and in the Soviet Zone, as well as with coins. In practice, massive inflation dating back to the latter stages of the war had rendered the Reichsmark nearly worthless. For all intents and purposes, it was supplanted by a barter economy; the Reichsmark was replaced in June 1948 by the Deutsche Mark in the Trizone and in the same year by the East German Mark in East Germany. The 1948 currency reform under the direction of Ludwig Erhard is considered the beginning of the West German economic recovery. Three days the new currency replaced the Reichsmark in the three Western sectors of Berlin.
In November 1945, the Reichsmark was superseded by the Allied Military Schilling in Austria. In 1947 a local currency was introduced in the Saar. In 1924, coins were introduced in denominations of 1, 2, 5, 10, 50 Reichspfennig, 1 and 3 mark; the 1 and 2 Reichspfennig were struck in bronze, depicting a wheat sheaf. And the 5, 10, 50 Reichspfennig were struck in aluminium-bronze and depicted wheat stocks crossed into a stylized pattern; the two highest denominations were depicted the German eagle standard. In 1925.500 fine silver 1 and 2 Reichsmark coins were introduced for circulation, along with the first of many commemorative 3 and 5 Reichsmark coins. In 1927, nickel 50 Reichspfennig coins were introduced along with regular-type 5 Reichsmark coins, followed by the 3 Reichsmark coin in 1931. Nazi Germany had a number of mints; each mint location had its own identifiable letter. It is therefore possible to identify which mint produced what coin by noting the mint mark on the coin. Not all mints were authorized to produce coins every year.
The mints were only authorized to produce a set number of coins with some mints allocated a greater production than others. Some of the coins with particular mint marks are therefore scarcer than others. With the silver 2 and 5 Reichsmark coins, the mint mark is found under the date on the left side of the coin. On the smaller denomination Reichspfennig coins, the mint mark is found on the bottom center of the coin. A = Berlin B = Wien D = München E = Muldenhütten F = Stuttgart G = Karlsruhe J = Hamburg Four Reichspfennig coins were issued in 1932 as part of a failed attempt by the Reichskanzler Heinrich Brüning to reduce price
The Ghanaian cedi is the unit of currency of Ghana. It is the only current legal tender in the Republic of Ghana. One cedi is divided into one hundred pesewas. After it gained independence Ghana separated itself from the British West African pound, the currency of the British colonies in the region; the new republic's first independent currency was the Ghanaian pound. In 1965, Ghana decided to leave the British colonial monetary system and adopt the accepted decimal system; the African name Cedi was introduced in place of the old British pound system. Ghana's first President Kwame Nkrumah introduced Cedi notes and Pesewa coins in July 1965 to replace the Ghanaian pounds and pence; the cedi bore the portrait of the President. After the February 1966 military coup, the new leaders wanted to remove the face of Nkrumah from the banknotes; the "new cedi" was worth 1.2 cedis which made it equal to half of a pound sterling at its introduction. After decades of high inflation devalued the new cedi, it was phased out in 2007 in favor of the "Ghana cedi" at an exchange rate of 1:10,000.
In 2007 the largest of the new cedi banknotes, the 20,000 note, had a value of about US$2. By removing four digits, the Ghana cedi became the highest-denominated currency unit issued in Africa, it has since lost about 80% of its value. The word cedi is the Akan word for cowry shell, which were used as currency in what is now Ghana; the Monetaria moneta or money cowry is not native to West African waters but is a common species in the Indian Ocean. The porcelain-like shells came to West Africa, beginning in the 14th century, through trade with Arab merchants; the first modern coins used at the Gold Coast were produced in 1796 but cowries were used alongside coins and gold dust as currency until 1901. The first cedi was introduced in 1965, replacing the pound at a rate of 2.4 cedi = 1 pound, or 1 pesewa = 1 penny. The first cedi was pegged to the British pound at a rate of 2.4 cedis = 1 pound. The first cedi was replaced in 1967 by a "new cedi", worth 1.2 first cedis. This allowed a decimal conversion with the pound, namely 2 second cedis = 1 pound.
The change provided an opportunity to remove Kwame Nkrumah's image from coins and notes. The second cedi was pegged to the British pound at a rate of 2 cedi = 1 pound. However, within months, the second cedi was devalued to a rate of 2.45 second cedi = 1 pound, less than the value of the first cedi. This rate was equivalent to 1 cedi = 0.98 U. S. dollars and the rate to the dollar was maintained when the British pound was devalued in November 1967. Further pegs were set of $0.55 in 1971, $0.78 in 1972, $0.8696 in 1973 before the currency was floated in 1978. High inflation ensued, so the cedi was re-pegged at ₵2.80 = $1.00. Inflation continued to eat away at the cedi's value on the black market. In the early 1980s, the government started cracking down hard on the retail of products at prices other than the official established sale price; this had the effect of driving nearly all commerce underground, where black market prices for commodities were the norm, nothing existed on store shelves. By 1983 the cedi was worth about 120 to one U.
S. dollar on the black market, a pack of cigarettes cost about ₵150, but the bank rate continued at ₵2.80 = $1.00. With foreign currency drying up for all import transactions, the government was forced to begin a process of gradual devaluation, a liberalization of its strict price controls; this process ended in 1990 with a free float of the cedi against foreign currencies. Inflation continued until by July 2007, the cedi was worth about 9500 to one US dollar, a transition to the third cedi was initiated. In 1979 a currency confiscation took place. New banknotes were issued. Coins and bank accounts were unaffected. A second confiscation took place in 1982. Ghanaians, in theory, could exchange any number of ₵50 notes for coins or other banknotes without loss, but foreigners could not make any exchange. However, many Ghanaians who were hoarding large amounts of cedis feared reprisal if they tried to convert all of it, so burned a lot of their money. Many other Ghanaians received "promise payment notes" from the banks, but never received compensation.
This confiscation was publicly justified as a means to create a disincentive for the flourishing black market. However, from a monetary perspective, currency confiscations have the effect of reducing the available cash in the economy, thereby slowing the rate of inflation. After the ₵50 note confiscation, the ₵20 note was the highest cedi denomination, but had a street value of only about $0.35 After the ₵50 note confiscation, fears existed that the government could confiscate the ₵20 or the ₵10 notes. This fear, along with inflation running at about 100% annually, started causing Ghanaian society to lose its faith in its own currency; some transactions could only be done in foreign currencies, other more routine transactions began to revert to a barter economy. In 1991, 10, 20, 50, 100 cedi coins were introduced, followed by 200 and 500 cedis in 1996; these six denominations were still in circulation until 2007. However, the 10 cedis and 20 cedis coins were not seen much due to their small value.
Because of the rampant inflation in the decades before the exchange the second cedi
The Bangladeshi taka is the currency of the People's Republic of Bangladesh. Issuance of banknotes ৳10 and larger is controlled by Bangladesh Bank, for the ৳2 and ৳5 banknotes, which are the responsibility of the Ministry of Finance of the government of Bangladesh; the most used symbol for the taka is "৳" and "Tk", used on receipts while purchasing goods and services. ৳1 is subdivided into 100 poisha. The word taka is a tadbhava word, derived from Magadhi Prakrit "Tanka", which came from Sanskrit तन्कह् tankah. In the region of Bengal, the term has always been used to refer to currency. In the 14th century, Ibn Battuta noticed that people in the Bengal Sultanate referred to gold and silver coins as taka instead of dinar; the word taka in Bangla is commonly used generically to mean any money, currency, or notes. Thus, colloquially, a person speaking in Bangla may use "taka" to refer to money regardless of what currency it is denominated in; this is common in the Indian states of West Bengal and Tripura, where the official name of the Indian rupees is "taka" as well.
In other eastern Indian languages with the influence of Prakrit. In Assam it is টকা tôka and it is ଟଂକା tôngka in Odisha. After the Partition of Bengal in 1947, in East Bengal, which became the eastern wing of Pakistan union and was renamed to East Pakistan in 1956, the Pakistani rupee bore the word taka on official notes and coins. Bangla was one of the two national languages of the Pakistan union between 1956 and 1971; the Bangladeshi taka came into existence since 1972, a year after the independence of the eastern wing of the union, as the independent nation of Bangladesh. Prior to the Liberation war in 1971, banknotes of the State Bank of Pakistan circulated throughout Bangladesh, continued to be used in Bangladesh after independence for only about three months until the official introduction of the taka on 4 March 1972. During the war, it was an unofficial practice of some Bengali nationalists to protest Pakistani rule by stamping banknotes with "বাংলা দেশ" and "BANGLA DESH" as two words in either Bangla or English.
These locally produced stamps are known to exist in several varieties. On 8 June 1971, the Pakistani government declared that all banknotes bearing such stamps ceased to be legal tender. Furthermore, to prevent looted high-denomination notes from disrupting the Pakistani economy, the government withdrew the legal tender status of all 100- and 500-rupee notes; some foreign publications mention that there were rubber stamp "BANGLA DESH" overprints on different denominations of Pakistani bank notes during the a.m. period. It may be mentioned that Pakistani postage stamps were rubber-stamped and used all over Bangladesh until 30 March 1973, but Bangladesh Bank or the Ministry of Finance never issued an order to overprint or rubber-stamp Pakistani currency, it would be interesting to note here, that a counterfeiting gang is active, which uses a "washing system", whereby Tk100 notes are washed with a special kind of liquid, the numbers are changed to give it the appearance of a Tk500 note. The first treasury notes in 1972 for ৳1 and notes of the Bangladesh Bank for ৳5, ৳10 and ৳100.
In 1977, banknotes for ৳50 were introduced, followed by ৳500 in 1979 and ৳20 in 1982. ৳1 treasury notes were issued until 1992, with ৳2 treasury notes introduced in 1989. ৳5 banknotes issued by Bangladesh Bank, are now issued by the Government of Bangladesh. In 2000, the government issued polymer ৳10 notes as an experiment, they proved unpopular and were withdrawn later. At present, the ৳1 and ৳5 notes are being replaced with coins, in 2008, the government issued ৳1,000 notes. In 2011, Bangladesh Bank began issuing a new series of banknotes denominated in ৳2, ৳5, ৳100, ৳500, ৳1000. All are dated 2011 and feature a portrait and watermark of the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman, along the National Martyr's Monument in Savar at centre front. From 2011, the Bangladesh Bank introduced new notes denominated in ৳10, ৳20, ৳50 on 7 March 2012; the notes bear the portrait of Bangabandhu Sheikh Mujibur Rahman and the National Martyr's Monument in Savar on the front. On the back of the notes, the ৳10 will picture the Baitul Mukarram mosque, the ৳20 pictures the Shat Gombuj mosque in Bagherat, the ৳50 notes feature Shilpacharya Jainul Abedin's famous painting "Ploughing."
In 2011, Bangladesh Bank introduced a ৳40 note to commemorate the "40th Victory Anniversary of Bangladesh". The commemorative note features a portrait of the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman and the National Martyr's Monument in Savar on front, six armed men on back. Curiously, this note has an electrotype 10 in the watermark, indicating it was printed on extra ৳10 banknote paper. On 15 February 2012, Bangladesh Bank has introduced a ৳60 note to commemorate "60 years of National Movement"; the commemorative note measures 130 by 60 millimetres and features the Shaeed Minar in Dhaka and five men on the back. Like the ৳40 commemorative note, this note has an electrotype 50 in the watermark, it was printed on extra ৳50 banknote paper. On 26 January 2013, Bangladesh Bank issued a ৳25 note to commemorate the 25th anniversary of the Security Printing Corporation Ltd. On the front is the National Martyr's Monument in Savar, the designs of the previous series of the Bangladeshi taka notes and its postage stamps, three spotted deer and the magpie robin bird.
On the reverse is the headquarters of the Security Printing Corporation. Curiously, this note has an electrotype 10 in the watermark, indicating it
The guaraní is the national currency unit of Paraguay. The guaraní was divided into 100 céntimos but, because of inflation, céntimos are no longer in use; the currency sign is U+20B2 ₲ GUARANI SIGN. The law creating the guaraní was passed on 5 October 1943, replaced the peso at a rate of 1 guaraní = 100 pesos. Guaraníes were first issued in 1944. Between 1960 and 1985, the guaraní was pegged to the United States dollar at 126 PYG to US$1. In 1944, aluminum-bronze coins were introduced in denominations of 5, 10, 25 and 50 centimos. All were round shaped; the obverses featured a flower with "Republica del Paraguay" and the date surrounding it, except for the 50 centimos, which featured the lion and Liberty cap insignia. The denomination was shown on the reverses; the second issue, introduced in 1953, consisted of 15, 25 and 50 centimos coins. All were again minted in aluminium-bronze but were scallop shaped and featured the lion and Liberty cap on the obverse. None of the céntimo coins circulate today.
In 1975, coins were introduced in denominations of 1, 5, 10 and 50 guaranies, all of which were round and made of stainless steel. Since 1990, stainless steel has been replaced by brass-plated steel nickel-brass. 100 guaranies coins were introduced in 1990, followed by 500 guaranies in 1997. 1000 guaranies coins were minted in 2006 and released in 2007. Coins in denominations of 1, 5 and 10 guaranies and coins of 50, 100 and 500 guaranies minted until 2005 where demonetized; the first guaraní notes were of 50 céntimos, 1, 5, 10 guaraní overstamped on 50, 100, 500, 1000 pesos in 1943. Regular guaraní notes for 1, 5, 10, 50, 100, 500 and 1,000 guaraní, soon followed, they were printed by De La Rue. The 1963 series was a complete redesign; the lineup expanded upward with the addition of 5000 and 10,000 guaraníes. This designed lasted for decades until inflation removed notes up to and including 500 guaraníes from circulation; the 1982 revision added denominations in the Guaraní language to the reverses.
The first 50,000 guaraníes notes were issued in 1990, followed by 100,000 guaraníes in 1998. During the last two decades of the 20th century, more than one printer printed guaraní notes. Starting from 2004, the existing denominations, except 50,000 guaraníes, underwent small but noticeable changes, such as a more sophisticated and borderless underprint and enhanced security features. Giesecke & Devrient print the new 20,000 guaraní note. In 2009, the Central Bank launched the first 2,000 guaraníes polymer-made bills, which makes the notes more durable than the traditional cotton-fiber bills. New 50,000 guaraníes bills of series C have been printed with the date of 2005, but as they reached circulation by criminal ways before being launched this series has been declared void and worthless by the central bank and bills of 1000 guaraníes and series A and B of 50,000 guaraníes where demonetized in 2012. A new 5,000 guaraníes note has been released; the 5,000 Guarani was put into circulation on January 14, 2013.
This note has been printed by The Canadian Bank Note Company. Such security features include a see through window in the shape of a locomotive, a watermark of the portrait; however this note will still bear the portrait of Don Carlos Antonio Lopez, the reverse will have the same design of Lopez's Palace. 10,000 as well as 20,000 notes are produced by Polish Security Printing Works. On December 22, 2016, new 20,000, 50,000 and 100,000 notes were introduced with upgraded security; the guaraní is one of the least valued currency unit in the Americas, 1 Euro being equivalent as of October, 2018, to 6,767 Guaranies. In 2011, plans were released under which the Paraguayan guaraní would be revalued as the Nuevo guaraní at the rate of 1,000:1. From day 1, there would be a conversion at the rate of 1,000 ₲ = 1 N₲. After a two-year transition period, new banknotes with the lower value would be introduced, re-using the name guaraní for the lower value. However, due to possible confusion and problems with the projects, it is suspended.
Economy of Paraguay A Dictionary of Finance and Banking. USA: Oxford University Press. 2005. ISBN 0-19-860749-0. Krause, Chester L.. Standard Catalog of World Coins: 1801–1991. Krause Publications. ISBN 0873411501. Pick, Albert. Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer. Krause Publications. ISBN 0-87341-207-9. Banco Central del Paraguay. "presentación del nuevo billete de guaraníes 20.000.-". Archived from the original on 2007-03-15. Retrieved 2007-02-09. Paraguayan guaraní banknotes
The đồng has been the currency of Vietnam since May 3, 1978. Issued by the State Bank of Vietnam, it is represented by the symbol "₫", it was subdivided into 10 hào, which were further subdivided into 10 xu, neither of which are now used. Since 2012 the use of coins has decreased and since 2014 coins are not accepted in retail, but will still be accepted in some, but not all, banks; the word đồng is from a loanword from the Chinese tóng qián. The term refers to Chinese bronze coins used as currency during the dynastic periods of China and Vietnam; the term hào is a loanword from the Chinese háo, meaning a tenth of a currency unit. The term xu comes from French sous meaning "penny"; the sign is encoded U+20AB ₫ DONG SIGN. In 1946, the Viet Minh government introduced its own currency, the đồng, to replace the French Indochinese piastre at par. Two revaluations followed, in 1951 and 1958. Notes dually denominated in piastres and đồng were issued in 1953 for the State of Vietnam, which evolved into South Vietnam in 1954.
On September 22, 1975, after the fall of Saigon, the currency in South Vietnam was changed to a "liberation đồng" worth 500 old Southern đồng. After Vietnam was reunified, the đồng was unified, on May 3, 1978. One new đồng equalled one Northern đồng or 0.8 Southern "liberation" đồng. On September 14, 1985, the đồng was revalued, with the new đồng worth 10 old đồng; this started a cycle of chronic inflation. For earlier modern Vietnamese coins, please see North Vietnamese đồng or South Vietnamese đồng. In 1978, aluminium coins, were introduced in denominations of 1, 2, 5 hào and 1 đồng; the coins were minted by the Berlin mint in the German Democratic Republic and bear the state crest on the obverse and denomination on the reverse. Due to chronic inflation, these coins lost all their relevant value and no coins circulated for many years after this series. Commemorative coins in copper, copper-nickel and gold have been issued since 1986, but none of these have been used in circulation; the State Bank of Vietnam resumed issuing coins on December 17, 2003.
The new coins, minted by the Mint of Finland, were in denominations of 200, 500, 1,000, 2,000, 5,000 đồng in either nickel-clad steel or brass-clad steel. Prior to its reintroduction, Vietnamese consumers had to exchange banknotes for tokens with a clerk before purchasing goods from vending machines; this was to help the state ease the cost of producing large quantities of small denomination banknotes which tended to wear hard after every transaction. Many residents expressed excitement at seeing coins reappear after many years, as well as concern for the limited usefulness of the 200 đồng coins due to ongoing inflationary pressures. There had been rumors of children mistaking coins for candies, some vendors believing them to be fakes, since coins had long been absent from use in Vietnam, but these reports have been difficult to verify. Since the launch of the 2003 coin series, the State Bank has had some difficulties with making the acceptance of coins universal despite the partial discontinuation of smaller notes, to the point of some banks refusing coin cash deposits or the cashing in of large numbers of coins.
This has prompted laws requiring private and municipal banks to transact and offer services for coins and the full discontinuation of small denomination and cotton based notes. In 1978, the State Bank of Vietnam introduced notes in denominations of 5 hào, 1, 5, 10, 20, 50 đồng dated 1976. In 1980, 2 and 10 đồng notes were added, followed by 30 and 100 đồng notes in 1981; these notes were discontinued in 1985 as they lost value due to inflation and economic instability. In 1985, notes were introduced in denominations of 5 hào, 1, 2, 5, 10, 20, 30, 50, 100, 500 đồng; as inflation became endemic, these first banknotes were followed by 200, 1,000, 2,000, 5,000 đồng notes in 1987, by 10,000 and 50,000 đồng notes in 1990, by a 20,000 đồng note in 1991, a 100,000 đồng note in 1994, a 500,000 đồng note in 2003, a 200,000 đồng note in 2006. Banknotes with denominations of 5,000 đồng and under have been discontinued from production, but as of 2015 are still in wide circulation. Five banknote series have appeared.
Except for the current series, dated 2003, all were confusing to the user, lacking unified themes and coordination in their designs. The first table below shows the latest banknotes, of 100 đồng or higher, prior to the current series. On June 7, 2007, the government ordered cessation of the issuance of the cotton 50,000 and 100,000₫ notes, they were taken out of circulation by September 1, 2007. State Bank of Vietnam 10,000 and 20,000₫ cotton notes are no longer in circulation as of January 1, 2013. In 2003 Vietnam began replacing its cotton banknotes with plastic polymer banknotes, claiming that this would reduce the cost of printing. Many newspapers in the country criticized these changes, citing mistakes in printing and alleging that the son of the governor of the State Bank of Vietnam benefited from printing contracts; the government clamped down on these criticisms by banning two newspapers from publishing for a month and considering other sanctions against other newspapers. Though the 2003 series banknotes listed in the table below have now replaced the old notes of the same denominations, as of 2019 the cotton fiber banknotes of 200, 500, 1000, 2000 and 5,000 đồng still remain in wide circulation and are universally accepted.