British currency in the Middle East
British involvement in the Middle East began with the Aden Settlement in 1839. The British East India Company established an anti-piracy station in Aden to protect British shipping, sailing to and from India; the Trucial States were brought into the British Empire as a base for suppressing sea piracy in the Persian Gulf. Involvement in the region expanded to Egypt because of the Suez canal, as well as to Bahrain and Muscat. Kuwait was added in 1899 because of fears about the proposed Berlin-Baghdad Railway. There was a growing fear in the United Kingdom that Germany was a rising power, there was concern about the implications of access to the Persian Gulf that would arise from the Berlin-Baghdad Railway. After the First World War the British influence in the Middle East reached its maximum extent with the inclusion of Palestine and Iraq. At first, Indian rupees were introduced to Aden and the Gulf States, during the First World War to Mesopotamia. After the First World War, the Indian rupee in British East Africa was replaced by a florin and a shilling, which replaced the Indian Rupee in Aden by 1951.
Meanwhile, in 1927 a new Palestine pound at par with the pound sterling was introduced in the mandated territories of Palestine and Transjordan to replace the Turkish and Egyptian currencies. The East African Shilling in Aden was replaced in 1965 with the South Arabian Dinar at par with the pound sterling. For nearly four hundred years, silver Spanish dollars had served as the international currency, most of these coins were minted in Mexico City and Potosi in the New World; the policy of introducing the sterling currency into all of the British colonies began with an imperial order-in-council dated 1825. The timing of the British imperial order-in-council corresponded to the drying up of the source of the Spanish dollars following revolutions in Latin America, the introduction of a successful gold standard into the United Kingdom in 1821, based on the gold sovereign. In 1825, the British Empire had not as yet taken on its widest extent. Following the American revolution, Britain's attention switched to India, but British India was controlled by the British East India Company.
The British government did not take direct control over India until after the Indian mutiny of 1857. Hence the imperial-order-of-council of 1825 did not apply to India; as such, the circulating silver rupee continued to be the currency of India for the entire duration of the British Raj, afterwards into independence. The Indian rupee was not only the currency of India but the currency of an extended region beyond, which stretched across the Indian Ocean to the east coast of Africa, up through the horn of Africa, through Aden and Muscat in Southern Arabia and Eastern Arabia, along the Arabian coast of the Persian Gulf, extending as far inland as Mesopotamia; these middle eastern territories did not become a part of the British Empire until a period ranging from the 1840s until after the first world war. The Middle East was the last major addition to the British Empire, therefore just like India, was unaffected by the 1825 imperial order-in-council; the 1825 order-in-council was limited to the remnants of the old Empire in North America and the West Indies, along with New South Wales and some spoils of the Napoleonic wars such as the Cape of Good Hope and Mauritius.
It is said that the British Empire had three currency zones, that the three currencies were the pound sterling, the dollar, the rupee. The situation in the British territories of the Middle East was however somewhat complicated, because it involved a situation in which Indian rupees, Turkish piastres, Egyptian piastres gave way to systems based on units of the sterling system, but without involving the introduction of the full sterling coinage; the situation as regards currency in the British territories in the Middle East was quite different from the situation as regards the currencies of the British West Indies. East Africa and the Middle East were late additions to the British Empire, by the British government had learned from experience in Canada and Hong Kong that it is impractical to impose a new currency in the place of existing practices. In the history of Britain's involvement in the Middle East region, the sterling coinage never formed a part of the circulating currency; the sterling unit of account, entered the region through Palestine in 1927, in the form of the Palestine pound.
The Palestine pound was introduced into Palestine in 1927 to end the confusion that had arisen as a result of the twin circulation of Turkish and Egyptian money in the territory. The Palestine pound was created at par with the pound sterling, but it was not used in conjunction with the pounds and pence coinage, it was used in conjunction with a decimal system. That was in contrast to the situation in the Eastern Caribbean, where sterling coinage was used in conjunction with a Spanish dollar unit of account; the Palestine pound was used in Transjordan where it became referred to as the dinar. The name dinar became the preferred name for the pound sterling unit of account as it spread to other middle eastern territories. Iraq adopted the dinar in 1931 to replace the Indian rupee, introduced by the British during the first world war. Meanwhile, after the first world war, the price of silver rose dramatically. In British East Africa, at the moment when the silver rupee rose to the value of two shillings sterling, the authorities opportunistically introduced a florin system to replace the rupee, with the florin being equal to the rupee at two shillings.
Shortly after that in 1922, the monet
Legal tender is a medium of payment recognized by a legal system to be valid for meeting a financial obligation. Paper currency and coins are common forms of legal tender in many countries. Legal tender is variously defined in different jurisdictions. Formally, it is anything. Thus, personal cheques, credit cards, similar non-cash methods of payment are not legal tender; the law does not relieve the debt obligation. Coins and banknotes are defined as legal tender; some jurisdictions may restrict payment made other than by legal tender. For example, such a law might outlaw the use of foreign coins and bank notes or require a license to perform financial transactions in a foreign currency. Designation of a particular form of money as legal tender means "that the designated money is valid payment for all debts unless there is a specific agreement to the contrary". In some jurisdictions legal tender can be refused as payment if no debt exists prior to the time of payment. For example, vending machines and transport staff do not have to accept the largest denomination of banknote.
Shopkeepers may reject large banknotes: this is covered by the legal concept known as invitation to treat. The right, in many jurisdictions, of a trader to refuse to do business with any person, means a purchaser may not insist on making a purchase and so declaring a legal tender in law, as anything other than an offered payment for debts incurred would not be effective. Under U. S. federal law, cash in U. S. dollars is a legal offer of payment for antecedent debts when tendered to a creditor. By contrast, federal statutes do not require that someone, not a pre-existing creditor must accept currency or coins as payment for goods or services. Private businesses may formulate their own policies on whether to accept cash unless state law requires otherwise; the term "legal tender" is from French tendre, meaning to offer. The Latin root is tendere, the sense of tender as an offer is related to the etymology of the English word "extend". Demonetization is the act of stripping a currency unit of its status as legal tender.
It occurs whenever there is a change of national currency: The current form or forms of money is pulled from circulation and retired to be replaced with new notes or coins. Sometimes, a country replaces the old currency with new currency; the opposite of demonetization is remonetization, in which a form of payment is restored as legal tender. Coins and banknotes may cease to be legal tender if new notes of the same currency replace them or if a new currency is introduced replacing the former one. Examples of this are: The United Kingdom, adopting decimal currency in place of pounds and pence in 1971, Banknotes remained unchanged. In 1968 and 1969 decimal coins which had precise equivalent values in the old currency were introduced, while decimal coins with no precise equivalent were introduced on 15 February 1971; the smallest and largest non-decimal circulating coins, the half penny and half crown, were withdrawn in 1969, the other non-decimal coins with no precise equivalent in the new currency were withdrawn in 1971.
Non-decimal coins with precise decimal equivalents remained legal tender either until the coins no longer circulated, or the equivalent decimal coins were reduced in size in the early 1990s. The 6d coin was permitted to remain in large circulation throughout the United Kingdom due to the London Underground committee's large investment in coin-operated ticketing machines that used it. Old coins returned to the Royal Mint through the UK banking system will be redeemed by exchanging them for legal tender currency with no time limits; the successor states of the Soviet Union replacing the Soviet ruble in the 1990s. Currencies used in the Eurozone before being replaced by the euro are not legal tender, but all banknotes are redeemable for euros for a minimum of 10 years. India demonetised its 500 and 1000 rupee notes on 8 November 2016; this action affected 86 percent of all cash in circulation. The demonetisation action was intended to curb black money, the hoarding of unaccounted cash, sponsorship of terrorism, but led to long queues from bank runs, leaving more than 30 people dead.
The old notes are now being replaced by new 2000 rupee notes. The Philippines has ceased 2 peso and 50 centavo coins of Flora and Fauna Series in 2000, due to overminting of the coins of BSP Series that has not included the 2 peso and 50 centavo coins of that series. Individual coins or banknotes can be demonetised and cease to be legal tender, but the Bank of England does redeem all Bank of England banknotes by exchanging them for legal tender currency at its counters in London regardless of how old they are. Banknotes issued by retail banks in the UK are not legal tender, but one of the criteria for legal protection under the Forgery and Counterfeiting Act is that banknotes must be payable on demand, therefore withdrawn notes remain a liability of the issuing bank without any time limits. In the case of the euro, coins an
In many national currencies, the cent represented by the cent sign is a monetary unit that equals 1⁄100 of the basic monetary unit. Etymologically, the word cent derives from the Latin word "centum" meaning hundred. Cent refers to a coin worth one cent. In the United States, the 1¢ coin is known by the nickname penny, alluding to the British coin and unit of that name. In the European Union, coins designs are chosen nationally, while the reverse and the currency as a whole is managed by the European Central Bank. In Canada, production of the 1¢ coin was ended in 2012. A cent is represented by the cent sign, a minuscule letter "c" crossed by a diagonal stroke or a vertical line: ¢. Cent amounts from 1 cent to 99 cents can be represented as one or two digits followed by the appropriate abbreviation, or as a subdivision of the base unit. Back in the days of typewriters, the cent sign appeared as the shift of the 6 key; the cent sign has not survived the changeover from typewriters to computer keyboards.
There are alternative ways, however, to create the character in most common code pages, including Unicode and Windows-1252: On DOS- or Windows-based computers, hold Alt while typing 0162 or 155 on the numeric keypad. If there is no numeric keypad, as on many laptops, type A2 in Windows Wordpad followed by Alt+X and copy/paste the resulting ¢ into the target document. For the US International keyboard: <Right Alt> <Shift> c. On Macintosh systems, hold ⌥ Option and press 4 on the number row. On Unix/Linux systems with a compose key, Compose+|+C and Compose+/+C are typical sequences; the cent sign has Unicode code point: U+00A2 ¢ CENT SIGN, U+FFE0 ￠ FULLWIDTH CENT SIGN. When written in English, the cent sign follows the amount, in contrast with a larger currency symbol, placed before the amount. For example, 2¢ and $0.02, or 2c and €0.02. Examples of currencies around the world featuring centesimal units called cent, or related words from the same root such as céntimo, centésimo, centavo or sen, are: Argentine peso Aruban florin Australian dollar Barbadian dollar Bahamian dollar Belize dollar Bermudian dollar Bolivian boliviano Brazilian real Brunei dollar Canadian dollar Cayman Islands dollar Chilean peso.
Centavos exist and are considered in financial transactions. Cook Islands dollar Cuban peso East Caribbean dollar Eritrean nakfa Estonian kroon European Union's euro – the coins bear the text "EURO CENT". Greek coins have ΛΕΠΤΑ on the obverse of the others; the actual usage varies depending on the language. Fijian dollar Guyanese dollar Indonesian rupiah Jamaican dollar Kenyan shilling Lesotho loti Liberian dollar Malaysian ringgit Mauritian rupee Mexican peso Moroccan dirham Namibian dollar Netherlands Antillean gulden New Zealand dollar Panamanian balboa Peruvian nuevo sol Philippine peso Seychellois rupee Sierra Leonean leone Singapore dollar South African rand Sri Lankan rupee Surinamese dollar Swazi lilangeni New Taiwan dollar Tanzanian shilling Tongan paʻanga Trinidad and Tobago dollar Ugandan shilling United States dollar Uruguayan peso Zimbabwean dollarExamples of currencies featuring centesimal units not called cent British pound – divided into 100 pence since 1971 Bulgarian lev (as stotinka, Bulgarian: стотинка Chinese Yuan/Renminbi – divided into 100 fēn.
Croatian kuna – divided into 100 lipa Danish krone – divided into 100 øre Estonian mark – divided into 100 penni Indian rupee – divided into 100 paise Israeli new shekel – divided into 100 agorot Macao pataca – divided into 100 avos Macedonian denar – divided into 100 deni Norwegian krone – divided into 100 øre Pakistani rupee – divided into 100 paise Polish złoty – divided into 100 groszy Romanian and Moldovan leu – divided into 100 bani Russian ruble – divided into 100 kopeks Saudi riyal. Examples of currencies which do not feature centesimal units: Costa Rican colón – no fractional denomination in circulation since the 1980s divided into 100 céntimos. Czech koruna – no fractional denomination in circulation divided into 100 hellers Japanese yen – no fractional denomination in circulation divided into 100 sen and 1000 rin. South Korean Won no fractional denomination in circulation divided into 100 jeon. Icelandic króna – no fractional denomination in circulation divided into 100 eyrir. Kuwaiti dinar – divided into 1000 fils Omani rial – divided into 1000 baisa Mauritanian ouguiya – divided into 5 khoums Malagasy ariary – divided into 5 iraimbilanjaExamples of currencies which use the cent symbol for other purpose: Costa Rican colón – The common symbol'¢' is used locally to represent'₡', the proper
World War I
World War I known as the First World War or the Great War, was a global war originating in Europe that lasted from 28 July 1914 to 11 November 1918. Contemporaneously described as "the war to end all wars", it led to the mobilisation of more than 70 million military personnel, including 60 million Europeans, making it one of the largest wars in history, it is one of the deadliest conflicts in history, with an estimated nine million combatants and seven million civilian deaths as a direct result of the war, while resulting genocides and the 1918 influenza pandemic caused another 50 to 100 million deaths worldwide. On 28 June 1914, Gavrilo Princip, a Bosnian Serb Yugoslav nationalist, assassinated the Austro-Hungarian heir Archduke Franz Ferdinand in Sarajevo, leading to the July Crisis. In response, on 23 July Austria-Hungary issued an ultimatum to Serbia. Serbia's reply failed to satisfy the Austrians, the two moved to a war footing. A network of interlocking alliances enlarged the crisis from a bilateral issue in the Balkans to one involving most of Europe.
By July 1914, the great powers of Europe were divided into two coalitions: the Triple Entente—consisting of France and Britain—and the Triple Alliance of Germany, Austria-Hungary and Italy. Russia felt it necessary to back Serbia and, after Austria-Hungary shelled the Serbian capital of Belgrade on the 28th, partial mobilisation was approved. General Russian mobilisation was announced on the evening of 30 July; when Russia failed to comply, Germany declared war on 1 August in support of Austria-Hungary, with Austria-Hungary following suit on 6th. German strategy for a war on two fronts against France and Russia was to concentrate the bulk of its army in the West to defeat France within four weeks shift forces to the East before Russia could mobilise. On 2 August, Germany demanded free passage through Belgium, an essential element in achieving a quick victory over France; when this was refused, German forces invaded Belgium on 3 August and declared war on France the same day. On 12 August and France declared war on Austria-Hungary.
In November 1914, the Ottoman Empire entered the war on the side of the Alliance, opening fronts in the Caucasus and the Sinai Peninsula. The war was fought in and drew upon each power's colonial empire as well, spreading the conflict to Africa and across the globe; the Entente and its allies would become known as the Allied Powers, while the grouping of Austria-Hungary and their allies would become known as the Central Powers. The German advance into France was halted at the Battle of the Marne and by the end of 1914, the Western Front settled into a battle of attrition, marked by a long series of trench lines that changed little until 1917. In 1915, Italy opened a front in the Alps. Bulgaria joined the Central Powers in 1915 and Greece joined the Allies in 1917, expanding the war in the Balkans; the United States remained neutral, although by doing nothing to prevent the Allies from procuring American supplies whilst the Allied blockade prevented the Germans from doing the same the U. S. became an important supplier of war material to the Allies.
After the sinking of American merchant ships by German submarines, the revelation that the Germans were trying to incite Mexico to make war on the United States, the U. S. declared war on Germany on 6 April 1917. Trained American forces would not begin arriving at the front in large numbers until mid-1918, but the American Expeditionary Force would reach some two million troops. Though Serbia was defeated in 1915, Romania joined the Allied Powers in 1916 only to be defeated in 1917, none of the great powers were knocked out of the war until 1918; the 1917 February Revolution in Russia replaced the Tsarist autocracy with the Provisional Government, but continuing discontent at the cost of the war led to the October Revolution, the creation of the Soviet Socialist Republic, the signing of the Treaty of Brest-Litovsk by the new government in March 1918, ending Russia's involvement in the war. This allowed the transfer of large numbers of German troops from the East to the Western Front, resulting in the German March 1918 Offensive.
This offensive was successful, but the Allies rallied and drove the Germans back in their Hundred Days Offensive. Bulgaria was the first Central Power to sign an armistice—the Armistice of Salonica on 29 September 1918. On 30 October, the Ottoman Empire capitulated. On 4 November, the Austro-Hungarian empire agreed to the Armistice of Villa Giusti after being decisively defeated by Italy in the Battle of Vittorio Veneto. With its allies defeated, revolution at home, the military no longer willing to fight, Kaiser Wilhelm abdicated on 9 November and Germany signed an armistice on 11 November 1918. World War I was a significant turning point in the political, cultural and social climate of the world; the war and its immediate aftermath sparked numerous uprisings. The Big Four (Britain, the United States, It
The pound sterling known as the pound and less referred to as sterling, is the official currency of the United Kingdom, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, Tristan da Cunha. It is subdivided into 100 pence. A number of nations that do not use sterling have currencies called the pound. Sterling is the third most-traded currency in the foreign exchange market, after the United States dollar, the euro. Together with those two currencies and the Chinese yuan, it forms the basket of currencies which calculate the value of IMF special drawing rights. Sterling is the third most-held reserve currency in global reserves; the British Crown dependencies of Guernsey and the Isle of Man produce their own local issues of sterling which are considered equivalent to UK sterling in their respective regions. The pound sterling is used in Gibraltar, the Falkland Islands, Saint Helena and Ascension Island in Saint Helena and Tristan da Cunha; the Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, regulating issuance of banknotes by private banks in Scotland and Northern Ireland.
Banknotes issued by other jurisdictions are not regulated by the Bank of England. The full official name pound sterling, is used in formal contexts and when it is necessary to distinguish the United Kingdom currency from other currencies with the same name. Otherwise the term pound is used; the currency name is sometimes abbreviated to just sterling in the wholesale financial markets, but not when referring to specific amounts. The abbreviations "ster." and "stg." are sometimes used. The term "British pound" is sometimes incorrectly used in less formal contexts, it is not an official name of the currency; the exchange rate of the pound sterling against the US dollar is referred to as "cable" in the wholesale foreign exchange markets. The origins of this term are attributed to the fact that in the 1800s, the GBP/USD exchange rate was transmitted via transatlantic cable. Forex traders of GBP/USD are sometimes referred to as "cable dealers". GBP/USD is now the only currency pair with its own name in the foreign exchange markets, after IEP/USD, known as "wire" in the forward FX markets, no longer exists after the Irish Pound was replaced by the euro in 1999.
There is apparent convergence of opinion regarding the origin of the term "pound sterling", toward its derivation from the name of a small Norman silver coin, away from its association with Easterlings or other etymologies. Hence, the Oxford English Dictionary state that the "most plausible" etymology is derivation from the Old English steorra for "star" with the added diminutive suffix "-ling", to mean "little star" and to refer to a silver penny of the English Normans; as another established source notes, the compound expression was derived: However, the perceived narrow window of the issuance of this coin, the fact that coin designs changed in the period in question, led Philip Grierson to reject this in favour of a more complex theory. Another argument that the Hanseatic League was the origin for both the origin of its definition and manufacture, in its name is that the German name for the Baltic is "Ost See", or "East Sea", from this the Baltic merchants were called "Osterlings", or "Easterlings".
In 1260, Henry III granted them a charter of protection and land for their Kontor, the Steelyard of London, which by the 1340s was called "Easterlings Hall", or Esterlingeshalle. Because the League's money was not debased like that of England, English traders stipulated to be paid in pounds of the "Easterlings", contracted to "'sterling". For further discussion of the etymology of "sterling", see sterling silver; the currency sign for the pound is £, written with a single cross-bar, though a version with a double cross-bar is sometimes seen. This symbol derives from medieval Latin documents; the ISO 4217 currency code is GBP, formed from "GB", the ISO 3166-1 alpha-2 code for the United Kingdom, the first letter of "pound". It does not stand for "Great Britain Pound" or "Great British Pound"; the abbreviation "UKP" is used but this is non-standard because the ISO 3166 country code for the United Kingdom is GB. The Crown dependencies use their own codes: GGP, JEP and IMP. Stocks are traded in pence, so traders may refer to pence sterling, GBX, when listing stock prices.
A common slang term for the pound sterling or pound is quid, singular and plural, except in the common phrase "quids in!". The term may have come via Italian immigrants from "scudo", the name for a number of coins used in Italy until the 19th century.
Treaty of Lausanne
The Treaty of Lausanne was a peace treaty signed in the Palais de Rumine, Switzerland, on 24 July 1923. It settled the conflict that had existed between the Ottoman Empire and the Allied French Republic, British Empire, Kingdom of Italy, Empire of Japan, Kingdom of Greece, the Kingdom of Romania since the onset of World War I; the original text of the treaty is in French. It was the result of a second attempt at peace after the failed Treaty of Sèvres, signed by all previous parties, except the Kingdom of Greece, but rejected by the Turkish national movement who fought against the previous terms and significant loss of territory; the Treaty of Lausanne defined the borders of the modern Turkish Republic. In the treaty, Turkey gave up all claims to the remainder of the Ottoman Empire and in return the Allies recognized Turkish sovereignty within its new borders; the treaty was ratified by Turkey on 23 August 1923, Greece on 25 August 1923, Italy on 12 March 1924, Japan on 15 May 1924, Great Britain on 16 July 1924.
The treaty came into force on 6 August 1924, when the instruments of ratification were deposited in Paris. After the withdrawal of the Greek forces in Asia Minor and the expulsion of the Ottoman sultan by the Turkish army under the command of Mustafa Kemal Atatürk, the Ankara-based Kemalist government of the Turkish national movement rejected the territorial losses imposed by the 1920 Treaty of Sèvres signed by the Ottoman Empire. Britain had sought to undermine Turkish influence in Mesopotamia and Kirkuk by seeking the division of Kurdish populated regions in Eastern Anatolia, but secular Kemalist rhetoric relieved some of the international concerns about the future of the Armenian community that had survived the 1915 Armenian genocide and support for Kurdish self determination declined. Under the Treaty of Lausanne, signed in 1923, Eastern Anatolia became part of modern day Turkey, in exchange for Turkey's relinquishing Ottoman-era claims to the oil-rich Arab lands. Negotiations were undertaken during the Conference of Lausanne, where İsmet İnönü was the chief negotiator for Turkey.
Lord Curzon, the British Foreign Secretary of that time, was the chief negotiator for the Allies, while Eleftherios Venizelos negotiated on behalf of Greece. The negotiations took many months. On 20 November 1922, the peace conference was opened and after strenuous debate was interrupted by Turkish protest on 4 February 1923. After reopening on 23 April, following more protests by the Turks and tense debates, the treaty was signed on 24 July as a result of eight months of arduous negotiation; the Allied delegation included U. S. Admiral Mark L. Bristol, who served as the United States High Commissioner and championed Turkish efforts; the treaty was composed of 143 articles with major sections including: The treaty provided for the independence of the Republic of Turkey but for the protection of the Greek Orthodox Christian minority in Turkey and the Muslim minority in Greece. However, most of the Christian population of Turkey and the Turkish population of Greece had been deported under the earlier Convention Concerning the Exchange of Greek and Turkish Populations signed by Greece and Turkey.
Only the Greeks of Constantinople and Tenedos were excluded, the Muslim population of Western Thrace Article 14 of the treaty granted the islands of Gökçeada and Bozcaada "special administrative organisation", a right, revoked by the Turkish government on 17 February 1926. Turkey formally accepted the loss of Cyprus as well as Egypt and Anglo-Egyptian Sudan to the British Empire, which had unilaterally annexed them on 5 November 1914; the fate of the province of Mosul was left to be determined through the League of Nations. Turkey explicitly renounced all claims on the Dodecanese Islands, which Italy was obliged to return to Turkey according to Article 2 of the Treaty of Ouchy in 1912 following the Italo-Turkish War; the treaty delimited the boundaries of Greece and Turkey. The territories to the south of Syria and Iraq on the Arabian Peninsula which still remained under Turkish control when the Armistice of Mudros was signed on 30 October 1918 were not explicitly identified in the text of the treaty.
However, the definition of Turkey's southern border in Article 3 meant that Turkey ceded them. These territories included Yemen and parts of Hejaz like the city of Medina, they were held by Turkish forces until 23 January 1919. Turkey ceded Adakale Island in River Danube to Romania with Articles 25 and 26 of the Treaty of Lausanne. Due to a diplomatic irregularity at the 1878 Congress of Berlin, the island had technically remained part of the Ottoman Empire. Turkey renounced its privileges in Libya which were defined by Article 10 of the Treaty of Ouchy in 1912 Among many agreements, there was a separate agreement with the United States: the Chester concession; the United States Senate refused to ratify the treaty, co
The mill or is a now-abstract unit of currency used sometimes in accounting. In the United States, it is a notional unit equivalent to 1⁄1000 of a United States dollar. In the United Kingdom it was proposed during the decades of discussion on the decimalisation of the pound as a 1⁄1000 division of the pound sterling. Several other currencies used the mill, such as the Maltese lira; the term comes from the Latin "millesimum", meaning "thousandth part". In the United States, the term was first used by the Continental Congress in 1786, being described as the "lowest money of account, of which 1000 shall be equal to the federal dollar."The Coinage Act of 1792 describes milles and other subdivisions of the dollar: That the money of account of the United States shall be expressed in dollars or units, dismes or tenths, cents or hundredths, milles or thousandths, a disme being the tenth part of a dollar, a cent the hundredth part of a dollar, a mille the thousandth part of a dollar, that all accounts in the public offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation.
The mint of Philadelphia made half cents worth 5 mills each from 1793 to 1857. Tokens in this denomination were issued by some states and local governments for such uses as payment of sales tax; these were of inexpensive material such as tin, plastic or paper. Rising inflation depreciated the value of these tokens in relation to the value of their constituent materials. None were made after the 1960s. Today, most Americans would refer to fractions of a cent rather than mills, a term, unknown. For example, a gasoline price of $3.019 per gallon, if pronounced in full, would be "three dollars one and nine-tenths cents". Discount coupons, such as those for grocery items include in their fine print a statement such as "Cash value less than 1⁄10 of 1 cent." There are common occurrences of "half-cent" discounts on goods bought in quantity. However, the term "mill" is still used when discussing billing in the electric power industry as shorthand for the lengthier "1⁄1000 of a dollar per kilowatt hour".
The term is commonly used when discussing stock prices, the issuance of founder's stock of a company, cigarette taxes. Property taxes are expressed in terms of mills per dollar assessed. For instance, with a millage rate of 2.8₥, a house with an assessment of $100,000 would be taxed = 280,000₥, or $280.00. The term is spelled "mil" when used in this context; the term mill is used in finance in conjunction with equity market microstructure. The term is sometimes used as one-hundredth of a cent. For example, a broker that charges 5 mils per share is taking in $5. Additionally, in finance the term is sometimes spelled "mil"; some exchanges allow prices to be accounted in ten-thousandths of a dollar. This last digit is sometimes called a "decimill" or "deci-mill", but no exchange recognizes the term. Mark Twain introduced a fictional elaboration of the mill in A Connecticut Yankee in King Arthur's Court; when Hank Morgan, the American time traveler, introduces decimal currency to Arthurian Britain, he has it denominated in cents, "milrays", or tenths of a mill.
Mills are or were used in some cities to express property tax rates, in the same manner as in the U. S. Proposed on several occasions as a division of the British pound under the "Pound and Mil" system, the mill was used in accounting; the 1862 report from the Select Committee on Weights and Measures noted that the Equitable Insurance Company had been keeping accounts in mills for such purposes for over 100 years. Such a unit of a thousandth of a pound would have been similar in value to the then-existing farthing coin. By the time British currency was decimalised in 1971, the farthing had lost its legal tender status eleven years prior, thus the mill was not necessary. Maltese lira coinage included 2 mil, 3 mil, 5 mil coins from 1972 to 1994, with 10 mils being equal to one cent. Prices could still be marked using mils until the country switched to the euro in 2008, however these were rounded up for accounting purposes; the Palestine pound, used as the currency of the British Mandate for Palestine from 1927 to 1948, was divided into 1,000 mils.
Its successor currencies, the Israeli lira and the Jordanian dinar, were divided into 1⁄1000 units named the peruta and fils. The Israeli peruta lasted until 1960, the Jordanian fils until 1992. Between 1863 and 1866 the mill coin was the lowest denomination issued by the British government in Hong Kong; the mill was used with the Cypriot pound, starting with decimalization in 1955, lasting until 1983. However, coins smaller than 5 mils ceased being used in the mid 1960s; when switched to cents in 1983, a ½-cent coin was struck, abolished a few years later. Coins for 5 millimes are still in circulation. However, larger coins such as the 10, 20, 50, 100 millime coins are still in use and production; the Egyptian pound is divided into 1000 milliemes, 10 milliemes equal 1 piastre. The Tunisian dinar is divided into 1000 millimes The national curren