The Kreuzer, in English kreutzer, was a silver coin and unit of currency existing in the southern German states prior to the unification of Germany, in Austria. After 1760 it was made of copper. In 1559 a value of 60 Kreuzer to 1 gulden had been adopted throughout the Southern states of the Holy Roman Empire, but the northern German states declined to join, used Groschen instead of Kreuzer; the Kreuzer in turn was worth about pennies. Thus one Gulden was worth 252 Pfennig. Currencies adopted a standard relationship of 240 Pfennig = 60 Kreuzer = 1 Gulden. Following the adoption of the Conventionsthaler in 1754, two distinct Kreuzer came into being; the first, sometimes referred to as the Conventionskreuzer, was worth 1/120 of a Conventionsthaler, valuing the gulden at half a Conventionsthaler. This was used in Austria-Hungary. However, the states of southern Germany adopted a smaller Kreuzer Landmünze worth 1/144 of a Conventionsthaler, thus valuing the Gulden at 5/12 of a Conventionsthaler. In fact, the southern German states issued coins denominated in Kreuzer Landmünze up to 6 Kreuzer Landmünze but in Conventionskreuzer for higher denominations.
The South German Currency Union of 1837 used a system of 60 Kreuzer = 1 Gulden and 1¾ Gulden = 1 Thaler, with the Kreuzer equal to the old Kreuzer Landmünze. These Kreuzer continued in circulation following German unification. Austria-Hungary decimalized in 1857, adopting a system of 100 Kreuzer = 1 Gulden, Austrian Florin or Hungarian forint, 1½ gulden = 1 Vereinsthaler, it was known as krajczár in Hungarian, krejcar in Czech, grajciar in Slovak, krajcar in Slovene, creiţar or crăiţar in Romanian, grajcar in Polish. German and Austrian Kreutzer Coins
National Diet Library
The National Diet Library is the national library of Japan and among the largest libraries in the world. It was established in 1948 for the purpose of assisting members of the National Diet of Japan in researching matters of public policy; the library is similar in scope to the United States Library of Congress. The National Diet Library consists of two main facilities in Tōkyō and Kyōtō, several other branch libraries throughout Japan; the National Diet Library is the successor of three separate libraries: the library of the House of Peers, the library of the House of Representatives, both of which were established at the creation of Japan's Imperial Diet in 1890. The Diet's power in prewar Japan was limited, its need for information was "correspondingly small"; the original Diet libraries "never developed either the collections or the services which might have made them vital adjuncts of genuinely responsible legislative activity". Until Japan's defeat, the executive had controlled all political documents, depriving the people and the Diet of access to vital information.
The U. S. occupation forces under General Douglas MacArthur deemed reform of the Diet library system to be an important part of the democratization of Japan after its defeat in World War II. In 1946, each house of the Diet formed its own National Diet Library Standing Committee. Hani Gorō, a Marxist historian, imprisoned during the war for thought crimes and had been elected to the House of Councillors after the war, spearheaded the reform efforts. Hani envisioned the new body as "both a'citadel of popular sovereignty'", the means of realizing a "peaceful revolution"; the Occupation officers responsible for overseeing library reforms reported that, although the Occupation was a catalyst for change, local initiative pre-existed the Occupation, the successful reforms were due to dedicated Japanese like Hani. The National Diet Library opened in June 1948 in the present-day State Guest-House with an initial collection of 100,000 volumes; the first Librarian of the Diet Library was the politician Tokujirō Kanamori.
The philosopher Masakazu Nakai served as the first Vice Librarian. In 1949, the NDL became the only national library in Japan. At this time the collection gained an additional million volumes housed in the former National Library in Ueno. In 1961, the NDL opened at its present location in Nagatachō, adjacent to the National Diet. In 1986, the NDL's Annex was completed to accommodate a combined total of 12 million books and periodicals; the Kansai-kan, which opened in October 2002 in the Kansai Science City, has a collection of 6 million items. In May 2002, the NDL opened a new branch, the International Library of Children's Literature, in the former building of the Imperial Library in Ueno; this branch contains some 400,000 items of children's literature from around the world. Though the NDL's original mandate was to be a research library for the National Diet, the general public is the largest consumer of the library's services. In the fiscal year ending March 2004, for example, the library reported more than 250,000 reference inquiries.
As Japan's national library, the NDL collects copies of all publications published in Japan. Moreover, because the NDL serves as a research library for Diet members, their staffs, the general public, it maintains an extensive collection of materials published in foreign languages on a wide range of topics; the NDL has eight major specialized collections: Modern Political and Constitutional History. The Modern Political and Constitutional History Collection comprises some 300,000 items related to Japan's political and legal modernization in the 19th century, including the original document archives of important Japanese statesmen from the latter half of the 19th century and the early 20th century like Itō Hirobumi, Iwakura Tomomi, Sanjō Sanetomi, Mutsu Munemitsu, Terauchi Masatake, other influential figures from the Meiji and Taishō periods; the NDL has an extensive microform collection of some 30 million pages of documents relating to the Occupation of Japan after World War II. This collection include the documents prepared by General Headquarters and the Supreme Commander of the Allied Powers, the Far Eastern Commission, the United States Strategic Bombing Survey Team.
The Laws and Preliminary Records Collection consists of some 170,000 Japanese and 200,000 foreign-language documents concerning proceedings of the National Diet and the legislatures of some 70 foreign countries, the official gazettes, judicial opinions, international treaties pertaining to some 150 foreign countries. The NDL maintains a collection of some 530,000 books and booklets and 2 million microform titles relating to the sciences; these materials include, among other things, foreign doctoral dissertations in the sciences, the proceedings and reports of academic societies, catalogues of technical standards, etc. The NDL has a collection of 440,000 maps of Japan and other countries, including the topographica
The yen is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the euro, it is widely used as a reserve currency after the U. S. dollar, the euro, the pound sterling. The concept of the yen was a component of the Meiji government's modernization program of Japan's economy. Before the Meiji Restoration, Japan's feudal fiefs all issued their own money, hansatsu, in an array of incompatible denominations; the New Currency Act of 1871 did away with these and established the yen, defined as 1.5 g of gold, or 24.26 g of silver, as the new decimal currency. The former han became prefectures and their mints private chartered banks, which retained the right to print money. To bring an end to this situation the Bank of Japan was founded in 1882 and given a monopoly on controlling the money supply. Following World War II the yen lost much of its prewar value. To stabilize the Japanese economy the exchange rate of the yen was fixed at ¥360 per $1 as part of the Bretton Woods system.
When that system was abandoned in 1971, the yen was allowed to float. The yen had appreciated to a peak of ¥271 per $1 in 1973 underwent periods of depreciation and appreciation due to the 1973 oil crisis, arriving at a value of ¥227 per $1 by 1980. Since 1973, the Japanese government has maintained a policy of currency intervention, the yen is therefore under a "dirty float" regime; this intervention continues to this day. The Japanese government focuses on a competitive export market, tries to ensure a low yen value through a trade surplus; the Plaza Accord of 1985 temporarily changed this situation from its average of ¥239 per US$1 in 1985 to ¥128 in 1988 and led to a peak value of ¥80 against the U. S. dollar in 1995 increasing the value of Japan’s GDP to that of the United States. Since that time, the yen has decreased in value; the Bank of Japan maintains a policy of zero to near-zero interest rates and the Japanese government has had a strict anti-inflation policy. Yen derives from the Japanese word 圓, which borrows its phonetic reading from Chinese yuan, similar to North Korean won and South Korean won.
The Chinese had traded silver in mass called sycees and when Spanish and Mexican silver coins arrived, the Chinese called them "silver rounds" for their circular shapes. The coins and the name appeared in Japan. While the Chinese replaced 圓 with 元, the Japanese continued to use the same word, given the shinjitai form 円 in reforms at the end of World War II; the spelling and pronunciation "yen" is standard in English. This is because when Japan was first encountered by Europeans around the 16th century, Japanese /e/ and /we/ both had been pronounced and Portuguese missionaries had spelled them "ye"; some time thereafter, by the middle of the 18th century, /e/ and /we/ came to be pronounced as in modern Japanese, although some regions retain the pronunciation. Walter Henry Medhurst, who had neither been to Japan nor met any Japanese, having consulted a Japanese-Dutch dictionary, spelled some "e"s as "ye" in his An English and Japanese, Japanese and English Vocabulary. In the early Meiji era, James Curtis Hepburn, following Medhurst, spelled all "e"s as "ye" in his A Japanese and English dictionary.
That was the first full-scale Japanese-English/English-Japanese dictionary, which had a strong influence on Westerners in Japan and prompted the spelling "yen". Hepburn revised most "ye"s to "e" in the 3rd edition in order to mirror the contemporary pronunciation, except "yen"; this was already fixed and has remained so since. In the 19th century, silver Spanish dollar coins were common throughout Southeast Asia, the China coast, Japan; these coins had been introduced through Manila over a period of two hundred and fifty years, arriving on ships from Acapulco in Mexico. These ships were known as the Manila galleons; until the 19th century, these silver dollar coins were actual Spanish dollars minted in the new world at Mexico City. But from the 1840s, they were replaced by silver dollars of the new Latin American republics. In the half of the 19th century, some local coins in the region were made in the resemblance of the Mexican peso; the first of these local silver coins was the Hong Kong silver dollar coin, minted in Hong Kong between the years 1866 and 1869.
The Chinese were slow to accept unfamiliar coinage and preferred the familiar Mexican dollars, so the Hong Kong government ceased minting these coins and sold the mint machinery to Japan. The Japanese decided to adopt a silver dollar coinage under the name of'yen', meaning'a round object'; the yen was adopted by the Meiji government in an Act signed on June 27, 1871. The new currency was introduced beginning from July of that year; the yen was therefore a dollar unit, like all dollars, descended from the Spanish Pieces of eight, up until the year 1873, all the dollars in the world had more or less the same value. The yen replaced a complex monetary system of the Edo period based on the mon.. The New Currency Act of 1871, stipulated the adoption of the decimal accounting system of yen and rin, with the coins being round and manufactured using Western machinery; the yen
In economics, hyperinflation is high and accelerating inflation. It erodes the real value of the local currency, as the prices of all goods increase; this causes people to minimize their holdings in that currency as they switch to more stable foreign currencies the US Dollar. Prices remain stable in terms of other stable currencies. Unlike low inflation, where the process of rising prices is protracted and not noticeable except by studying past market prices, hyperinflation sees a rapid and continuing increase in nominal prices, the nominal cost of goods, in the supply of money. However, the general price level rises more than the money supply as people try ridding themselves of the devaluing currency as as possible; as this happens, the real stock of money decreases considerably. Hyperinflation is associated with some stress to the government budget, such as wars or their aftermath, sociopolitical upheavals, a collapse in aggregate supply or one in export prices, or other crises that make it difficult for the government to collect tax revenue.
A sharp decrease in real tax revenue coupled with a strong need to maintain government spending, together with an inability or unwillingness to borrow, can lead a country into hyperinflation. In 1956, Phillip Cagan wrote The Monetary Dynamics of Hyperinflation, the book regarded as the first serious study of hyperinflation and its effects. In his book, Cagan defined a hyperinflationary episode as starting in the month that the monthly inflation rate exceeds 50%, as ending when the monthly inflation rate drops below 50% and stays that way for at least a year. Economists follow Cagan’s description that hyperinflation occurs when the monthly inflation rate exceeds 50%; the International Accounting Standards Board has issued guidance on accounting rules in a hyperinflationary environment. It does not establish an absolute rule on. Instead, it lists factors that indicate the existence of hyperinflation: The general population prefers to keep its wealth in non-monetary assets or in a stable foreign currency.
Amounts of local currency held are invested to maintain purchasing power The general population regards monetary amounts not in terms of the local currency but in terms of a stable foreign currency. Prices may be quoted in that currency. While there can be a number of causes of high inflation, most hyperinflations have been caused by government budget deficits financed by money creation. Peter Bernholz analysed 29 hyperinflations and concludes that at least 25 of them have been caused in this way. A necessary condition for hyperinflation is the use instead of gold or silver coins. Most hyperinflations in history, with some exceptions, such as the French hyperinflation of 1789-1796, occurred after the use of fiat currency became widespread in the late 19th century; the French hyperinflation took place after the introduction of a non-convertible paper currency, the assignats. Hyperinflation occurs when there is a continuing rapid increase in the amount of money, not supported by a corresponding growth in the output of goods and services.
The increases in price that result from the rapid money creation creates a vicious circle, requiring growing amounts of new money creation to fund government deficits. Hence both monetary inflation and price inflation proceed at a rapid pace; such increasing prices cause widespread unwillingness of the local population to hold the local currency as it loses its buying power. Instead they spend any money they receive, which increases the velocity of money flow; this means. The real stock of money, M/P, decreases. Here M refers to P to the price level; this results in an imbalance between the demand for the money, causing rapid inflation. High inflation rates can result in a loss of confidence in the currency, similar to a bank run; the excessive money supply growth results from the government being either unable or unwilling to finance the government budget through taxation or borrowing, instead it finances the government budget deficit through the printing of money. Governments have sometimes resorted to excessively loose monetary policy, as it allows a government to devalue its debts and reduce a tax increase.
Inflation is a regressive tax on the users of money, but less overt than levied taxes and is therefore harder to understand by ordinary citizens. Inflation can obscure quantitative assessments of the true cost of living, as published price indices only look at data in retrospect, so may increase only months later. Monetary inflation can become hyperinflation if monetary authorities fail to fund increasing government expenses from taxes, government debt, cost cutting, or by other means, because either during the time between recording or levying taxable transactions and collecting the taxes due, the value of the taxes collected falls in real value to a small fraction of the original taxes rece
Unit of measurement
A unit of measurement is a definite magnitude of a quantity and adopted by convention or by law, used as a standard for measurement of the same kind of quantity. Any other quantity of that kind can be expressed as a multiple of the unit of measurement. For example, a length is a physical quantity; the metre is a unit of length. When we say 10 metres, we mean 10 times the definite predetermined length called "metre". Measurement is a process of determining how large or small a physical quantity is as compared to a basic reference quantity of the same kind; the definition and practical use of units of measurement have played a crucial role in human endeavour from early ages up to the present. A multitude of systems of units used to be common. Now there is a global standard, the International System of Units, the modern form of the metric system. In trade and measures is a subject of governmental regulation, to ensure fairness and transparency; the International Bureau of Weights and Measures is tasked with ensuring worldwide uniformity of measurements and their traceability to the International System of Units.
Metrology internationally accepted units of measurement. In physics and metrology, units are standards for measurement of physical quantities that need clear definitions to be useful. Reproducibility of experimental results is central to the scientific method. A standard system of units facilitates this. Scientific systems of units are a refinement of the concept of weights and measures developed for commercial purposes. Science and engineering use larger and smaller units of measurement than those used in everyday life; the judicious selection of the units of measurement can aid researchers in problem solving. In the social sciences, there are no standard units of measurement and the theory and practice of measurement is studied in psychometrics and the theory of conjoint measurement. A unit of measurement is a standardised quantity of a physical property, used as a factor to express occurring quantities of that property. Units of measurement were among the earliest tools invented by humans. Primitive societies needed rudimentary measures for many tasks: constructing dwellings of an appropriate size and shape, fashioning clothing, or bartering food or raw materials.
The earliest known uniform systems of measurement seem to have all been created sometime in the 4th and 3rd millennia BC among the ancient peoples of Mesopotamia and the Indus Valley, also Elam in Persia as well. Weights and measures are mentioned in the Bible, it is a commandment to have fair measures. In the Magna Carta of 1215 with the seal of King John, put before him by the Barons of England, King John agreed in Clause 35 "There shall be one measure of wine throughout our whole realm, one measure of ale and one measure of corn—namely, the London quart; as of the 21st Century, multiple unit systems are used all over the world such as the United States Customary System, the British Customary System, the International System. However, the United States is the only industrialized country that has not yet converted to the Metric System; the systematic effort to develop a universally acceptable system of units dates back to 1790 when the French National Assembly charged the French Academy of Sciences to come up such a unit system.
This system was the precursor to the metric system, developed in France but did not take on universal acceptance until 1875 when The Metric Convention Treaty was signed by 17 nations. After this treaty was signed, a General Conference of Weights and Measures was established; the CGPM produced the current SI system, adopted in 1954 at the 10th conference of weights and measures. The United States is a dual-system society which uses both the SI system and the US Customary system; the use of a single unit of measurement for some quantity has obvious drawbacks. For example, it is impractical to use the same unit for the distance between two cities and the length of a needle, thus they would develop independently. One way to make large numbers or small fractions easier to read, is to use unit prefixes. At some point in time though, the need to relate the two units might arise, the need to choose one unit as defining the other or viceversa. For example an inch could be defined in terms of a barleycorn.
A system of measurement is a collection of units of measurement and rules relating them to each other. As science progressed, a need arose to relate the measurement systems of different quantities, like length and weight and volume; the effort of attempting to relate different traditional systems between each other exposed many inconsistencies, brought about the development of new units and systems. Systems of measurement in modern use include the metric system, the imperial system, United States customary units. Many of the systems of measurement, in use were to some extent based on the dimensions of the human body; as a result, units of measure could vary not only from location to location, but from person to person. Metric systems of units have evolved since the adoption of the original metric system in France in 1791; the current international standard metric system is the International System of Units. An important feature of modern systems is standardization; each unit has a universally recognized size.
Both the imperial units and US customary
A banknote is a type of negotiable promissory note, made by a bank, payable to the bearer on demand. Banknotes were issued by commercial banks, which were required to redeem the notes for legal tender when presented to the chief cashier of the originating bank; these commercial banknotes only traded at face value in the market served by the issuing bank. Commercial banknotes have been replaced by national banknotes issued by central banks. National banknotes are legal tender, meaning that medium of payment is allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment; this practice of "backing" notes with something of substance is the basis for the history of central banks backing their currencies in gold or silver. Today, most national currencies have no backing in precious metals or commodities and have value only by fiat. With the exception of non-circulating high-value or precious metal issues, coins are used for lower valued monetary units, while banknotes are used for higher values.
In China during the Han dynasty promissory notes were made of leather. Rome may have used a durable lightweight substance as promissory notes in 57 AD which have been found in London. However, Carthage was purported to have issued bank notes on parchment or leather before 146 BC. Hence Carthage may be the oldest user of lightweight promissory notes; the first known banknote was first developed in China during the Tang and Song dynasties, starting in the 7th century. Its roots were in merchant receipts of deposit during the Tang dynasty, as merchants and wholesalers desired to avoid the heavy bulk of copper coinage in large commercial transactions. During the Yuan dynasty, banknotes were adopted by the Mongol Empire. In Europe, the concept of banknotes was first introduced during the 13th century by travelers such as Marco Polo, with European banknotes appearing in 1661 in Sweden. Counterfeiting, the forgery of banknotes, is an inherent challenge in issuing currency, it is countered by anticounterfeiting measures in the printing of banknotes.
Fighting the counterfeiting of banknotes and cheques has been a principal driver of security printing methods development in recent centuries. Paper currency first developed in Tang dynasty China during the 7th century, although true paper money did not appear until the 11th century, during the Song dynasty; the usage of paper currency spread throughout the Mongol Empire or Yuan dynasty China. European explorers like Marco Polo introduced the concept in Europe during the 13th century. Napoleon issued paper banknotes in the early 1800s. Cash paper money originated as receipts for value held on account "value received", should not be conflated with promissory "sight bills" which were issued with a promise to convert at a date; the perception of banknotes as money has evolved over time. Money was based on precious metals. Banknotes were seen by some as an I. O. U. or promissory note: a promise to pay someone in precious metal on presentation, but were accepted - for convenience and security - in the City of London for example from the late 1600s onwards.
With the removal of precious metals from the monetary system, banknotes evolved into pure fiat money. Development of the banknote began in the Tang dynasty during the 7th century, with local issues of paper currency, although true paper money did not appear until the 11th century, during the Song dynasty, its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants and wholesalers desired to avoid the heavy bulk of copper coinage in large commercial transactions. Before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle. Several coins could be strung together on a rope. Merchants in China, if they became rich enough, found that their strings of coins were too heavy to carry around easily. To solve this problem, coins were left with a trustworthy person, the merchant was given a slip of paper recording how much money they had with that person. If they showed the paper to that person, they could regain their money; the Song Dynasty paper money called "jiaozi" originated from these promissory notes.
By 960 the Song dynasty, short of copper for striking coins, issued the first circulating notes. A note is a promise to redeem for some other object of value specie; the issue of credit notes is for a limited duration, at some discount to the promised amount later. The jiaozi did not replace coins during the Song Dynasty; the central government soon observed the economic advantages of printing paper money, issuing a monopoly right of several of the deposit shops to the issuance of these certificates of deposit. By the early 12th century, the amount of banknotes issued in a single year amounted to an annual rate of 26 million strings of cash coins. By the 1120s the central government stepped in and produced their own state-issued paper money. Before this point, the Song government was amassing large amounts of paper tribute, it was recorded that each year before 1101 AD, the prefecture of Xin'an alone would send 1,500,000 sheets of paper in seven different varieties to the capital at Kaifeng. In that year of 1101, the Emperor Huizong of Song decided to lessen the amount of paper taken in the tribute quota, because it was causing detrimental effects and creating heavy burdens on the people of the regio
The yang was the currency of Korea between 1892 and 1902. It was subdivided into 10 jeon, 100 bun and 5 yang = 1 hwan; the word yang is a cognate of the Chinese "tael". Fun, is a cognate of a Chinese word, equal to 1/100 yuan, whilst hwan is a cognate of yuan itself. Just before the yang was introduced, a small number of coins denominated in hwan and mun were minted, it is unclear. The 1 won and 5 yang coins were equal in size, containing 416 grains of silver. However, before 1892, the main currency of Korea was the mun, a denomination based on the Chinese cash; the mintage and circulation of modern currency began during the last years of the old Korean Empire as a result of contact with the West, using equipment to produce machine-struck coins purchased from Germany in 1883. Around the time of the trial adoption of the gold standard in 1901, gold and silver coins were in circulation along with some Japanese bank notes; the yang was replaced by the won at a rate of 1 won = 5 yang. Coins were minted in the denominations of 5 fun, 1/4 yang, 1 yang, 5 yang and 1 hwan.
The coins all carried the title of the state, "Great Joseon" just "Joseon" and Daehan. Until 1897, the dynastic dating system was used, where the founding year of the Joseon Dynasty, 1392, was year 1. Starting in 1897, the regnal year of the monarch was used instead. A series was never issued; the denominations were 5 yang, 10 yang, 20 yang, 50 yang