1.
Currency
–
A currency in the most specific use of the word refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins. A more general definition is that a currency is a system of money in common use, under this definition, US dollars, British pounds, Australian dollars, and European euros are examples of currency. These various currencies are recognized stores of value and are traded between nations in exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance, other definitions of the term currency are discussed in their respective synonymous articles banknote, coin, and money. The latter definition, pertaining to the systems of nations, is the topic of this article. Currencies can be classified into two systems, fiat money and commodity money, depending on what guarantees the value. Some currencies are legal tender in certain jurisdictions, which means they cannot be refused as payment for debt. Others are simply traded for their economic value, digital currency has arisen with the popularity of computers and the Internet. Currency evolved from two basic innovations, both of which had occurred by 2000 BC, originally money was a form of receipt, representing grain stored in temple granaries in Sumer in ancient Mesopotamia, then Ancient Egypt. In this first stage of currency, metals were used as symbols to represent value stored in the form of commodities and this formed the basis of trade in the Fertile Crescent for over 1500 years. Trade could only reach as far as the credibility of that military and it is not known what was used as a currency for these exchanges, but it is thought that ox-hide shaped ingots of copper, produced in Cyprus, may have functioned as a currency. It is thought that the increase in piracy and raiding associated with the Bronze Age collapse, possibly produced by the Peoples of the Sea, brought the trading system of oxhide ingots to an end. In Africa, many forms of value store have been used, including beads, ingots, ivory, various forms of weapons, livestock, the manilla currency, the manilla rings of West Africa were one of the currencies used from the 15th century onwards to sell slaves. African currency is still notable for its variety, and in many various forms of barter still apply. These factors led to the metal itself being the store of value, first silver, now we have copper coins and other non-precious metals as coins. Metals were mined, weighed, and stamped into coins and this was to assure the individual taking the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but they created a new unit of account. Most major economies using coinage had several tiers of coins, using a mix of copper, silver, gold coins were used for large purchases, payment of the military and backing of state activities, they were more often used as measures of account than physical coins
Currency
–
Cowry shells being used as money by an Arab trader.
Currency
–
Song dynasty Jiaozi, the world's earliest paper money.
2.
Commodity money
–
Commodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects that have value in themselves as well as value in their use as money and these items were sometimes used in a metric of perceived value in conjunction to one another, in various commodity valuation or price system economies. A key feature of commodity money is that the value is perceived by the users of this money. That is, the effect of holding a token for a barrel of oil must be the same economically as actually having the barrel at hand. Since payment by commodity generally provides a good, commodity money is similar to barter. Described the establishment of commodity money in P. O. W camps, people left their surplus clothing, toilet requisites and food there until they were sold at a fixed price in cigarettes. Thus the cigarette attained its fullest currency status, and the market was almost completely unified, radford documented the way that this cigarette currency was subject to Greshams law, inflation, and especially deflation. These may be exchanged for many services in prisons where personal possession of currency is prohibited, in doing so, the government will often impose a fee which is known as seigniorage. The role of a mint and of coin differs between commodity money and fiat money, in situations where there is commodity money, the coin retains its value if it is melted and physically altered, while in a fiat money it does not. In India, for example fiat Rupees disappeared from the market after 2007 when their content of stainless steel became larger than the fiat or face value of the coins. In the US, the metal in pennies and nickels has a close to, and sometimes exceeding. Commodities often come into being in situations where other forms of money are not available or not trusted, various commodities were used in pre-Revolutionary America including wampum, maize, iron nails, beaver pelts, and tobacco. Thus, beaver fur and wampum were used as money in the north for exchanges with the Indians, rice was used as money in South Carolina, and the most widespread use of commodity money was tobacco, which served as money in Virginia. The pound-of-tobacco was the unit in Virginia, with warehouse receipts in tobacco circulating as money backed 100 percent by the tobacco in the warehouse. In Canada, where the Hudsons Bay Company and other fur trading companies controlled most of the country, fur traders quickly realized that gold and they wanted goods such as metal knives and axes. The Fort Knox gold repository long maintained by the United States, between 1933 and 1970, one U. S. dollar was technically worth exactly 1/35 of a troy ounce of gold. Cigarettes and gasoline were used as a form of commodity money in some parts of Europe, including Germany, France and Belgium, cigarettes are still used as a form of commodity money in U. S. prisons. Gold or other metals are used in a price system as a store of perceived value that does not break down due to environmental deterioration
Commodity money
–
Axe-like grzywnas (commodity money) from Kostkowice, Poland, 9th to mid-10th century AD
Commodity money
–
An okpoho or
manilla, the traditional commodity money in
West Africa until the 1940s.
Commodity money
–
Japanese commodity money before the 8th century AD:
arrowheads,
rice grains and
gold powder. This is the earliest form of
Japanese currency.
3.
Gold
–
Gold is a chemical element with symbol Au and atomic number 79. In its purest form, it is a bright, slightly yellow, dense, soft, malleable. Chemically, gold is a metal and a group 11 element. It is one of the least reactive chemical elements and is solid under standard conditions, Gold often occurs in free elemental form, as nuggets or grains, in rocks, in veins, and in alluvial deposits. It occurs in a solid solution series with the element silver and also naturally alloyed with copper. Less commonly, it occurs in minerals as gold compounds, often with tellurium, golds atomic number of 79 makes it one of the higher numbered, naturally occurring elements. It is thought to have produced in supernova nucleosynthesis, from the collision of neutron stars. Because the Earth was molten when it was formed, almost all of the present in the early Earth probably sank into the planetary core. Gold is resistant to most acids, though it does dissolve in aqua regia, a mixture of acid and hydrochloric acid. Gold also dissolves in solutions of cyanide, which are used in mining and electroplating. Gold dissolves in mercury, forming amalgam alloys, but this is not a chemical reaction, as a precious metal, gold has been used for coinage, jewelry, and other arts throughout recorded history. A total of 186,700 tonnes of gold is in existence above ground, the world consumption of new gold produced is about 50% in jewelry, 40% in investments, and 10% in industry. Gold is also used in infrared shielding, colored-glass production, gold leafing, certain gold salts are still used as anti-inflammatories in medicine. As of 2014, the worlds largest gold producer by far was China with 450 tonnes, Gold is cognate with similar words in many Germanic languages, deriving via Proto-Germanic *gulþą from Proto-Indo-European *ǵʰelh₃-. The symbol Au is from the Latin, aurum, the Latin word for gold, the Proto-Indo-European ancestor of aurum was *h₂é-h₂us-o-, meaning glow. This word is derived from the root as *h₂éu̯sōs, the ancestor of the Latin word Aurora. This etymological relationship is presumably behind the frequent claim in scientific publications that aurum meant shining dawn, Gold is the most malleable of all metals, a single gram can be beaten into a sheet of 1 square meter, and an avoirdupois ounce into 300 square feet. Gold leaf can be thin enough to become semi-transparent
Gold
–
Gold, 79 Au
Gold
–
Moche gold necklace depicting feline heads.
Larco Museum Collection. Lima-Peru
Gold
–
Mirror for the future
James Webb Space Telescope coated in gold to reflect infrared light
Gold
–
The
world's largest gold bar has a mass of 250 kg.
Toi museum,
Japan.
4.
Silver
–
Silver is a metallic element with symbol Ag and atomic number 47. The symbol Ag stems from Latin argentum, derived from the Greek ὰργὀς, a soft, white, lustrous transition metal, it exhibits the highest electrical conductivity, thermal conductivity, and reflectivity of any metal. The metal is found in the Earths crust in the pure, free form, as an alloy with gold and other metals. Most silver is produced as a byproduct of copper, gold, lead, Silver is more abundant than gold, but it is much less abundant as a native metal. Its purity is measured on a per mille basis, a 94%-pure alloy is described as 0.940 fine. As one of the seven metals of antiquity, silver has had a role in most human cultures. Silver has long valued as a precious metal. Silver metal is used in many premodern monetary systems in bullion coins, Silver is used in numerous applications other than currency, such as solar panels, water filtration, jewelry, ornaments, high-value tableware and utensils, and as an investment medium. Silver is used industrially in electrical contacts and conductors, in specialized mirrors, window coatings, Silver compounds are used in photographic film and X-rays. Dilute silver nitrate solutions and other compounds are used as disinfectants and microbiocides, added to bandages and wound-dressings, catheters. Silver is similar in its physical and chemical properties to its two neighbours in group 11 of the periodic table, copper and gold. This distinctive electron configuration, with an electron in the highest occupied s subshell over a filled d subshell. Silver is a soft, ductile and malleable transition metal. Silver crystallizes in a cubic lattice with bulk coordination number 12. Unlike metals with incomplete d-shells, metallic bonds in silver are lacking a covalent character and are relatively weak and this observation explains the low hardness and high ductility of single crystals of silver. Silver has a brilliant white metallic luster that can take a polish. Protected silver has greater optical reflectivity than aluminium at all wavelengths longer than ~450 nm, at wavelengths shorter than 450 nm, silvers reflectivity is inferior to that of aluminium and drops to zero near 310 nm. The electrical conductivity of silver is the greatest of all metals, greater even than copper, during World War II in the US,13540 tons of silver were used in electromagnets for enriching uranium, mainly because of the wartime shortage of copper
Silver
–
Electrolytically refined silver
Silver
–
Silver 1000
oz t (~31 kg) bullion bar
Silver
–
Cessna 210 equipped with a silver iodide generator for
cloud seeding
Silver
–
A Canadian 50 cent piece from 1951, with King George the 6th on the obverse and Canada's (now former) coat of arms on the reverse. It is made of 80% silver and 20% copper.
5.
Denarius
–
In the Roman currency system, the dēnārius, plural, dēnāriī was a small silver coin first minted about 211 BC during the Second Punic War. It is the origin of modern words such as the currency name dinar, it is also the origin for the common noun for money in Italian denaro, in Portuguese dinheiro. Its symbol is X̶, a x with stroke. A predecessor of the denarius was first struck in 267 BC, five years before the first Punic War with a weight of 6.81 grams. Contact with the Greeks prompted a need for coinage in addition to the bronze currency that the Romans were using during that time. The predecessor of the denarius was a Greek-styled silver coin, very similar to the didrachm and drachma struck in Metapontion and these coins were inscribed for Rome but closely resemble their Greek counterparts. They were most likely used for purposes and were seldom used in Rome. The first distinctively Roman silver coin appeared around 226 BC, Rome overhauled its coinage around 211 BC and introduced the denarius alongside a short-lived denomination called the victoriatus. This denarius contained an average 4.5 grams, or 1⁄72 of a Roman pound of silver and it formed the backbone of Roman currency throughout the Roman republic. The denarius began to undergo slow debasement toward the end of the republican period, under the rule of Augustus, its silver content fell to 3.9 grams. It remained at nearly this weight until the time of Nero, debasement of the coins silver content continued after Nero. Later Roman emperors reduced its content to 3 grams around the third century. The value at its introduction was 10 asses, giving the denarius its name, in about 141 BC, it was re-tariffed at 16 asses, to reflect the decrease in weight of the as. The denarius continued to be the coin of the Roman Empire until it was replaced by the antoninianus in the middle of the third century. The last issuance of this occurred in bronze form by Aurelian. For more details, see Denarius, in A Dictionary of Ancient Roman Coins, the denarius has a link from the Roman times to the British penny and US1 cent piece. It is difficult to give even rough comparative values for money from before the 20th century, as the range of products and services available for purchase was different. Classical historians often say that in the late Roman Republic and early Roman Empire the daily wage for an unskilled laborer and common soldier was 1 denarius or about US$2. 8$ in bread
Denarius
–
Top row left to right: 157 BC
Roman Republic, A.D 73
Vespasian, A.D 161
Marcus Aurelius, A.D 194
Septimius Severus; Second row left to right: A.D 199
Caracalla, A.D 200
Julia Domna, A.D 219
Elagabalus, A.D 236
Maximinus Thrax
Denarius
–
Flavia Domitilla, wife of
Vespasian and mother of
Titus and
Domitian.
Denarius
–
Quintus Antonius Balbus (c. 82-83 BC)
6.
Roman currency
–
Roman currency for most of Roman history consisted of gold, silver, bronze, orichalcum and copper coinage. From its introduction to the Republic, during the third century BC, well into Imperial times, Roman currency saw many changes in form, denomination, a persistent feature was the inflationary debasement and replacement of coins over the centuries. Notable examples of this followed the reforms of Diocletian and this trend continued into Byzantine times. The manufacture of coins in the Roman culture, dating from about the 4th century BC, the origin of the word mint is ascribed to the manufacture of silver coin at Rome in 269 BC at the temple of Juno Moneta. This goddess became the personification of money, and her name was applied both to money and to its place of manufacture, Roman mints were spread widely across the Empire, and were sometimes used for propaganda purposes. The populace often learned of a new Roman Emperor when coins appeared with the new Emperors portrait. The Romans cast their larger copper coins in clay moulds carrying distinctive markings, not because they knew nothing of striking, Roman adoption of metallic commodity money was a late development in monetary history. Bullion bars and ingots were used as money in Mesopotamia since the 7th millennium BC, coinage proper was only introduced by the Roman Republican government c.300 BC. For these reasons, the Romans would have known about coinage systems long before their government actually introduced them. The reason behind Romes adoption of coinage was likely cultural, the Romans had no pressing economic need, but they wanted to emulate Greek culture, and they considered the institution of minted money a significant feature of that culture. However, Roman coinage initially saw limited use. The type of money introduced by Rome was unlike that found elsewhere in the ancient Mediterranean and it combined a number of uncommon elements. One example is the large bronze bullion, the aes signatum and it measured about 160 by 90 millimetres and weighed around 1,500 to 1,600 grams, being made out of a highly leaded tin bronze. Although similar metal bars had been produced in Italy and northern Etruscan areas, these had been made of Aes grave. Along with the aes signatum, the Roman state also issued a series of bronze, produced using the manner of manufacture then utilised in Greek Naples, the designs of these early coins were also heavily influenced by Hellenic designs. The designs on the coinage of the Republican period displayed a solid conservatism, usually illustrating mythical scenes or personifications of various gods, in 27 BC, the Roman Republic came to an end as Augustus ascended to the throne as the first emperor. Taking autocratic power, it became recognized that there was a link between the emperors sovereignty and the production of coinage. The imagery on coins took an important step when Julius Caesar issued coins bearing his own portrait, while moneyers had earlier issued coins with portraits of ancestors, Caesars was the first Roman coinage to feature the portrait of a living individual
Roman currency
–
Denarius of
Marcus Aurelius.
Roman currency
–
Bronze aes signatum produced by the Roman Republic after 450 BC.
Roman currency
–
The most commonly used coin denominations and their relative sizes during Roman times.
Roman currency
–
Coins of the Roman Republic and Empire - from Cassell's History of England, Vol. I - anonymous author and artists
7.
Ancient Rome
–
In its many centuries of existence, the Roman state evolved from a monarchy to a classical republic and then to an increasingly autocratic empire. Through conquest and assimilation, it came to dominate the Mediterranean region and then Western Europe, Asia Minor, North Africa and it is often grouped into classical antiquity together with ancient Greece, and their similar cultures and societies are known as the Greco-Roman world. Ancient Roman civilisation has contributed to modern government, law, politics, engineering, art, literature, architecture, technology, warfare, religion, language and society. Rome professionalised and expanded its military and created a system of government called res publica, the inspiration for modern republics such as the United States and France. By the end of the Republic, Rome had conquered the lands around the Mediterranean and beyond, its domain extended from the Atlantic to Arabia, the Roman Empire emerged with the end of the Republic and the dictatorship of Augustus Caesar. 721 years of Roman-Persian Wars started in 92 BC with their first war against Parthia and it would become the longest conflict in human history, and have major lasting effects and consequences for both empires. Under Trajan, the Empire reached its territorial peak, Republican mores and traditions started to decline during the imperial period, with civil wars becoming a prelude common to the rise of a new emperor. Splinter states, such as the Palmyrene Empire, would divide the Empire during the crisis of the 3rd century. Plagued by internal instability and attacked by various migrating peoples, the part of the empire broke up into independent kingdoms in the 5th century. This splintering is a landmark historians use to divide the ancient period of history from the pre-medieval Dark Ages of Europe. King Numitor was deposed from his throne by his brother, Amulius, while Numitors daughter, Rhea Silvia, because Rhea Silvia was raped and impregnated by Mars, the Roman god of war, the twins were considered half-divine. The new king, Amulius, feared Romulus and Remus would take back the throne, a she-wolf saved and raised them, and when they were old enough, they returned the throne of Alba Longa to Numitor. Romulus became the source of the citys name, in order to attract people to the city, Rome became a sanctuary for the indigent, exiled, and unwanted. This caused a problem for Rome, which had a large workforce but was bereft of women, Romulus traveled to the neighboring towns and tribes and attempted to secure marriage rights, but as Rome was so full of undesirables they all refused. Legend says that the Latins invited the Sabines to a festival and stole their unmarried maidens, leading to the integration of the Latins, after a long time in rough seas, they landed at the banks of the Tiber River. Not long after they landed, the men wanted to take to the sea again, one woman, named Roma, suggested that the women burn the ships out at sea to prevent them from leaving. At first, the men were angry with Roma, but they realized that they were in the ideal place to settle. They named the settlement after the woman who torched their ships, the Roman poet Virgil recounted this legend in his classical epic poem the Aeneid
Ancient Rome
–
Senātus Populus que Rōmānus
Ancient Rome
–
Roman Republic
Ancient Rome
–
According to legend,
Rome was founded in 753 BC by
Romulus and Remus, who were raised by a she-wolf.
Ancient Rome
–
This bust from the
Capitoline Museums is traditionally identified as a portrait of
Lucius Junius Brutus.
8.
Gram
–
The gram is a metric system unit of mass. Originally defined as the weight of a volume of pure water equal to the cube of the hundredth part of a metre. The only unit symbol for gram that is recognised by the International System of Units is g following the numeric value with a space, the SI does not support the use of abbreviations such as gr, gm or Gm. The word gramme was adopted by the French National Convention in its 1795 decree revising the system as replacing the gravet introduced in 1793. Its definition remained that of the weight of a centimetre of water. French gramme was taken from the Late Latin term gramma and this word, ultimately from Greek γράμμα letter had adopted a specialised meaning in Late Antiquity of one twenty-fourth part of an ounce, corresponding to about 1.14 grams. This use of the term is found in the carmen de ponderibus et mensuris composed around 400 AD, the gram was the fundamental unit of mass in the 19th-century centimetre–gram–second system of units. The gram is today the most widely used unit of measurement for non-liquid ingredients in cooking and grocery shopping worldwide. 1 gram =15.4323583529 grains 1 grain =0.06479891 grams 1 avoirdupois ounce =28.349523125 grams 1 troy ounce =31.1034768 grams 100 grams =3.527396195 ounces 1 gram =5 carats 1 gram =8. 1 gram is roughly equal to 1 small paper clip or pen cap, the Japanese 1 yen coin has a mass of one gram. Conversion of units Duella Gold gram Orders of magnitude Gram at Encyclopædia Britannica
Gram
–
The mass of this pen cap is about 1 gram
9.
Julio-Claudian dynasty
–
The term Julio-Claudian dynasty refers to the first five Roman emperors—Augustus, Tiberius, Caligula, Claudius, and Nero—or the family to which they belonged. They ruled the Roman Empire from its formation under Augustus in the half of the 1st century BC, until AD68 when the last of the line, Nero. Primogeniture is notably absent in the history of the Julio-Claudian dynasty, adoption ultimately became a tool that most Julio-Claudian emperors utilized in order to promote their chosen heir to the front of the succession. Augustus, himself a son of his great-uncle, the Roman dictator Julius Caesar, adopted his stepson and son-in-law Tiberius as his son. Tiberius was, in turn, required to adopt his nephew Germanicus, the ancient historians who dealt with this period—chiefly Suetonius and Tacitus —write in generally negative terms about their reign. The histories of Tiberius, Caius, Claudius, and Nero, while they were in power, were falsified through terror, Julius and Claudius were two Roman family names, in classical Latin, they came second. Roman family names were inherited from father to son, but a Roman aristocrat could – either during his life or in his will – adopt an heir if he lacked a natural son. In accordance with Roman naming conventions, the son would replace his original family name with the name of his adopted family. A famous example of this custom is Julius Caesars adoption of his great-nephew, Augustus, as Caesars adopted son and heir, discarded the family name of his natural father and initially renamed himself Gaius Julius Caesar after his adoptive father. It was also customary for the son to acknowledge his original family by adding an extra name at the end of his new name. As such, Augustus adopted name would have been Gaius Julius Caesar Octavianus, however, there is no evidence that he ever used the name Octavianus. Following Augustus ascension as the first emperor of the Roman Empire in 27 BC, his became an de facto royal house. For various reasons, the Julio-Claudians followed in the example of Julius Caesar, the next four emperors were closely related through a combination of blood relation, marriage and adoption. Tiberius, a Claudian by birth, became Augustus stepson after the marriage to Livia. Tiberius connection to the Julian side of the Imperial family grew closer when he married Augustus only daughter and he ultimately succeeded Augustus as emperor in AD14 after becoming his stepfathers adopted son and heir. Caligula was born into the Julian and Claudian branches of the Imperial family and his father, Germanicus, was the son of Nero Claudius Drusus and Antonia Minor, the son of Livia and the daughter of Octavia Minor respectively. Germanicus was also a great-nephew of Augustus on his mothers side and his wife, Agrippina the Elder, was a granddaughter of Augustus. Through Agrippina, Germanicus children – including Caligula – were Augustus great-grandchildren, when Augustus adopted Tiberius, the latter was required to adopt his brothers eldest son as well, thus allowing Germanicus side of the Imperial family to inherit the Julius nomen
Julio-Claudian dynasty
–
The statue known as the
Augustus of Prima Porta, 1st century
Julio-Claudian dynasty
–
This marble statue of a youth on horseback is believed to represent a member of the Julio-Claudian dynasty.
10.
Nero
–
Nero was Roman Emperor from 54 to 68, and the last in the Julio-Claudian dynasty. Nero was adopted by his great-uncle Claudius to become his heir and successor, during his reign, the redoubtable general Corbulo conducted a successful war and negotiated peace with the Parthian Empire. His general Suetonius Paulinus crushed a revolt in Britain, Nero annexed the Bosporan Kingdom to the empire and may have begun the First Jewish–Roman War. In 64 AD, most of Rome was destroyed in the Great Fire of Rome, Suetonius, writing a generation later, claims that many Romans believed Nero himself had started the fire, in order to clear land for his planned palatial complex, the Domus Aurea. In 68, the rebellion of Vindex in Gaul and later the acclamation of Galba in Hispania drove Nero from the throne, facing a false report of being denounced as a public enemy who was to be executed, he committed suicide on 9 June 68. His death ended the Julio-Claudian dynasty, sparking a period of civil wars known as the Year of the Four Emperors. Neros rule is often associated with tyranny and extravagance and he is known for many executions, including that of his mother, and the probable murder by poison of his stepbrother Britannicus. Nero was rumored to have had captured Christians dipped in oil and this view is based on the writings of Tacitus, Suetonius and Cassius Dio, the main surviving sources for Neros reign, but a few sources paint Nero in a more favourable light. Some sources, including some mentioned above, portray him as an emperor who was popular with the common Roman people, some modern historians question the reliability of ancient sources when reporting on Neros tyrannical acts. Lucius Domitius Ahenobarbus, Nero, was born on 15 December 37 in Antium and he was the only son of Gnaeus Domitius Ahenobarbus and Agrippina the Younger, sister of Emperor Caligula. Neros father, Gnaeus, was the son of Lucius Domitius Ahenobarbus, Gnaeus was thus the grandson of Gnaeus Domitius Ahenobarbus and probably Aemilia Lepida on his fathers side, and the grandson of Mark Antony and Octavia Minor on his mothers side. Thus, Nero had as his paternal grandmother Antonia Major, through Octavia, Nero was the great-nephew of Caesar Augustus. Neros father had employed as a praetor and was a member of Caligulas staff when the latter travelled to the East. Neros father was described by Suetonius as a murderer and a cheat who was charged by Emperor Tiberius with treason, adultery, Tiberius died, allowing him to escape these charges. Neros father died of edema in 39 when Nero was two, Neros mother was Agrippina the Younger, a great-granddaughter of Caesar Augustus and his wife Scribonia through their daughter Julia the Elder and her husband Marcus Vipsanius Agrippa. Agrippinas father, Germanicus, was a grandson of Augustuss wife, Livia, on one side and Mark Antony, Germanicus mother Antonia Minor was a daughter of Octavia Minor and Mark Antony. Germanicus was also the son of Tiberius. Agrippina poisoned her second husband Passienus Crispus, so many ancient historians also accuse her of murdering her third husband, the emperor Claudius
Nero
–
Bust of Nero at the
Musei Capitolini,
Rome
Nero
–
Coin issued under
Claudius celebrating young Nero as the future emperor, c. 50.
Nero
–
Nero and
Agrippina. Agrippina crowns her young son Nero with a laurel wreath. She carries a
cornucopia, symbol of fortune and plenty, and he wears the armour and cloak of a Roman commander, with a helmet on the ground at his feet. The scene refers to Nero's accession as emperor in 54 AD and is dated before 59 AD when Nero had Agrippina murdered.
Nero
–
Coin of Nero and
Poppaea Sabina
11.
Argenteus
–
The argenteus was a silver coin produced by the Roman Empire from the time of Diocletians coinage reform in AD294 to ca. It was of similar weight and fineness as the denarius of the time of Nero, the coin was produced at a theoretical weight of 1/96th of a Roman pound, as indicated by the Roman numeral XCVI on the coins reverse. Argenteus, meaning of silver in Latin, was first used in Plinys Natural History in the phrase argenteus nummus, the 4th-century historian Ammianus uses the same phrase, however there is no indication that this is the official name for a denomination. The Historia Augusta uses the phrase to refer to several fictitious coins, the coin has been continuously in use by Caesars Legion in their quest to destroy the profligates. Numismatics Roman currency Edict on Maximum Prices
Argenteus
–
Argenteus struck under
Constantius Chlorus, weighing 3.36 g.
12.
Vijayanagara empire
–
The Vijayanagara Empire was based in the Deccan Plateau region in South India. It was established in 1336 by Harihara I and his brother Bukka Raya I of Sangama Dynasty, the empire rose to prominence as a culmination of attempts by the southern powers to ward off Islamic invasions by the end of the 13th century. It lasted until 1646, although its power declined after a military defeat in 1565 by the Deccan sultanates. The empire is named after its city of Vijayanagara, whose ruins surround present day Hampi, now a World Heritage Site in Karnataka. The writings of medieval European travelers such as Domingo Paes, Fernão Nunes, and Niccolò Da Conti, Archaeological excavations at Vijayanagara have revealed the empires power and wealth. The empires legacy includes many monuments spread over South India, the best known of which is the group at Hampi, the previous temple building traditions in South India came together in the Vijayanagara Architecture style. The mingling of all faiths and vernaculars inspired architectural innovation of Hindu temple construction, first in the Deccan, efficient administration and vigorous overseas trade brought new technologies such as water management systems for irrigation. The empires patronage enabled fine arts and literature to new heights in Kannada, Telugu, Tamil. The Vijayanagara Empire created an epoch in South Indian history that transcended regionalism by promoting Hinduism as a unifying factor, differing theories have been proposed regarding the origins of the Vijayanagara empire. Others claim that they were Telugu people, first associated with the Kakatiya Kingdom, irrespective of their origin, historians agree the founders were supported and inspired by Vidyaranya, a saint at the Sringeri monastery to fight the Muslim invasion of South India. He created the Kampili kingdom, but this was a short lived kingdom during this period of wars, Kampili existed near Gulbarga and Tungabhadra river in northeastern parts of the present-day Karnataka state. It ended after a defeat by the armies of Delhi Sultanate, the triumphant army led by Malik Zada sent the news of its victory, over Kampili kingdom, to Muhammad bin Tughluq in Delhi by sending a straw-stuffed severed head of the dead Hindu king. Within Kampili, on the day of certain defeat, the populace committed a jauhar in 1327/28 CE, eight years later, from the ruins of the Kampili kingdom emerged the Vijayanagara Kingdom in 1336 CE. In the first two decades after the founding of the empire, Harihara I gained control over most of the south of the Tungabhadra river. The original capital was in the principality of Anegondi on the banks of the Tungabhadra River in todays Karnataka. The next ruler, Deva Raya I, emerged successful against the Gajapatis of Odisha, italian traveler Niccolo de Conti wrote of him as the most powerful ruler of India. Deva Raya II succeeded to the throne in 1424 and was possibly the most capable of the Sangama dynasty rulers and he quelled rebelling feudal lords as well as the Zamorin of Calicut and Quilon in the south. He invaded the island of Lanka and became overlord of the kings of Burma at Pegu, the Sultanate invaded Vijayanagara in 1417 when the latter defaulted in paying the tribute
Vijayanagara empire
–
Map of South India in 15th century
Vijayanagara empire
–
Extent of Vijayanagara Empire, 1446, 1520 CE
Vijayanagara empire
–
Virupaksha Temple,
Hampi
Vijayanagara empire
–
Natural fortress at
Vijayanagara
13.
Inflation
–
In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time resulting in a loss of value of currency. When the price rises, each unit of currency buys fewer goods. Consequently, inflation reflects a reduction in the power per unit of money – a loss of real value in the medium of exchange. A chief measure of inflation is the inflation rate, the annualized percentage change in a general price index, usually the consumer price index. The opposite of inflation is deflation, Inflation affects economies in various positive and negative ways. Economists generally believe that high rates of inflation and hyperinflation are caused by a growth of the money supply. However, money supply growth does not necessarily cause inflation, some economists maintain that under the conditions of a liquidity trap, large monetary injections are like pushing on a string. Views on which factors determine low to moderate rates of inflation are more varied, low or moderate inflation may be attributed to fluctuations in real demand for goods and services, or changes in available supplies such as during scarcities. However, the view is that a long sustained period of inflation is caused by money supply growing faster than the rate of economic growth. Today, most economists favor a low and steady rate of inflation, the task of keeping the rate of inflation low and stable is usually given to monetary authorities. Rapid increases in quantity of the money or in the money supply have occurred in many different societies throughout history. By diluting the gold with other metals, the government could issue more coins without also needing to increase the amount of used to make them. When the cost of each coin is lowered in this way and this practice would increase the money supply but at the same time the relative value of each coin would be lowered. As the relative value of the coins becomes lower, consumers would need to give more coins in exchange for the same goods and these goods and services would experience a price increase as the value of each coin is reduced. Song Dynasty China introduced the practice of printing paper money in order to create fiat currency, during the Mongol Yuan Dynasty, the government spent a great deal of money fighting costly wars, and reacted by printing more money, leading to inflation. Fearing the inflation that plagued the Yuan dynasty, the Ming Dynasty initially rejected the use of paper money, historically, large infusions of gold or silver into an economy also led to inflation. This was largely caused by the influx of gold and silver from the New World into Habsburg Spain. The silver spread throughout a previously cash-starved Europe and caused widespread inflation, demographic factors also contributed to upward pressure on prices, with European population growth after depopulation caused by the Black Death pandemic
Inflation
–
Two 20 kr gold coins from the
Scandinavian Monetary Union, a historical example of an international gold standard.
Inflation
–
Annual inflation rates in the United States from 1666 to 2004.
14.
Deflationary spiral
–
In economics, deflation is a decrease in the general price level of goods and services. Deflation occurs when the inflation rate falls below 0%, Inflation reduces the real value of money over time, conversely, deflation increases the real value of money – the currency of a national or regional economy. This allows one to buy goods and services than before with the same amount of money. Economists generally believe that deflation is a problem in a modern economy because it may increase the value of debt. Deflation may also aggravate recessions and lead to a deflationary spiral, Deflation is distinct from disinflation, a slow-down in the inflation rate, i. e. when inflation declines to a lower rate but is still positive. In the IS–LM model, deflation is caused by a shift in the supply and demand curve for goods and this in turn can be caused by an increase in supply, a fall in demand, or both. When prices are falling, consumers have an incentive to delay purchases and consumption until prices fall further, when purchases are delayed, productive capacity is idled and investment falls, leading to further reductions in aggregate demand. Deflation is also related to risk aversion, where the risk-adjusted return on assets drops to near zero, investors and buyers will hoard currency rather than invest it, even in the most solid of securities. This can produce a liquidity trap or it may lead to shortages that entice investments yielding more jobs, a central bank cannot, normally, charge negative interest for money, and even charging zero interest often produces less stimulative effect than slightly higher rates of interest. In a closed economy, this is because charging zero interest also means having zero return on government securities, in an open economy it creates a carry trade, and devalues the currency. A devalued currency produces higher prices for imports without necessarily stimulating exports to a like degree, Deflation is the natural condition of economies when the supply of money is fixed, or does not grow as quickly as population and the economy. When this happens, the amount of hard currency per person falls, in effect making money more scarce, and consequently. Deflation also occurs when improvements in production efficiency lower the price of goods. Competition in the marketplace often prompts those producers to apply at least some portion of these cost savings into reducing the price for their goods. When this happens, consumers pay less for goods, and consequently deflation has occurred. There was inflation during World War I, but deflation returned again after that war, most nations abandoned the gold standard in the 1930s. There is less reason to expect deflation, aside from the collapse of asset classes. Studies of the Great Depression by Ben Bernanke have indicated that, in response to decreased demand, a structural deflation existed from the 1870s until the cycle upswing that started in 1895
Deflationary spiral
–
World GDP (PPP) per capita by country (2014)
15.
Ottoman Empire
–
After 1354, the Ottomans crossed into Europe, and with the conquest of the Balkans the Ottoman Beylik was transformed into a transcontinental empire. The Ottomans ended the Byzantine Empire with the 1453 conquest of Constantinople by Mehmed the Conqueror, at the beginning of the 17th century the empire contained 32 provinces and numerous vassal states. Some of these were later absorbed into the Ottoman Empire, while others were granted various types of autonomy during the course of centuries. With Constantinople as its capital and control of lands around the Mediterranean basin, while the empire was once thought to have entered a period of decline following the death of Suleiman the Magnificent, this view is no longer supported by the majority of academic historians. The empire continued to maintain a flexible and strong economy, society, however, during a long period of peace from 1740 to 1768, the Ottoman military system fell behind that of their European rivals, the Habsburg and Russian Empires. While the Empire was able to hold its own during the conflict, it was struggling with internal dissent. Starting before World War I, but growing increasingly common and violent during it, major atrocities were committed by the Ottoman government against the Armenians, Assyrians and Pontic Greeks. The word Ottoman is an anglicisation of the name of Osman I. Osmans name in turn was the Turkish form of the Arabic name ʿUthmān, in Ottoman Turkish, the empire was referred to as Devlet-i ʿAlīye-yi ʿOsmānīye, or alternatively ʿOsmānlı Devleti. In Modern Turkish, it is known as Osmanlı İmparatorluğu or Osmanlı Devleti, the Turkish word for Ottoman originally referred to the tribal followers of Osman in the fourteenth century, and subsequently came to be used to refer to the empires military-administrative elite. In contrast, the term Turk was used to refer to the Anatolian peasant and tribal population, the term Rūmī was also used to refer to Turkish-speakers by the other Muslim peoples of the empire and beyond. In Western Europe, the two names Ottoman Empire and Turkey were often used interchangeably, with Turkey being increasingly favored both in formal and informal situations and this dichotomy was officially ended in 1920–23, when the newly established Ankara-based Turkish government chose Turkey as the sole official name. Most scholarly historians avoid the terms Turkey, Turks, and Turkish when referring to the Ottomans, as the power of the Seljuk Sultanate of Rum declined in the 13th century, Anatolia was divided into a patchwork of independent Turkish principalities known as the Anatolian Beyliks. One of these beyliks, in the region of Bithynia on the frontier of the Byzantine Empire, was led by the Turkish tribal leader Osman, osmans early followers consisted both of Turkish tribal groups and Byzantine renegades, many but not all converts to Islam. Osman extended the control of his principality by conquering Byzantine towns along the Sakarya River and it is not well understood how the early Ottomans came to dominate their neighbours, due to the scarcity of the sources which survive from this period. One school of thought which was popular during the twentieth century argued that the Ottomans achieved success by rallying religious warriors to fight for them in the name of Islam, in the century after the death of Osman I, Ottoman rule began to extend over Anatolia and the Balkans. Osmans son, Orhan, captured the northwestern Anatolian city of Bursa in 1326 and this conquest meant the loss of Byzantine control over northwestern Anatolia. The important city of Thessaloniki was captured from the Venetians in 1387, the Ottoman victory at Kosovo in 1389 effectively marked the end of Serbian power in the region, paving the way for Ottoman expansion into Europe
Ottoman Empire
–
Battle of Nicopolis in 1396. Painting from 1523.
Ottoman Empire
–
Flag (1844–1923)
Ottoman Empire
–
Battle of Mohács in 1526
Ottoman Empire
–
Barbarossa Hayreddin Pasha defeats the
Holy League of
Charles V under the command of
Andrea Doria at the
Battle of Preveza in 1538.
16.
Turkish lira
–
The Turkish lira is the currency of Turkey and the Turkish Republic of Northern Cyprus. The Turkish lira is subdivided into 100 kuruş, the lira, along with the related currencies of Europe and the Middle East, has its roots in the ancient Roman unit of weight known as the libra which referred to the Troy pound of silver. The Roman libra adoption of the currency spread it throughout Europe and the Near East, the Turkish lira, the French livre, the Italian lira, and the British pound are the modern descendants of the ancient currency. The Ottoman lira was introduced as the unit of currency in 1844, with the former currency, kuruş. The Ottoman lira remained in circulation until the end of 1927, historical banknotes from the second, third and fourth issues have portraits of İsmet İnönü on the obverse side. This change was done according to the 12 January 1926 issue of the official gazette, from 1970, a series of hard, then soft pegs to the dollar operated as the value of the Turkish lira began to fall. The Turkish lira had slid in value so far that one original gold lira coin could be sold for 154,400,000 Turkish lira before the 2005 revaluation. In December 2003, the Grand National Assembly of Turkey passed a law allowed for redenomination by the removal of six zeros from the Turkish lira. It was introduced on 1 January 2005, replacing the previous Turkish lira at a rate of 1 second Turkish lira =1,000,000 first Turkish lira, with the revaluation of the Turkish lira, the Romanian leu briefly became the worlds least valued currency unit. At the same time, the Government introduced two new banknotes called TRY100 and TRY50, in the transition period between January 2005 and December 2008, the second Turkish lira was officially called Yeni Türk Lirası. It was officially abbreviated YTL and subdivided into 100 new kuruş, starting in January 2009, the new marking was removed from the second Turkish lira, its official name becoming just Turkish lira again, abbreviated TL. All obverse sides of current banknotes and reverse sides of current coins have portraits of Mustafa Kemal Atatürk, also, the center and ring alloys of the 50 kuruş and 1 Turkish lira coins were reversed. A new series of banknotes, the E-9 Emission Group entered circulation on 1 January 2009, the E-9 banknotes refer to the currency as Turkish lira rather than new Turkish lira and include a new 200-Turkish-lira denomination. The new banknotes have different sizes to prevent forgery, the main specificity of this new series is that each denomination depicts a famous Turkish personality, rather than geographical sites and architectural features of Turkey. The dominant color of the 5-Turkish-lira banknote has been determined as purple on the series of the current banknotes. Turkish Lira exchange rates became more stable after 2004, dollar =3.44 Turkish lira The current currency sign of Turkish lira was created by the Central Bank of the Republic of Turkey in 2012. The new sign was selected after a country-wide contest, the new symbol, created by Tülay Lale, is composed of the letter L shaped like a half anchor, and embedded double-striped letter T angled at 20 degrees. Prime Minister Recep Tayyip Erdoğan announced the new symbol on 1 March 2012, at its unveiling, Erdoğan explained the design as the anchor shape hopes to convey that the currency is a safe harbor while the upward-facing lines represent its rising prestige
Turkish lira
–
Both Livre Turque (French) and تورك لیراسی (Ottoman Turkish) phrases used on
first-issue banknotes.
Turkish lira
–
1 Coin
Turkish lira
–
Ankyra coin from
Roman emperor Gallienus period. Name of
Ankara, capital city of Turkey meaning Anchor in
Greek (Ἄγκυρα).
Turkish lira
17.
Coin counterfeiting
–
Coin counterfeiting of valuable antique coins is common, modern high-value coins are also counterfeited and circulated. Counterfeit antique coins are made to a very high standard so that they can deceive experts. Counterfeits of higher-value coins in circulation, designed for circulation at face value, have been made by criminals for thousands of years. An increasing number of coins are cast from the same alloy as the real coin, but have poor reproduction of details such as the milling on the side of the coin. When the euro was introduced into Europe, there were very few counterfeits, however. It was estimated that 3. 04% of all UK £1 coins in circulation are counterfeit, unlike official specimens, this spurious item is missing a large mintmark for the Philadelphia Mint. Because of a different wartime composition, all nickels of this period had large mintmarks, normally the Philadelphia mint would not have included one, but in 1944 all of its nickels had a P above the dome of Monticello. It is estimated that 100,000 of these coins were placed into circulation, today they remain readily available to collectors. Both scarce 1923-D and 1930-D dimes were found in circulation, and it has been suggested that they may have been part of an attempt by the Soviet Union to sell its silver on the world market by counterfeiting U. S. coins. If so, the engravers blundered by producing impossible coins and his counterfeits are of such high quality that collectors will pay upwards of $1,000 for one, although a genuine coin sells for about $50,000 to $100,000. The same counterfeiter also counterfeited other US gold coins, including a quantity of $3 gold pieces, dated 1874,1878 and 1882. Three of the counterfeit $10 gold pieces, the 1910-P, the 1913-P, forensic Materials Engineering, Case studies, Lewis, PR, Gagg, C and Reynolds, K, CRC Press
Coin counterfeiting
–
A real British
pound coin on top of a fake. This coin is often counterfeited.
Coin counterfeiting
–
Defective milling and letters on a counterfeit coin (top)
18.
Counterfeit money
–
Counterfeit money is imitation currency produced without the legal sanction of the state or government. Producing or using counterfeit money is a form of fraud or forgery, counterfeiting is almost as old as money itself. Plated copies have found of Lydian coins which are thought to be among the first western coins. Before the introduction of money, the most prevalent method of counterfeiting involved mixing base metals with pure gold or silver. A form of counterfeiting is the production of documents by legitimate printers in response to fraudulent instructions, during World War II, the Nazis forged British pounds and American dollars. Today some of the finest counterfeit banknotes are called Superdollars because of their high quality, there has been significant counterfeiting of Euro banknotes and coins since the launch of the currency in 2002, but considerably less than for the US dollar. Traditionally, anti-counterfeiting measures involved including fine detail with raised intaglio printing on bills which allows non-experts to easily spot forgeries, on coins, milled or reeded edges are used to show that none of the valuable metal has been scraped off. Counterfeiting is as old as money itself, and is prevalent throughout history that it has been called the worlds second oldest profession. Coinage of money began in the Greek city of Lydia around 600 B. C, before the introduction of paper money, the most prevalent method of counterfeiting involved mixing base metals with pure gold or silver. A common practice was to shave the edges of a coin, precious metals collected in this way could be used to produce counterfeit coinage. A fourrée is an ancient type of coin, in which a base metal core has been plated with a precious metal to resemble its solid metal counterpart. When paper money was introduced in China in the 13th century, to control access to the paper, guards were stationed around mulberry forests, while counterfeiters were punished by death. In the 13th century Mastro Adamo was mentioned by Dante Alighieri as a counterfeiter of the Florentine fiorino, the English couple Thomas and Anne Rogers were convicted on 15 October 1690 for Clipping 40 pieces of Silver. Thomas Rogers was hanged, drawn and quartered while Anne Rogers was burnt alive, evidence supplied by an informant led to the arrest of the last of the English Coiners King David Hartley, who was executed by hanging in 1770. The extreme forms of punishment were meted out for acts of treason against state or Crown and these include producing the false money and selling it wholesale. Similarly, in America, Colonial paper currency printed by Benjamin Franklin, the theory behind such harsh punishments was that one who had the skills to counterfeit currency was considered a threat to the safety of the State, and had to be eliminated. Far more fortunate was a practitioner of the same art. Rather than executing Alexander the Barber, the Emperor chose to employ his talents in the governments own service, nations have used counterfeiting as a means of warfare
Counterfeit money
–
Plated counterfeit of the Roman emperor
Domitian. By using a copper core covered in a silver coating, the coin has a much lower intrinsic value, while face value remains the same.
Counterfeit money
–
Counterfeit warning printed on the reverse of a 4
s Colonial currency from
Delaware Colony.
Counterfeit money
–
The current
banknotes of the Swiss franc. They possess at least eighteen security features.
Counterfeit money
–
The security strip of a
U.S. $20 bill glows under
black light as a safeguard against counterfeiting.
19.
Methods of coin debasement
–
Coin debasement is the act of decreasing the amount of precious metal in a coin, while continuing to circulate it at face value. This was frequently done by governments in order to inflate the amount of currency in circulation, typically, some of the precious metal was replaced by a cheaper metal when the coin was minted. But when done by an individual, precious metal was removed from the coin. Coin debasement was effected by several methods, including clipping and sweating, until the mid-20th century, coins were often made of silver or gold, which were quite soft and prone to wear. This meant coins naturally got lighter as they aged, so coins that had lost an amount of bullion would go unnoticed. Modern coins are made of hard, cheap metals such as steel, copper or an alloy, reducing wear and making it difficult. Clipping is the act of shaving off a portion of a precious metal coin for profit. Over time, the precious metal clippings could be saved up, coin clipping is why many coins have the rim of the coin marked with stripes, text or some other pattern that would be destroyed if the coin were clipped. This practice is attributed to Isaac Newton, who was appointed Master of the Mint in 1699, in the process of sweating, coins were placed in a bag and shaken. The bits of metal that had worn off the coins were recovered from the bottom of the bag, sweating tended to wear the coin in a more natural way than clipping, and so was harder to detect. If the coin was large, a hole could be punched out of the middle, or the coin could be sawed in half, and a plug of metal extracted from the interior. After filling the hole with a metal, the two halves would be welded back together again. Verbal references to plugged quarters and plugged dimes eventually yielded the common phrase not worth a plugged nickel, the history and theory of money
Methods of coin debasement
Methods of coin debasement
Methods of coin debasement
20.
Mint (coin)
–
A mint is an industrial facility which manufactures coins that can be used in currency. The history of mints correlates closely with the history of coins, in the beginning, hammered coinage or cast coinage were the chief means of coin minting, with resulting production runs numbering as little as the hundreds or thousands. In modern mints, coin dies are manufactured in large numbers, with the mass production of currency, the production cost is weighed when minting coins. For example, it costs the United States Mint much less than 25 cents to make a quarter, metals were well suited to represent wealth, owing to their great intrinsic value and their durability, divisibility and rarity. The first mint was established in Lydia in the 7th century BC, for coining gold, silver. The Lydian innovation of manufacturing coins under the authority of the spread to neighboring Greece. Some of the earliest Greek mints were within city-states on Greek islands such as Crete, at about the same time, coins and mints appeared independently in China and spread to Korea and Japan. The manufacture of coins in the Roman Empire, dating from about the 4th century BC, the origin of the word mint is ascribed to the manufacture of silver coin at Rome in 269 BC at the temple of Juno Moneta. This goddess became the personification of money, and her name was applied both to money and to its place of manufacture, Roman mints were spread widely across the Empire, and were sometimes used for propaganda purposes. The populace often learned of a new Roman Emperor when coins appeared with the new Emperors portrait, Ancient coins were made by casting in moulds or by striking between engraved dies. The Romans cast their larger copper coins in clay moulds carrying distinctive markings, not because they knew nothing of striking, casting is now used only by counterfeiters. The most ancient coins were cast in bulletshaped or conical moulds, the blank or unmarked piece of metal was placed on a small anvil, and the die was held in position with tongs. The reverse or lower side of the received a rectangular mark made by the sharp edges of the little anvil. Subsequently the anvil was marked in ways, and decorated with letters and figures of beasts. The spherical blanks soon gave place to lenticular-shaped ones, the blank was made red-hot and struck between cold dies. One blow was usually insufficient, and the method was similar to that used in striking medals in high relief. With the substitution of iron for bronze as the material for dies, about 300 AD, in the Middle Ages bars of metal were cast and hammered out on an anvil. Portions of the sheets were then cut out with shears
Mint (coin)
–
A furnace for producing molten metal for coin production.
Mint (coin)
–
Boulton 1790 Anglesey halfpenny; the first coin struck by steam power in a collar to assure roundness
Mint (coin)
–
A trussell for use with a pile in producing hammered coins as shown by the moneyer at work.
Mint (coin)
–
A mill for inscribing or milling the edges of coin flans or planchets.
21.
Coin clipping
–
Coin debasement is the act of decreasing the amount of precious metal in a coin, while continuing to circulate it at face value. This was frequently done by governments in order to inflate the amount of currency in circulation, typically, some of the precious metal was replaced by a cheaper metal when the coin was minted. But when done by an individual, precious metal was removed from the coin. Coin debasement was effected by several methods, including clipping and sweating, until the mid-20th century, coins were often made of silver or gold, which were quite soft and prone to wear. This meant coins naturally got lighter as they aged, so coins that had lost an amount of bullion would go unnoticed. Modern coins are made of hard, cheap metals such as steel, copper or an alloy, reducing wear and making it difficult. Clipping is the act of shaving off a portion of a precious metal coin for profit. Over time, the precious metal clippings could be saved up, coin clipping is why many coins have the rim of the coin marked with stripes, text or some other pattern that would be destroyed if the coin were clipped. This practice is attributed to Isaac Newton, who was appointed Master of the Mint in 1699, in the process of sweating, coins were placed in a bag and shaken. The bits of metal that had worn off the coins were recovered from the bottom of the bag, sweating tended to wear the coin in a more natural way than clipping, and so was harder to detect. If the coin was large, a hole could be punched out of the middle, or the coin could be sawed in half, and a plug of metal extracted from the interior. After filling the hole with a metal, the two halves would be welded back together again. Verbal references to plugged quarters and plugged dimes eventually yielded the common phrase not worth a plugged nickel, the history and theory of money
Coin clipping
Coin clipping
Coin clipping
22.
United States
–
Forty-eight of the fifty states and the federal district are contiguous and located in North America between Canada and Mexico. The state of Alaska is in the northwest corner of North America, bordered by Canada to the east, the state of Hawaii is an archipelago in the mid-Pacific Ocean. The U. S. territories are scattered about the Pacific Ocean, the geography, climate and wildlife of the country are extremely diverse. At 3.8 million square miles and with over 324 million people, the United States is the worlds third- or fourth-largest country by area, third-largest by land area. It is one of the worlds most ethnically diverse and multicultural nations, paleo-Indians migrated from Asia to the North American mainland at least 15,000 years ago. European colonization began in the 16th century, the United States emerged from 13 British colonies along the East Coast. Numerous disputes between Great Britain and the following the Seven Years War led to the American Revolution. On July 4,1776, during the course of the American Revolutionary War, the war ended in 1783 with recognition of the independence of the United States by Great Britain, representing the first successful war of independence against a European power. The current constitution was adopted in 1788, after the Articles of Confederation, the first ten amendments, collectively named the Bill of Rights, were ratified in 1791 and designed to guarantee many fundamental civil liberties. During the second half of the 19th century, the American Civil War led to the end of slavery in the country. By the end of century, the United States extended into the Pacific Ocean. The Spanish–American War and World War I confirmed the status as a global military power. The end of the Cold War and the dissolution of the Soviet Union in 1991 left the United States as the sole superpower. The U. S. is a member of the United Nations, World Bank, International Monetary Fund, Organization of American States. The United States is a developed country, with the worlds largest economy by nominal GDP. It ranks highly in several measures of performance, including average wage, human development, per capita GDP. While the U. S. economy is considered post-industrial, characterized by the dominance of services and knowledge economy, the United States is a prominent political and cultural force internationally, and a leader in scientific research and technological innovations. In 1507, the German cartographer Martin Waldseemüller produced a map on which he named the lands of the Western Hemisphere America after the Italian explorer and cartographer Amerigo Vespucci
United States
–
Native Americans meeting with Europeans, 1764
United States
–
Flag
United States
–
The signing of the
Mayflower Compact, 1620.
United States
–
The
Declaration of Independence: the
Committee of Five presenting their draft to the
Second Continental Congress in 1776
23.
Quarter (U.S. coin)
–
The quarter, short for quarter dollar, is a United States coin worth 25 cents, one-fourth of a dollar. It has a diameter of.955 inches and a thickness of.069 inches, the coin sports the profile of George Washington on its obverse and its reverse design has changed frequently. It has been produced on and off since 1796, and consistently from 1831 onward, the choice of 1⁄4 as a denomination—as opposed to the 1⁄5 more common elsewhere—originated with the practice of dividing Spanish milled dollars into eight wedge-shaped segments. At one time o bits was a nickname for a quarter. The current clad version is two layers of cupronickel, 75% copper and 25% nickel, on a core of pure copper, the total composition of the coin is 8. 33% nickel, with the remainder copper. It weighs 0.2000 avoirdupois oz, 1/80th of a pound,0.1823 troy oz, the diameter is 0.955 inches, and the width of 0.069 inches. The coin has a 0. 069-inch reeded edge, owing to the introduction of the clad quarter in 1965, it was occasionally called a Johnson Sandwich after Lyndon B. Johnson, the U. S. President at the time and it currently costs 11.14 cents to produce each coin. The U. S. Mint began producing silver quarters again in 1992 for inclusion in the annual Silver Proof set, early quarters were slightly larger in diameter and thinner than the current coin. The current regular issue coin is the George Washington quarter, showing George Washington on the front, the reverse featured an eagle prior to the 199950 State Quarters Program. The Washington quarter was designed by John Flanagan and it was initially issued as a circulating commemorative, but was made a regular issue coin in 1934. The bill passed through the Senate and was signed into legislation by President Bush on December 27,2007, the typeface used in the state quarter series varies a bit from one state to another, but is generally derived from Albertus. On June 7,2006, a bill titled Americas Beautiful National Parks Quarter Dollar Coin Act of 2008 was introduced to the House of Representatives, on December 23,2008, President George W. Bush signed the bill into law. The America the Beautiful Quarters program began in 2010 and will continue for 12 years. S. S and they were issued from 1932 through 1964. The current rarities for the Washington Quarter silver series are, Branch Mintmarks are D = Denver, coins without mintmarks are all made at the main Mint in Philadelphia. This is not due to their mintages, but rather because they are harder to find in high grades, many of these coins are worth only melt value in low grades. Other coins in the above list are expensive because of their extremely low mintages, such as the 1932 Denver and San Francisco issues. The overstruck mintmark issues are scarce and expensive, especially in the higher grades
Quarter (U.S. coin)
–
The five Washington quarter obverses: as a silver coin, a clad one, the Bicentennial version, the version struck from 1999 to 2009, and the present version struck since 2010
Quarter (U.S. coin)
–
Quarter dollar
24.
Dime (U.S. coin)
–
The dime, in U. S. usage, is a ten-cent coin, one tenth of a United States dollar, labeled formally as one dime. The denomination was first authorized by the Coinage Act of 1792, the dime is the smallest in diameter and is the thinnest of all U. S. coins currently minted for circulation, being.705 inches in diameter and.053 inches in thickness. The obverse of the coin depicts the profile of President Franklin D. Roosevelt and the reverse boasts an olive branch, a torch, as of 2011, the dime coin cost 5.65 cents to produce. The word dime comes from the French word dîme, meaning tithe or tenth part, from the Latin decima. In the past prices have occasionally been quoted on signage and other materials in terms of dimes, abbreviated as d or a d with a slash through it as with the cent. The Coinage Act of 1792 established the dime, cent, and mill as subdivisions of the equal to 1⁄10. The first known proposal for a coinage system in the United States was made in 1783 by Thomas Jefferson, Benjamin Franklin, Alexander Hamilton. Hamilton, the nations first Secretary of the Treasury, recommended the issuance of six such coins in 1791, among the six was a silver coin, which shall be, in weight and value, one tenth part of a silver unit or dollar. Thus dimes are made small and thin, with the passage of the Coinage Act of 1965, the dimes silver content was removed. Dimes from 1965 to the present are composed of layers of 75 percent copper and 25 percent nickel. Starting in 1992, the U. S. Mint began issuing Silver Proof Sets annually and these sets are intended solely for collectors, and are not meant for general circulation. Since its introduction in 1796, the dime has been issued in six different major types, the name for each type indicates the design on the coins obverse. The composition of the disme was set at 89.24 percent silver and 10.76 percent copper, in 1792, a limited number of dismes were minted but never circulated. Some of these were struck in copper, indicating that the 1792 dismes were in fact pattern coins, the first dimes minted for circulation did not appear until 1796, due to a lack of demand for the coin and production problems at the United States Mint. The first dime to be circulated was the Draped Bust dime and it featured the same obverse and reverse as all other circulating coins of the time, the so-called Draped Bust/Small Eagle design. This design was the work of then-Chief Engraver Robert Scot, the portrait of Liberty on the obverse was based on a Gilbert Stuart drawing of prominent Philadelphia socialite Ann Willing Bingham, wife of noted American statesman William Bingham. The reverse design is of a bald eagle surrounded by palm and olive branches. Since the Coinage Act of 1792 required only that the cent and half cent display their denomination, all 1796 dimes have 15 stars on the obverse, representing the number of U. S. states then in the Union
Dime (U.S. coin)
–
1792 Disme copper pattern
Dime (U.S. coin)
–
Dime
Dime (U.S. coin)
–
Draped Bust dime with small (1797) and heraldic (1800) eagle reverse deisgns
Dime (U.S. coin)
25.
Nickel (U.S. coin)
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A nickel, in American usage, is a five-cent coin struck by the United States Mint. Composed of 75% copper and 25% nickel, the piece has been issued since 1866 and its diameter is.835 inches and its thickness is.077 inches. The silver half dime, equal to five cents, had issued since the 1790s. The American Civil War caused economic hardship, driving gold and silver from circulation, in response, in place of low-value coins, the government at first issued paper currency. In 1865, Congress abolished the five-cent fractional currency note after Spencer M. Clark, head of the Currency Bureau, the initial design of the Shield nickel was struck from 1866 until 1883, then was replaced by the Liberty Head nickel. The Buffalo nickel was introduced in 1913 as part of a drive to increase the beauty of American coinage, in 1938, in 2004 and 2005, special designs in honor of the bicentennial of the Lewis and Clark Expedition were issued. In 2006, the Mint reverted to using Jefferson nickel designer Felix Schlags original reverse, although a new obverse, by Jamie Franki, was substituted. As of the end of FY2013, it cost more than nine cents to produce a nickel, the silver half disme was one of the denominations prescribed by the Mint Act of 1792, its weight and fineness were set by law. By legend, President Washington supplied silverware from his home, Mount Vernon, in 1793, the newly established Philadelphia Mint began striking cents and half cents. Coinage of precious metal was delayed, Congress required the assayer and chief coiner to each post a security bond of $10,000, a huge sum in 1793. In 1794, Congress lowered the chief coiners bond to $5,000, subsequently, silver coinage began that year. The half dime was struck to various designs by Mint Engraver Robert Scot from 1794 until 1805, though none were dated 1798,1799, in response, in 1804 the US stopped striking silver dollars, issuance of the half dime was discontinued from 1805 until 1829. Beginning in 1829, the silver five-cent piece was struck, beginning in 1837. In 1851, it ceased to be the smallest US silver coin as a three cent piece was issued by the Mint, although specie was hoarded or exported, the copper-nickel cent, then the only base metal denomination being struck, also vanished. In 1864, Congress began the process of restoring coins to circulation by abolishing the three-cent note and authorizing bronze cents and two-cent pieces, with low intrinsic values and these new coins initially proved popular, though the two-cent piece soon faded from circulation. On March 3,1865, Congress passed legislation authorizing the Mint to strike three-cent pieces of 75% copper, in 1864, Congress authorized a third series of fractional currency notes. Clark kept his job only because of the intervention of Treasury Secretary Salmon P. Chase. In his 1865 report, Pollock wrote, From this nickel alloy, a coin for the denomination of five cents, only until the resumption of specie payments
Nickel (U.S. coin)
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A 1796
half dime
Nickel (U.S. coin)
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Nickel
Nickel (U.S. coin)
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Spencer M. Clark, Supervisor of the
Currency Bureau placed his own likeness on the five-cent U.S.
Fractional currency note leading directly to legislation prohibiting the depiction of any living person on U.S. currency.
Nickel (U.S. coin)
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The Shield nickel
26.
Penny (U.S. coin)
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The United States one-cent coin often called penny, is a unit of currency equaling one-hundredth of a United States dollar. Its obverse has featured the profile of President Abraham Lincoln since 1909, from 1959 to 2008, the reverse featured the Lincoln Memorial. Four different reverse designs in 2009 honored Lincolns 200th birthday and a new, the coin is 0.75 inches in diameter and 0.0598 inches in thickness. Its weight has varied, depending upon the composition of metals used in its production, Mints official name for the coin is cent and the U. S. Treasurys official name is one cent piece. The colloquial term penny derives from the British coin of the same name, in American English, pennies is the plural form. Although the coins abolition has been proposed because it is now very little. As of 2015, based on the U. S. Mint Annual Report released for 2014, it costs the U. S. Mint 1.67 cents to one cent because of the cost of materials, production. This figure includes the Mints fixed components for distribution and fabrication, fixed costs and overhead would have to be absorbed by other circulating coins without the penny. The loss from producing the one cent coin in the United States for the year of 2013 was $55,000,000 and this was a slight decrease from 2012, the year before, which had a production loss of $58,000,000. In honor of Lincolns 200th anniversary, special 2009 cents were minted for collectors in the composition as the 1909 coins. In 1943, at the peak of World War II, zinc-coated steel cents were made for a time because of war demands for copper. A few copper cents from 1943 were produced from the 1942 planchets remaining in the bins, similarly, some 1944 steel cents have been confirmed. During the early 1970s, the price of copper rose to the point where the cent contained almost one cents worth of copper and this led the Mint to test alternative metals, including aluminum and bronze-clad steel. Aluminum was chosen, and over 1.5 million of these pennies were struck, One aluminum cent was donated to the Smithsonian Institution. The cents composition was changed in 1982 because the value of the copper in the coin started to rise above one cent, some 1982 pennies used the 97. 5% zinc composition, while others used the 95% copper composition. With the exception of 2009 bicentennial cents minted specifically for collectors, in Fiscal Year 2013, the average one-cent piece minted cost the U. S. Mint 1.83 cents, down from 2.41 cents apiece in FY2011. The bronze and copper cents can be distinguished from the newer zinc cents by dropping the coins on a solid surface, the predominantly copper coins produce a higher-pitched ringing sound, while the zinc coins make a lower-pitched clunk. The coin has gone through several designs over its time frame
Penny (U.S. coin)
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A 1937
Wheat cent
Penny (U.S. coin)
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Cent (penny)
Penny (U.S. coin)
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Obverse side of a cent after 17 years of circulation
Penny (U.S. coin)
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Detail of reverse showing Lincoln statue inside the memorial
27.
Money burning
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Money burning or burning money is the purposeful act of destroying money. In the prototypical example, banknotes are destroyed by literally setting them on fire, burning money decreases the wealth of the owner without directly enriching any particular party. However, according to the quantity theory of money, because it reduces the supply of money it increases by the amount the collective wealth of everyone else who holds money. Money is usually burned to communicate a message, either for artistic effect, as a form of protest, in some games, a player can sometimes benefit from the ability to burn money. Burning money is illegal in some jurisdictions, for the purposes of macroeconomics, burning money is equivalent to removing the money from circulation, and locking it away forever, the salient feature is that no one may ever use the money again. Burning money shrinks the money supply, and is therefore a special case of monetary policy that can be implemented by anyone. In the usual case, the central bank money from circulation by selling government bonds or foreign currency. The difference with money burning is that the bank does not have to exchange any assets of value for the money burnt. Money burning is thus equivalent to gifting the money back to the central bank, if the economy is at full employment equilibrium, shrinking the money supply causes deflation, increasing the real value of the money left in circulation. Assuming that the money is paper money with negligible intrinsic value, no real goods are destroyed. Instead, all surviving money slightly increases in value, everyone gains wealth in proportion to the amount of money they already hold, Economist Steven Landsburg proposes in The Armchair Economist that burning ones fortune is a form of philanthropy more egalitarian than deeding it to the United States Treasury. In 1920, Thomas Nixon Carver wrote that money into the sea is better for society than spending it wastefully. Central banks routinely collect and destroy worn-out coins and banknotes in exchange for new ones and this does not affect the money supply, and is done to maintain a healthy population of usable currency. The practice raises an interesting possibility, if an individual can steal the money before it is incinerated, the effect is the opposite of burning money, the thief is enriched at the expense of the rest of society. One such incident at the Bank of England inspired the 2001 TV movie Hot Money, another, more common near-opposite is the creation of counterfeit money. Another way to analyze the cost of forgery is to consider the effects of a banks monetary policy. The interest earnings on those bonds is turned over to the US Treasury, so any lost interest must be made up by U. S. taxpayers, behaviorally speaking, burning money is usually seen as a purely negative act. The cognitive impact of burning money can even be a motivational tool
Money burning
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Joss paper burned around the
Ghost Festival
Money burning
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A receipt from the Albany, New York Comptroller’s Office certifying that $5,000 from the Bank of Whitestown had been legally destroyed by burning on 15 November 1842.
