1.
Estonian language
–
Estonian is the official language of Estonia, spoken natively by about 922,000 people in Estonia and 160,000 outside Estonia. It belongs to the Finnic branch of the Uralic language family, Estonian belongs to the Finnic branch of the Uralic languages, along with Finnish, Karelian, and other nearby languages. The Uralic languages do not belong to the Indo-European languages, Estonian is distantly related to Hungarian and to the Sami languages. Estonian has been influenced by Swedish, German, and Russian, furthermore, the apocope of word-final sounds is extensive and has contributed to a shift from a purely agglutinative to a fusional language. The basic word order is subject–verb–object, modern standard Estonian has evolved on the basis of the dialects of Northern Estonia. The domination of Estonia after the Northern Crusades, from the 13th century to 1918 by Denmark, Germany, Sweden, the oldest written records of the Finnic languages of Estonia date from the 13th century. Originates Livoniae in Chronicle of Henry of Livonia contains Estonian place names, words, the earliest extant samples of connected Estonian are the so-called Kullamaa prayers dating from 1524 and 1528. In 1525 the first book published in the Estonian language was printed, the book was a Lutheran manuscript, which never reached the reader and was destroyed immediately after publication. The first extant Estonian book is a bilingual German-Estonian translation of the Lutheran catechism by S. Wanradt and J. Koell dating to 1535, an Estonian grammar book to be used by priests was printed in German in 1637. The New Testament was translated into southern Estonian in 1686, the two languages were united based on northern Estonian by Anton thor Helle. Writings in Estonian became more significant in the 19th century during the Estophile Enlightenment Period, the birth of native Estonian literature was in 1810 to 1820 when the patriotic and philosophical poems by Kristjan Jaak Peterson were published. His birthday on March 14 is celebrated in Estonia as the Mother Tongue Day, a fragment from Petersons poem Kuu expresses the claim reestablishing the birthright of the Estonian language, Kas siis selle maa keel Laulutuules ei või Taevani tõustes üles Igavikku omale otsida. In English, Can the language of this land In the wind of incantation Rising up to the heavens Not seek for eternity. Kristjan Jaak Peterson From 1525 to 191714,503 titles were published in Estonian, in modern times Jaan Kross and Jaan Kaplinski remain as two of Estonias best known and most translated writers. Writings in Estonian became significant only in the 19th century with the spread of the ideas of the Age of Enlightenment, after the Estonian War of Independence in 1919, the Estonian language became the state language of the newly independent country. In 1945,97. 3% of Estonia considered itself ethnic Estonian, when Estonia was invaded and occupied by the Soviet Union in World War II, the status of the Estonian language changed to the first of two official languages. As with Latvia many immigrants entered Estonia under Soviet encouragement, in the second half of the 1970s, the pressure of bilingualism intensified, resulting in widespread knowledge of Russian throughout the country. The Russian language was termed as ‘the language of friendship of nations’ and was taught to Estonian children, although teaching Estonian to non-Estonians in schools was compulsory, in practice learning the language was often considered unnecessary
Estonian language
–
Estonian grammar published in Reval in 1637 by Heinrich Stahl
Estonian language
–
Estonian
Estonian language
–
An 1885 ABC-book in
Võro written by Johann Hurt: "Wastne Võro keeli ABD raamat"
2.
ISO 4217
–
The ISO4217 code list is used in banking and business globally. ISO4217 codes are used on tickets and international train tickets to remove any ambiguity about the price. The first two letters of the code are the two letters of the ISO 3166-1 alpha-2 country codes and the third is usually the initial of the currency itself, so Japans currency code is JPY—JP for Japan and Y for yen. This eliminates the problem caused by the dollar, franc, peso and pound being used in dozens of different countries. Also, if a currency is revalued, the currency codes last letter is changed to distinguish it from the old currency. Other changes can be seen, however, the Russian ruble, for example, changed from RUR to RUB and these currency units are denominated as one troy ounce of the specified metal as opposed to USD1 or EUR1. The code XTS is reserved for use in testing, the code XXX is used to denote a transaction involving no currency. There are also codes specifying certain monetary instruments used in international finance, the codes for most supranational currencies, such as the East Caribbean dollar, the CFP franc, the CFA franc BEAC and the CFA franc BCEAO. The predecessor to the euro, the European Currency Unit, had the code XEU, the use of an initial letter X for these purposes is facilitated by the ISO3166 rule that no official country code beginning with X will ever be assigned. Because of this rule ISO4217 can use X codes without risk of clashing with a country code. ISO3166 country codes beginning with X are used for private custom use, consequently, ISO4217 can use X codes for non-country-specific currencies without risk of clashing with future country codes. The inclusion of EU in the ISO 3166-1 reserved codes list, the ISO4217 standard includes a crude mechanism for expressing the relationship between a major currency unit and its corresponding minor currency unit. This mechanism is called the exponent and assumes a base of 10. For example, USD is equal to 100 of its currency unit the cent. So the USD has exponent 2, the code JPY is given the exponent 0, because its minor unit, the sen, although nominally valued at 1/100 of a yen, is of such negligible value that it is no longer used. Usually, as with the USD, the currency unit has a value that is 1/100 of the major unit, but in some cases 1/1000 is used. Mauritania does not use a decimal division of units, setting 1 ouguiya equal to 5 khoums, some currencies do not have any minor currency unit at all and these are given an exponent of 0, as with currencies whose minor units are unused due to negligible value. There is also a code number assigned to each currency
ISO 4217
–
An
airline ticket showing the price in the ISO 4217 code "
EUR " (bottom left) and not the
currency sign €
ISO 4217
–
A list of exchange rates for various base currencies given by a
money changer in Thailand, with the Thailand Baht as the counter (or quote) currency.
3.
Cent (currency)
–
In many national currencies, the cent, commonly represented by the cent sign is a monetary unit that equals 1⁄100 of the basic monetary unit. Etymologically, the word cent derives from the Latin word centum meaning hundred, cent also refers to a coin worth one cent. In the United States and Canada, the 1¢ coin is known by the nickname penny, alluding to the British coin. In Ireland the 1c coin is sometimes known as a penny in reference to the Irish penny. A cent is commonly represented by the cent sign, a letter c crossed by a diagonal stroke or a vertical line, ¢, or a simple c. Cent amounts from 1 cent to 99 cents can be represented as one or two digits followed by the abbreviation, or as a subdivision of the base unit. The cent sign has not survived the changeover from typewriters to computer keyboards, for the US International keyboard, <Right Alt> <Shift> c. On Macintosh systems, hold ⌥ Option and press 4 on the number row, on Unix/Linux systems with a compose key, Compose+|+C is a typical sequence. The cent sign has Unicode code point, U+00A2 ¢ cent sign, usage of the cent symbol varies from one currency to another. In the United States, Canada and Mexico, the usage ¢ is more common, while in Australia, New Zealand and the eurozone, in South Africa and Ireland, only the c is used. When written in English, the cent sign follows the amount, in contrast with a currency symbol. For example, 2¢ and $0.02, or 2c, greek coins have ΛΕΠΤΟ on the obverse of the one-cent coin and ΛΕΠΤΑ on the obverse of the others. Actual usage varies depending on language, South Korean Won no fractional denomination in circulation, formerly divided into 100 jeon
Cent (currency)
–
A United States one-cent coin, also known as a
penny
4.
Paper
–
Paper is a thin material produced by pressing together moist fibres of cellulose pulp derived from wood, rags or grasses, and drying them into flexible sheets. It is a material with many uses, including writing, printing, packaging, cleaning. The modern pulp and paper industry is global, with China leading its production, the oldest known archaeological fragments of the immediate precursor to modern paper, date to the 2nd century BC in China. The pulp papermaking process is ascribed to Cai Lun, a 2nd-century AD Han court eunuch, with paper as an effective substitute for silk in many applications, China could export silk in greater quantity, contributing to a Golden Age. Because of papers introduction to the West through the city of Baghdad, in the 19th century, industrial manufacture greatly lowered its cost, enabling mass exchange of information and contributing to significant cultural shifts. In 1844, the Canadian inventor Charles Fenerty and the German F. G. Keller independently developed processes for pulping wood fibres, before the industrialisation of the paper production the most common fibre source was recycled fibres from used textiles, called rags. The rags were from hemp, linen and cotton, a process for removing printing inks from recycled paper was invented by German jurist Justus Claproth in 1774. Today this method is called deinking and it was not until the introduction of wood pulp in 1843 that paper production was not dependent on recycled materials from ragpickers. The word paper is etymologically derived from Latin papyrus, which comes from the Greek πάπυρος, although the word paper is etymologically derived from papyrus, the two are produced very differently and the development of the first is distinct from the development of the second. Papyrus is a lamination of natural plant fibres, while paper is manufactured from fibres whose properties have changed by maceration. To make pulp from wood, a chemical pulping process separates lignin from cellulose fibres and this is accomplished by dissolving lignin in a cooking liquor, so that it may be washed from the cellulose, this preserves the length of the cellulose fibres. Paper made from chemical pulps are also known as wood-free papers–not to be confused with paper, this is because they do not contain lignin. The pulp can also be bleached to produce paper, but this consumes 5% of the fibres, chemical pulping processes are not used to make paper made from cotton. There are three main chemical pulping processes, the process dates back to the 1840s and it was the dominant method extent before the second world war. Most pulping operations using the process are net contributors to the electricity grid or use the electricity to run an adjacent paper mill. Another advantage is that this process recovers and reuses all inorganic chemical reagents, soda pulping is another specialty process used to pulp straws, bagasse and hardwoods with high silicate content. There are two major mechanical pulps, thermomechanical pulp and groundwood pulp, in the TMP process, wood is chipped and then fed into steam heated refiners, where the chips are squeezed and converted to fibres between two steel discs. In the groundwood process, debarked logs are fed into grinders where they are pressed against rotating stones to be made into fibres
Paper
–
Different types of paper:
carton,
tissue paper
Paper
–
Hemp wrapping paper, China, circa 100 BC.
Paper
–
The microscopic structure of paper:
Micrograph of paper
autofluorescing under
ultraviolet illumination. The individual fibres in this sample are around 10
µm in diameter.
Paper
–
Card and paper stock for
crafts use comes in a wide variety of textures and colors.
5.
1 Kroon
–
The 1 kroon is the smallest valued banknote of the Estonian kroon, the former currency of Estonia. Kristjan Raud, an Estonian painter, teacher, and cultural historian, is featured with a portrait on the obverse, a view of Toompea Castle in Tallinn appears on the reverse. The 1 kroon was only issued once and had been going out of circulation since a coin of the same value was also issued. At the time of replacement by the euro, it was rarely found in use on an everyday basis. It can be exchanged indefinitely at the museum of Eesti Pank for €0.06. The paper of the banknotes contains security fibres of different colour, each note contains a security strip. Each banknote has a serial number printed in black. Estonian kroon Bank of Estonia Economy of Estonia Global Financial Data data series - Estonia Kroon The Global History of Currencies - Estonia
1 Kroon
–
Obverse of the 1 krooni bill
6.
2 Krooni
–
The 2 krooni banknote is a denomination of the Estonian kroon, the former currency of Estonia. Karl Ernst von Baer, who was an Estonian anthropologist, naturalist, the 2 krooni bill is called sometimes a kahene meaning a two. A view of Tartu University which was founded in 1632 is featured on the reverse, before the replacement of the EEK by the euro, the 2 krooni banknote was the smallest denomination most commonly used by Estonian residents on an everyday basis. It can be exchanged indefinitely at the museum of Eesti Pank for €0.13. The paper of the banknotes contains security fibres of different colour, each note contains a security strip. Each banknote has a serial number printed in black. Dark security thread with transparent text 2 EEK EESTI PANK, uV-fluorescent rectangle with the denomination 2. Currencies related to the euro Estonian euro coins Currency board Estonian mark Economy of Estonia Global Financial Data data series - Estonia Kroon The Global History of Currencies - Estonia
2 Krooni
–
Obverse of the 2 krooni bill
2 Krooni
–
Reverse of the 2 krooni bill
7.
5 Krooni
–
The 5 krooni banknote is a denomination of the Estonian kroon, the former currency of Estonia. Paul Keres, who was a world-famous Estonian chess player, international Grandmaster, the reverse features Hermann Castle founded in 1256 by the Danes and Ivangorod Fortress established by Ivan III in 1492. The 5 krooni banknote was issued shortly after the reestablishment of the Estonian state in 1991. A5 krooni coin was also minted but the banknote was commonly found in circulation. The note can be exchanged indefinitely at the museum of Eesti Pank for €0.32. The watermark is in two parts on the edges of the note, each note contains a security thread. The portraits are printed in the colour of the note. Each note has a serial number. The horizontal number on the left is printed in black and the number on the right is printed in a different colour on each denomination. When the note is held at an angle to the light,1994 New colour tints have been used in these areas. Silver ink has been incorporated into the note, a new style serial number appears on the right-hand side, in a different colour for each denomination. When the note is held up to the light, printed areas on the back of the fill the unprinted areas on the front of the note. Currencies related to the euro Estonian euro coins Currency board Estonian mark Economy of Estonia Global Financial Data data series - Estonia Kroon The Global History of Currencies - Estonia
5 Krooni
–
Obverse of the 5 krooni bill
5 Krooni
–
Reverse of the 5 krooni bill
8.
10 Krooni
–
The 10 krooni banknote is a denomination of the Estonian kroon, the former currency of Estonia. The 10 krooni bill is called a Hurt. A view of the Tamme-Lauri oak tree at Urvaste is featured on the reverse, the EEK has been withdrawn and replaced by the euro, but the 10 krooni can be exchanged indefinitely at the currency museum of Eesti Pank for €0.64. The watermark is in two parts on the edges of the note, each note contains a security thread. The portraits are printed in the colour of the note. Each note has a serial number. The horizontal number on the left is printed in black and the number on the right is printed in a different colour on each denomination. When the note is held at an angle to the light,1994 New colour tints have been used in these areas. Silver ink has been incorporated into the note, a new style serial number appears on the right-hand side, in a different colour for each denomination. When the note is held up to the light, printed areas on the back of the fill the unprinted areas on the front of the note. Dark security thread with the transparent text 10 EEK EESTI PANK, tactile marks for the visually impaired. When the note is held against the light, the areas on the back of the note fill the unprinted areas on the front of the note. UV-fluorescent rectangle with the denomination 10 inside, Currencies related to the euro Estonian euro coins Currency board Estonian mark Economy of Estonia Global Financial Data data series - Estonia Kroon The Global History of Currencies - Estonia
10 Krooni
–
Obverse of the 10 krooni bill
10 Krooni
–
Reverse of the 10 krooni bill
10 Krooni
–
Obverse of the 1991 first series banknote
10 Krooni
–
Reverse of the 1991 first series banknote
9.
25 Krooni
–
The 25 krooni banknote is a denomination of the Estonian kroon, the former currency of Estonia. A view of Vargamäe is featured on the side of the banknote. Before the replacement of the EEK by the euro, the 25 krooni was frequently used in everyday transactions and it can be exchanged indefinitely at the currency museum of Eesti Pank for €1.60. The watermark is in two parts on the edges of the note, each note contains a security thread. The portraits are printed in the colour of the note. Each note has a serial number. The horizontal number on the left is printed in black and the number on the right is printed in a different colour on each denomination. When the note is held at an angle to the light, holographic foil stripe with microtext border. Dark security thread with transparent text 25EEK EESTI PANK, microprint, repeated 25 within denomination numerals. Signatures, President, Chairman of the Board, recognition sign for the visually handicapped. Number 25 appears when the note is held up to the light, uV-fluorescent motif of boggy landscape and security thread. Currencies related to the euro Estonian euro coins Currency board Estonian mark Economy of Estonia Global Financial Data data series - Estonia Kroon The Global History of Currencies - Estonia
25 Krooni
–
Obverse of the 25 krooni bill
25 Krooni
–
Reverse of the 25 krooni bill
10.
50 Krooni
–
The 50 krooni banknote is a denomination of the Estonian kroon, the former currency of Estonia. A portrait of Rudolf Tobias, a famous Estonian composer, is engraved on the front side of the bill along with the organ of the Käina church. The vignette on the features the Estonia Theatre in Tallinn. The only printing of the 50 krooni banknote took place in 1994, fewer 50 krooni notes were ordered by the Bank of Estonia than any other denominations. A medium size banknote, it was one of the most rarely used denominations and it can be exchanged indefinitely at the currency museum of Eesti Pank for €3.20. The watermark is in two parts on the edges of the note, each note contains a security thread. The portrait is printed in the colour of the note. Each note has a serial number. The horizontal number on the left and the novel style vertical number on the right are printed in black, silver ink has been incorporated into the note. When the note is held at an angle to the light, Currencies related to the euro Estonian euro coins Currency board Estonian mark Economy of Estonia Global Financial Data data series - Estonia Kroon The Global History of Currencies - Estonia
50 Krooni
–
Obverse of the 50 krooni bill
50 Krooni
–
Reverse of the 50 krooni bill
11.
100 Krooni
–
The 100 krooni banknote is a denomination of the Estonian kroon, the former currency of Estonia. Lydia Koidula, who was an Estonian poet and playwright, is featured on the front side of the banknote, a view of the north Estonian limestone shore is featured on the reverse side of the banknote. It can be exchanged indefinitely at the museum of Eesti Pank for €6.39. The watermark is in two parts on the edges of the note, each note contains a security thread. The portraits are printed in the colour of the note. Each note has a serial number. The horizontal number on the left is printed in black and the number on the right is printed in a different colour on each denomination. When the note is held at an angle to the light,1994 New colour tints have been used in these areas. Silver ink has been incorporated into the note, a new style serial number appears on the right-hand side, in a different colour for each denomination. When the note is held up to the light, printed areas on the back of the fill the unprinted areas on the front of the note. The image of the nightingale and the figure 100 can be seen in area as the viewing angle is altered. 1999 A 3-dimensional watermark representing the portrait of Lydia Koidula is located at the right hand area of the note. A vertically oriented denomination number electrotype watermark denomination number 100 is located in the right corner of the banknote. A holographic foil stripe runs from the top to the close to the left edge of the note. The foil stripe depicts two seals of the Bank of Estonia, both surrounded by two coat of arms lions oriented towards the seal, one pair of lions is shown in a positive form while the other pair in a negative form of holographic artwork. Pump effect dynamics of the structure surrounding the lions appears if the note is tilted with respect to the light. The wavy left border of the stripe is surrounded by a repeated microtext EESTI PANK100. The foil stripe is partially intaglio and offset overprinted, a dark security thread, placed about 45 mm from the right edge of the note with the transparent text 100 EEK EESTI PANK in all four possible orientations, is fully embedded into the banknote paper
100 Krooni
–
Obverse of the 100 krooni bill
100 Krooni
–
Reverse of the 100 krooni bill
12.
500 Krooni
–
The 500 krooni banknote is a denomination of the Estonian kroon, the former currency of Estonia. A barn swallow in flight on a background is featured on the reverse side of the banknote. Before the replacement of the EEK by the euro, the 500 krooni banknote was commonly dispensed by ATMs in Estonia as well as the primary banknote used for withdrawals or cashing checks and it can be exchanged indefinitely at the currency museum of Eesti Pank for €31.96. The watermark is in two parts on the edges of the note, each note contains a security thread. The portraits are printed in the colour of the note. Each note has a serial number. The horizontal number on the left is printed in black and the number on the right is printed in a different colour on each denomination. When the note is held at an angle to the light,1994 New colour tints have been used in these areas. Silver ink has been incorporated into the note, a new style serial number appears on the right-hand side. When the note is held up to the light, printed areas on the back of the fill the unprinted areas on the front of the note. The colour of the ink in this area changes when the note is viewed from different angles,1996 Hologram featuring a swallow and the value 500. A new hand-engraved portrait of Carl Robert Jakobson, a windowed thread with small text reading 500/EP. The thread appears as a row of small silver dashes on the front surface of the note, when the note is held up to the light, printed areas on the back of the note fill unprinted areas on the front of the note to form the value 500. Silver ink has been incorporated into the note, New colour tints have been used in these areas. Dark security thread with transparent text 500EEK EESTI PANK, microprint, repeated text CARL ROBERT JAKOBSON. Microprint, repeated 500 within denomination numerals, three lions printed with silver ink. Recognition sign for the visually handicapped, number 500 appears when the note is held up to the light. Variable ink element with magenta-to-green color shift, hidden image, visible through a special lens
500 Krooni
–
Obverse of the 500 krooni bill
500 Krooni
–
Reverse of the 500 krooni bill
13.
Estonia
–
Estonia, officially the Republic of Estonia, is a country in the Baltic region of Northern Europe. It is bordered to the north by the Gulf of Finland, to the west by the Baltic Sea, to the south by Latvia, across the Baltic Sea lies Sweden in the west and Finland in the north. The territory of Estonia consists of a mainland and 2,222 islands and islets in the Baltic Sea, covering 45,339 km2 of land and water, and is influenced by a humid continental climate. The territory of Estonia has been inhabited since at least 6500 BC, in 1988, during the Singing Revolution, the Estonian Supreme Soviet issued the Estonian Sovereignty Declaration in defiance of Soviet rule, and independence was restored on 20 August 1991. Estonia is a parliamentary republic divided into fifteen counties. Its capital and largest city is Tallinn, with a population of 1.3 million, it is one of the least-populous member states of the European Union, Eurozone, North Atlantic Treaty Organization, OECD and Schengen Area. Estonia is a country with an advanced, high-income economy that is among the fastest growing in the EU. Its Human Development Index ranks very highly, and it performs favourably in measurements of economic freedom, civil liberties, the 2015 PISA test places Estonian high school students 3rd in the world, behind Singapore and Japan. Citizens of Estonia are provided with health care, free education. Since independence the country has developed its IT sector, becoming one of the worlds most digitally advanced societies. In 2005 Estonia became the first nation to hold elections over the Internet, in the Estonian language, the oldest known endonym of the Estonians was maarahvas, meaning country people or people of the land. The land inhabited by Estonians was called Maavald meaning Country Parish or Land Parish, one hypothesis regarding the modern name of Estonia is that it originated from the Aesti, a people described by the Roman historian Tacitus in his Germania. The historic Aesti were allegedly Baltic people, whereas the modern Estonians are Finno-Ugric, the geographical areas between Aesti and Estonia do not match, with Aesti being further down south. Ancient Scandinavian sagas refer to a land called Eistland, as the country is called in Icelandic. Early Latin and other ancient versions of the name are Estia and Hestia, esthonia was a common alternative English spelling prior to 1921. Human settlement in Estonia became possible 13,000 to 11,000 years ago, the oldest known settlement in Estonia is the Pulli settlement, which was on the banks of the river Pärnu, near the town of Sindi, in south-western Estonia. According to radiocarbon dating it was settled around 11,000 years ago, the earliest human inhabitation during the Mesolithic period is connected to Kunda culture, which is named after the town of Kunda in northern Estonia. At that time the country was covered with forests, and people lived in communities near bodies of water
Estonia
–
Tools made by Kunda culture,
Estonian History Museum
Estonia
Estonia
–
Iron Age artifacts of a hoard from
Kumna
Estonia
–
A stylised
viking ship on the Estonian 1
Kroon from 1934
14.
Central bank
–
A central bank, reserve bank, or monetary authority is an institution that manages a states currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries, Central banks in most developed nations are institutionally designed to be independent from political interference. Still, limited control by the executive and legislative bodies usually exists, prior to the 17th century most money was commodity money, typically gold or silver. However, promises to pay were widely circulated and accepted as value at least five hundred years earlier in both Europe and Asia. The Song dynasty was the first to issue generally circulating paper currency, in 1455, in an effort to control inflation, the succeeding Ming Dynasty ended the use of paper money and closed much of Chinese trade. The Bank of Amsterdam, established in the Dutch Republic in 1609, is considered to be the forerunner to modern central banks. The Wisselbanks innovations helped lay the foundations for the birth and development of the banking system that now plays a vital role in the worlds economy. Along with a number of local banks, it performed many functions of a central banking system. Lucien Gillard calls it the European guilder, and Adam Smith devotes many pages to explaining how the bank guilder works, the model of the Wisselbank as a state bank was adapted throughout Europe, including the Bank of Sweden and the Bank of England. Established by Dutch-Latvian Johan Palmstruch in 1668, Sveriges Riksbank is often considered by many as the worlds oldest central bank, the lenders would give the government cash and also issue notes against the government bonds, which could be lent again. A Royal Charter was granted on 27 July through the passage of the Tonnage Act 1694, the bank was given exclusive possession of the governments balances, and was the only limited-liability corporation allowed to issue banknotes. The £1. 2M was raised in 12 days, half of this was used to rebuild the Navy and these modern central banking functions evolved slowly through the 18th and 19th centuries. The currency crisis of 1797, caused by panicked depositors withdrawing from the Bank led to the government suspending convertibility of notes into specie payment. The bank was accused by the bullionists of causing the exchange rate to fall from over issuing banknotes. Nevertheless, it was clear that the Bank was being treated as an organ of the state, henry Thornton, a merchant banker and monetary theorist has been described as the father of the modern central bank. An opponent of the real bills doctrine, he was a defender of the bullionist position, thorntons process of monetary expansion anticipated the theories of Knut Wicksell regarding the cumulative process which restates the Quantity Theory in a theoretically coherent form. Until the mid-nineteenth century, commercial banks were able to issue their own banknotes, many consider the origins of the central bank to lie with the passage of the Bank Charter Act of 1844. Under this law, authorisation to issue new banknotes was restricted to the Bank of England, at the same time, the Bank of England was restricted to issue new banknotes only if they were 100% backed by gold or up to £14 million in government debt
Central bank
–
Public finance
Central bank
–
The old town hall in Amsterdam where the
Bank of Amsterdam was founded in 1609, painting by
Pieter Saenredam.
Central bank
–
The sealing of the Bank of England Charter (1694).
Central bank
–
The
Bank of England, established in 1694.
15.
Bank of Estonia
–
The Bank of Estonia is the central bank of Estonia as well as a member of the Eurosystem organisation of euro area central banks. The Bank of Estonia also belongs to the European System of Central Banks, until 2010, the bank issued the former Estonian currency, the kroon. The Governor of the Bank of Estonia, currently Ardo Hansson, is a member of the Governing Council of the European Central Bank, TALIBOR was published daily by the Bank of Estonia, together with TALIBID. The bank was established on 24 February 1919 by the government of Estonia following the independence of Estonia. Two years later, Eesti Pank became a bank and responsible for issuing the Estonian mark. A new version of the Statutes was approved in 1927, according to which Eesti Pank became an independent note-issuing central bank with limited functions. The main tasks of the bank remained to guarantee the value of the money through currency circulation and through the arrangement, through the sale of government securities, the bank became a true joint-stock bank. A foreign loan of GBP1.35 million supplemented the foreign currency reserves, the gold and foreign currency reserves of the State Treasury were also transferred to the central bank. The fixed capital of the bank was increased from 2.5 million kroon to 5 million kroon, the sizes of the issues in relation to the reserves backing the kroon were determined. Long-term loans that had become illiquid were transferred to the Long Term Loan Bank, upon the Soviet invasion of 1940, Eesti Pank was nationalized as the Estonian Republican Office of the State Bank of the Soviet Union. With the nationalization and the introduction of the Russian ruble as legal tender, Eesti Pank recommenced operations on 1 January 1990 after an interval of 50 years, though not yet as the central bank of an independent country. The fact that it was possible to restore the central bank in spite of the fact that Estonia was not yet independent was a paradox of that time, the Statutes of Eesti Pank were confirmed in March 1990, and 400 million rubles were allocated for the statutory fund. According to the Statutes, Eesti Pank was an independent public organisation, Eesti Pank took over the Tallinn branch of the Foreign Trade Bank of the Soviet Union, re-organising it into the Foreign Currency Operations Centre of Eesti Pank. At the same time it was necessary to begin transforming Eesti Pank into an actual regulator of the Estonian banking sector, at that time, settlements were performed through Moscow, the local Clearing Centre being subordinate to Moscow. In the first years, Eesti Pank was not yet able to regulate, the formation of reserves backing the kroon was commenced. The restoration of the membership of Eesti Pank in the Bank for International Settlements was accompanied by the restoration of its rights to the gold and other assets deposited there. Reserve felling areas from the State Forest Fund worth 150 million dollars were also included in the sheet of Eesti Pank as an additional foreign currency reserve. The new banknotes reached Estonia in April 1992, the Estonian kroon was pegged to the German Deutschmark to ensure stability
Bank of Estonia
–
Bank of Estonia Eesti Pank (Estonian)
16.
Monetary inflation
–
Monetary inflation is a sustained increase in the money supply of a country. There is general agreement among economists that there is a relationship between monetary inflation and price inflation. But there is neither a common view about the exact mechanisms and relationships. This relationship is constantly changing, within a larger complex economic system. Thus there are different views on what could be the best targets, however, there is a general consensus on the importance and responsibility of central banks and monetary authorities in setting public expectations of price inflation and in trying to control it. Keynesian economists believe the bank can sufficiently assess the detailed economic variables and circumstances in real time in order to control monetary policy in detail. These economists favor monetary policies that attempt to out the ups and downs of business cycles. Followers of the monetarist school think that Keynesian style monetary policies produce a lot of overshooting, time-lag errors and other unwanted effects, sometimes making things even worse. They doubt the central banks capacity to analyse economic problems in time and its ability to influence the economy with correct timing. So monetarists advocate less intrusive and complex monetary policies, like inflation targeting or a constant growth rate of money supply. Some followers of Austrian School economics advocate either the return to free markets in money, called free banking, or a 100% gold standard, currently, most central banks follow a monetarist or Keynesian approach, or more often a mix of both. There is a trend of central banks towards the monetarist approach, the mechanisms by which excess money might be translated into inflation are examined below. Individuals can also spend their excess money balances directly on goods and this has a direct impact on inflation by raising aggregate demand. Also, the increase in the demand for labour resulting from higher demands for goods and services will cause a rise in money wages, the more inelastic the aggregate supply in the economy, the greater the impact on inflation. The increase in demand for goods and services may cause a rise in imports, although this leakage from the domestic economy reduces the money supply, it also increases the supply of money on the foreign exchange market thus applying downward pressure on the exchange rate. However, under modern-day monetary systems, the supply of money is largely determined endogenously, but exogenous factors like government surpluses and deficits play a role and allow government to set inflation targets. Given that all major economies currently have a central bank supporting the private banking system, Austrian economists believe that credit growth propagates business cycles
Monetary inflation
–
World GDP (PPP) per capita by country (2014)
17.
European Exchange Rate Mechanism
–
After the adoption of the euro, policy changed to linking currencies of EU countries outside the eurozone to the euro. The goal was to improve the stability of those currencies, as well as to gain an evaluation mechanism for potential eurozone members and this mechanism is known as ERM II and has superseded ERM. Currently there is just one currency in the ERM II, the Danish krone, the ERM is based on the concept of fixed currency exchange rate margins, but with exchange rates variable within those margins. This is also known as a semi-pegged system, determined intervention and loan arrangements protected the participating currencies from greater exchange rate fluctuations. The euro replaced the ECU1,1 at the exchange rate markets, between 1979 and 1999 the D-Mark functioned as a de facto anchor for the ECU, meaning there was only a minor difference between pegging a currency against the ECU and pegging it against the D-mark. The first enlargement of the eurozone, to Greece, took place on 1 January 2001, all new EU members having joined the bloc after the signing of the Maastricht treaty in 1992 are obliged to adopt the euro under the terms of their accession treaties. However, the last of the five convergence criteria, which need to be complied with in order to qualify for euro adoption, is the exchange rate stability criterion. This requires having been a member of the ERM for a minimum of two years without the presence of severe tensions for the exchange rate. The continued parity between the Irish pound and the pound sterling would have taken the Irish pound outside its agreed band, to fulfil the ERM conditions, the Irish government was required to break the parity of the Irish pound with the pound sterling. The ensuing crash of 16 September 1992 was subsequently dubbed Black Wednesday, there has been some revision of attitude towards this event given the UKs strong economic performance after 1992, with some commentators dubbing it White Wednesday. Some commentators, following Norman Tebbit, took to referring to ERM as an Eternal Recession Mechanism, in August 1993, the margin was expanded to 15% to accommodate speculation against the French franc and other currencies. On 31 December 1998, the European Currency Unit exchange rates of the countries were frozen and the value of the euro. In 1999, ERM II replaced the original ERM, the Greek and Danish currencies were part of the new mechanism, but when Greece joined the euro in 2001, the Danish krone was left at that time as the only participant member. A currency in ERM II is allowed to float within a range of ±15% with respect to a central rate against the euro. In the case of the krone, Danmarks Nationalbank keeps the exchange rate within the range of ±2. 25% against the central rate of EUR1 = DKK7.46038. EU countries that have not adopted the euro are expected to participate for at least two years in the ERM II before joining the eurozone, on 1 May 2004, the ten national central banks of the new member countries became party to the ERM II Central Bank Agreement. The national currencies themselves were to part of the ERM II at dates to be agreed. These states have all joined the eurozone, and hence left ERM II, Slovenia, Cyprus, Malta, Slovakia, Estonia, Latvia
European Exchange Rate Mechanism
–
Andorra
18.
Euro
–
Outside of Europe, a number of overseas territories of EU members also use the euro as their currency. Additionally,210 million people worldwide as of 2013 use currencies pegged to the euro, the euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. The name euro was adopted on 16 December 1995 in Madrid. The euro was introduced to world markets as an accounting currency on 1 January 1999. While the euro dropped subsequently to US$0.8252 within two years, it has traded above the U. S. dollar since the end of 2002, peaking at US$1.6038 on 18 July 2008. In July 2012, the euro fell below US$1.21 for the first time in two years, following concerns raised over Greek debt and Spains troubled banking sector, as of 26 March 2017, the euro–dollar exchange rate stands at ~ US$1.07. The euro is managed and administered by the Frankfurt-based European Central Bank, as an independent central bank, the ECB has sole authority to set monetary policy. The Eurosystem participates in the printing, minting and distribution of notes and coins in all states. The 1992 Maastricht Treaty obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergence criteria, all nations that have joined the EU since 1993 have pledged to adopt the euro in due course. Since 5 January 2002, the central banks and the ECB have issued euro banknotes on a joint basis. Euro banknotes do not show which central bank issued them, Eurosystem NCBs are required to accept euro banknotes put into circulation by other Eurosystem members and these banknotes are not repatriated. The ECB issues 8% of the value of banknotes issued by the Eurosystem. In practice, the ECBs banknotes are put into circulation by the NCBs and these liabilities carry interest at the main refinancing rate of the ECB. The euro is divided into 100 cents, in Community legislative acts the plural forms of euro and cent are spelled without the s, notwithstanding normal English usage. Otherwise, normal English plurals are used, with many local variations such as centime in France. All circulating coins have a side showing the denomination or value. Due to the plurality in the European Union, the Latin alphabet version of euro is used. For the denominations except the 1-, 2- and 5-cent coins, beginning in 2007 or 2008 the old map is being replaced by a map of Europe also showing countries outside the Union like Norway
Euro
–
The
central bank has
its seat in
Frankfurt (Germany) and is in charge of the monetary policy of the
euro area.
Euro
–
Euro banknotes as of 2015
Euro
–
Euro coins and banknotes of various denominations.
19.
Currency sign
–
A currency symbol is a graphic symbol used as a shorthand for a currencys name, especially in reference to amounts of money. The European Commission considers the global recognition of the euro sign € part of its success, in 2009, India launched a public competition to replace the ₨ ligature it shared with neighbouring countries. It finalised its new symbol, ₹ on 15 July 2010. It is a blend of the Latin letter R with the Devanagari letter र, when writing currency amounts the location of the symbol varies by currency. Many currencies in the English-speaking world and Latin America, place it before the amount, the Cape Verdean escudo places its symbol in the decimal separator position. The usage of many European countries, such as France, Germany, the decimal separator also follows local countries standards. For instance, the United Kingdom often uses an interpunct as the point on price stickers. Commas or decimal points are common separators used in other countries, see decimal separator for information on international standards. Older currency symbols have evolved slowly, often from previous currencies, the dollar and peso symbols originated from the mark employed to denote the Spanish real de a ocho, whereas the pound and lira symbols evolved from an L standing for libra, a Roman pound of silver. Newly invented currencies and currencies adopting new symbols have symbolism closer to their adopter, the added center bar in the real sign is meant to symbolize stability. The new Indian rupee symbol, ₹, is a combination of Latin. There are also considerations, such as the perception of the business community. For a new symbol to be used, software to render it needs to be promulgated, the EU was criticized for not considering how the euro symbol would need to be customized to work in different fonts. The original design was exceptionally wide. These two factors have led to most typefaces employing customized, font-specific versions, usually with reduced width, List of currencies List of circulating currencies Currency Symbols
Currency sign
–
Official dimensions of the
euro sign
20.
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.
21.
Nordic countries
–
The Nordic countries or Nordics are a geographical and cultural region in Northern Europe and the North Atlantic, where they are most commonly known as Norden. They consist of Denmark, Finland, Iceland, Norway, and Sweden, the population of the Nordic countries are mainly Scandinavian or Finnish, with Greenlandic Inuit and the Sami people as minorities. Of todays native languages, Swedish, Danish, Norwegian, Icelandic, the non-Germanic languages spoken are Finnish, Greenlandic and several Sami languages. The main religion is Lutheran Christianity, the Nordic countries have much in common in their way of life, history, their use of Scandinavian languages and social structure. Politically, Nordic countries do not form an entity. Especially in English, Scandinavia is sometimes used as a synonym for the Nordic countries, Scandinavian Peninsula on the other hand covers mainland Norway and Sweden as well as the northernmost part of Finland. At 3,425,804 square kilometers, the area of the Nordic countries would form the 7th-largest country in the world. Uninhabitable icecaps and glaciers comprise about half of area, mostly in Greenland. In January 2013, the region had a population of around 26 million people, the Nordic countries cluster near the top in numerous metrics of national performance, including education, economic competitiveness, civil liberties, quality of life, and human development. Although the area is linguistically heterogeneous, with three unrelated groups, the common linguistic heritage is one of the factors making up the Nordic identity. The North Germanic languages Danish, Norwegian and Swedish are considered mutually intelligible and these languages are taught in school throughout the Nordic countries. Swedish, for example, is a subject in Finnish schools. Danish is mandatory in Faroese and Greenlandic schools, as these states are a part of the Danish Realm. Iceland also teaches Danish, since Iceland too was a part of the Danish Realm until 1918, there is a high degree of income redistribution and little social unrest. The Nordic countries consists of historical territories of the Scandinavian countries, areas that share a common history and it is meant unambiguously to refer to this larger group, since the term Scandinavia is narrower and sometimes ambiguous. The Nordic countries are considered to unambiguously refer to Denmark, Finland, Iceland, Norway and Sweden. The term is derived indirectly from the local term Norden, used in the Scandinavian languages, unlike the Nordic countries, the term Norden is in the singular. The demonym is nordbo, literally meaning northern dweller, especially outside of the Nordic region the term Scandinavia is often used incorrectly as a synonym for the Nordic countries
Nordic countries
–
Nordic flags
Nordic countries
–
Location of Nordic countries (dark green) in
Northern hemisphere (dark grey) – [
Legend]
Nordic countries
–
Effigy of
Queen Margaret, founder and ruler of the
Kalmar Union.
Nordic countries
–
Nordic prime ministers at the
Nordic Council meeting in 2014 in
Stockholm.
22.
Swedish krona
–
The krona has been the currency of Sweden since 1873. Both the ISO code SEK and currency sign kr are in use, the former precedes or follows the value. In English, the currency is referred to as the Swedish crown. The Swedish krona was the 11th most traded currency in the world by value in April 2013, one krona is subdivided into 100 öre. However, all öre coins have been discontinued as of 30 September 2010, goods can still be priced in öre, but all sums are rounded to the nearest krona when paying with cash. The introduction of the krona, which replaced at par the riksdaler, was a result of the Scandinavian Monetary Union, which came into effect in 1876 and lasted until the beginning of World War I. The parties to the union were the Scandinavian countries, where the name was krona in Sweden and krone in Denmark and Norway, the three currencies were on the gold standard, with the krona/krone defined as 1⁄2480 of a kilogram of pure gold. After dissolution of the union in August 1914, Sweden, Denmark. On 11 September 2012, the Riksbank announced a new series of coins with new sizes to replace the 1 and 5 kronor coins which arrived in October 2016. The design of the coins follows the theme of singer-songwriter Ted Gärdestads song, Sol, vind och vatten and this also included the reintroduction of the 2 kronor coin, while the current 10 kronor coin remained the same. The new coins also have a new portrait of the king in the design, one of the reasons for a new series of coins is to end the use of nickel. It is expected that vending machines and parking meters will to a high degree stop accepting coins. Cash is already used in Sweden, with many young people avoiding cash as much as possible. Between 1873 and 1876, coins in denominations of 1,2,5,10,25, and 50 öre and 1,2,10, and 20 kronor were introduced. The 1,2 and 5 öre were in bronze, the 10,25,50 öre and 1 krona and 2 kronor were in silver, gold 5 kronor coins were added in 1881. In 1873 the Scandinavian Monetary Union currency was fixed so that 248,000 öre purchased 1 kg of gold, in 2017 the price of gold is 365,289 kronor per kg. So one öre in 1873 bought as much gold as 1.47 krona in 2017, so if it is reasonable to have the smallest denomination coin 1 krona today, in 1873 a reasonable smallest denomination coin was 1 öre. A10 kr gold coin weighed 4.4803 grams with 900 finess so that the weight was 4.03327 grams or exactly 1/248th of a kilogram
Swedish krona
–
Swedish bank notes
Swedish krona
–
Two golden 20 kr coins from the
Scandinavian Monetary Union, which was based on a gold standard. The coin to the left is Swedish and the right one is
Danish.
Swedish krona
–
1909 specimen (with approval on the reverse) of a
Sveriges Riksbank 1,000 kronor note.
Swedish krona
–
20 kronor
23.
Danish krone
–
The krone is the official currency of Denmark, Greenland and the Faroe Islands, introduced on 1 January 1875. Both the ISO code DKK and currency sign kr. are in use, the former precedes the value. The currency is referred to as the Danish crown in English. Historically, krone coins have been minted in Denmark since the 17th century, one krone is subdivided into 100 øre, the name øre possibly deriving from Latin aureus meaning gold coin. Altogether there are eleven denominations of the krone, with the smallest being the 50 øre coin, formerly there were more øre coins, but those were discontinued due to inflation. The krone is pegged to the euro via the ERM II, the oldest known Danish coin is a penny struck AD 825–840, but the earliest systematic minting produced the so-called korsmønter or cross coins minted by Harald Bluetooth in the late 10th century. Organised minting in Denmark was introduced on a larger scale by Canute the Great in the 1020s, for almost 1,000 years, Danish kings – with a few exceptions – have issued coins with their name, monogram and/or portrait. Taxes were sometimes imposed via the coinage, e. g. by the substitution of coins handed in by new coins handed out with a lower silver content. Danish coinage was based on the Carolingian silver standard. Periodically, the value of the minted coins was reduced. This was mainly done to generate income for the monarch and/or the state, as a result of the debasement, the public started to lose trust in the respective coins. Danish currency was overhauled several times in attempts to restore public trust in the coins, in 1619 a new currency was introduced in Denmark, the krone. One krone had the value of 1 1/2 Danish Rigsdaler Species accounting for 96 Kroneskillinger, later for 144 common Skillings, until the late 18th century, the krone was a denomination equal to 8 mark, a subunit of the Danish rigsdaler. A new krone was introduced as the currency of Denmark in January 1875 and it replaced the rigsdaler at a rate of 2 kroner =1 rigsdaler. This placed the krone on the standard at a rate of 2480 kroner =1 kilogram fine gold. The latter part of the 18th century and much of the 19th century saw expanding economic activity, consequently, banknotes were increasingly used instead of coins. The introduction of the new krone was a result of the Scandinavian Monetary Union, the parties to the union were the three Scandinavian countries, where the name was krone in Denmark and Norway and krona in Sweden, a word which in all three languages literally means crown. The three currencies were on the standard, with the krone/krona defined as 1⁄2480 of a kilogram of pure gold
Danish krone
–
1000 kroner banknote
Danish krone
Danish krone
–
Two golden 20 kr coins from the
Scandinavian Monetary Union, with identical weight and composition. The coin to the left is
Swedish and the right one is Danish.
Danish krone
–
A
tin -
bronze 50-øre coin
24.
Norwegian krone
–
The krone, plural kroner, is the currency of Norway and its dependent territories. It is subdivided into 100 øre, which exist only electronically since 2012, the name translates into English as crown. The krone was the thirteenth most traded currency in the world by value in April 2010, the krone was introduced in 1875, replacing the Norwegian speciedaler/spesidaler at a rate of 4 kroner =1 speciedaler. In doing so, Norway joined the Scandinavian Monetary Union, which had established in 1873. After its dissolution, Denmark, Norway, and Sweden all decided to keep the names of their respective, within the Scandinavian Monetary Union, the krone was on a gold standard of 2,480 kroner =1 kilogram of pure gold. This gold standard was restored between 1916 and 1920 and again in 1928 and it was suspended permanently in 1931, when a peg to the British pound of 19.9 kroner =1 pound was established. In 1939, Norway pegged the krone temporarily to the U. S. dollar at a rate of 4.4 kroner =1 dollar, nonetheless, Norway would continue to hold the Kingdoms gold reserves. During the German occupation in the Second World War, the krone was initially pegged to the Reichsmark at a rate of 1 krone =0.6 Reichsmark, after the war, a rate of 20 kroner =1 pound was established. The rate to the pound was maintained in 1949, when the pound devalued relative to the U. S. dollar, in 1875, coins were introduced in denominations of 10 and 50 øre and 1 and 10 kroner. These coins also bore the denomination in the currency, as 3,15. Between 1875 and 1878, the new coinage was introduced in full, in denominations of 1,2,5,10,25, and 50 øre and 1,2, and 10 kroner. The 1,2, and 5 øre were struck in bronze, the 10,25, and 50 øre and 1 and 2 kroner, in silver, the last gold coins were issued in 1910, silver was replaced by cupro-nickel from 1920. Between 1917 and 1921, iron replaced bronze. 1917 also saw the last issuance of 2 kroner coins, during the German occupation in the Second World War, zinc was used in place of cupro-nickel in 10,25, and 50 øre coins, and production of the 1 krone piece was suspended. In 1963,5 kroner coins were introduced, production of 1 and 2 øre coins ceased in 1972. The following year, the size of the 5 øre coin was reduced, production of the denomination ceased in 1982, ten-kroner coins were introduced in 1983. In 1992, the last 10 øre coins were minted, between 1994 and 1998, a new coinage was introduced, consisting of 50 øre,1,5,10, and 20 kroner. These are the coins which are currently legal tender, with the exception of the 50-øre coin which was withdrawn on 1 May 2012
Norwegian krone
–
1000 kroner note
Norwegian krone
–
A 20-crown gold coin. The text '124 Stk. 1 Kil. f. G.' means that 124 pieces gave one kilogram of pure gold
Norwegian krone
–
The obverse of a 1940 Norwegian krone.
Norwegian krone
–
The reverse of the 1940 krone.
25.
Latin language
–
Latin is a classical language belonging to the Italic branch of the Indo-European languages. The Latin alphabet is derived from the Etruscan and Greek alphabets, Latin was originally spoken in Latium, in the Italian Peninsula. Through the power of the Roman Republic, it became the dominant language, Vulgar Latin developed into the Romance languages, such as Italian, Portuguese, Spanish, French, and Romanian. Latin, Italian and French have contributed many words to the English language, Latin and Ancient Greek roots are used in theology, biology, and medicine. By the late Roman Republic, Old Latin had been standardised into Classical Latin, Vulgar Latin was the colloquial form spoken during the same time and attested in inscriptions and the works of comic playwrights like Plautus and Terence. Late Latin is the language from the 3rd century. Later, Early Modern Latin and Modern Latin evolved, Latin was used as the language of international communication, scholarship, and science until well into the 18th century, when it began to be supplanted by vernaculars. Ecclesiastical Latin remains the language of the Holy See and the Roman Rite of the Catholic Church. Today, many students, scholars and members of the Catholic clergy speak Latin fluently and it is taught in primary, secondary and postsecondary educational institutions around the world. The language has been passed down through various forms, some inscriptions have been published in an internationally agreed, monumental, multivolume series, the Corpus Inscriptionum Latinarum. Authors and publishers vary, but the format is about the same, volumes detailing inscriptions with a critical apparatus stating the provenance, the reading and interpretation of these inscriptions is the subject matter of the field of epigraphy. The works of several hundred ancient authors who wrote in Latin have survived in whole or in part and they are in part the subject matter of the field of classics. The Cat in the Hat, and a book of fairy tales, additional resources include phrasebooks and resources for rendering everyday phrases and concepts into Latin, such as Meissners Latin Phrasebook. The Latin influence in English has been significant at all stages of its insular development. From the 16th to the 18th centuries, English writers cobbled together huge numbers of new words from Latin and Greek words, dubbed inkhorn terms, as if they had spilled from a pot of ink. Many of these words were used once by the author and then forgotten, many of the most common polysyllabic English words are of Latin origin through the medium of Old French. Romance words make respectively 59%, 20% and 14% of English, German and those figures can rise dramatically when only non-compound and non-derived words are included. Accordingly, Romance words make roughly 35% of the vocabulary of Dutch, Roman engineering had the same effect on scientific terminology as a whole
Latin language
–
Latin inscription, in the
Colosseum
Latin language
–
Julius Caesar 's
Commentarii de Bello Gallico is one of the most famous classical Latin texts of the Golden Age of Latin. The unvarnished, journalistic style of this
patrician general has long been taught as a model of the urbane Latin officially spoken and written in the floruit of the
Roman republic.
Latin language
–
A multi-volume Latin dictionary in the
University Library of Graz
Latin language
–
Latin and Ancient Greek Language - Culture - Linguistics at
Duke University in 2014.
26.
Estonian mark
–
The Estonian mark was the currency of Estonia between 1918 and 1927. It was initially equivalent to the German ostmark, which had been circulating alongside the Russian ruble since the German occupation and it was divided into 100 penns. It was replaced in 1928 by the Estonian kroon at a rate of 1 kroon =100 marka, until 1919 there were also Russian rubles, German ostrubles and Finnish marks in circulation. Coins were issued in denominations of 1,3,5 and 10 marka between 1922 and 1926, the 1922 issues were struck in cupro-nickel whilst the later issues were in nickel-bronze. In 1919, treasury notes were issued in denominations of 5,10,20 and 50 penni,1,3,5,10,25 and 100 marka along with 50 marka banknotes. Later, treasury notes were issued in denominations up to 1000 marka, exchange notes were also issued, in 1922, in denominations of 10 and 25 marka
Estonian mark
–
1 mark (1924)
27.
Soviet Union
–
The Soviet Union, officially the Union of Soviet Socialist Republics was a socialist state in Eurasia that existed from 1922 to 1991. It was nominally a union of national republics, but its government. The Soviet Union had its roots in the October Revolution of 1917 and this established the Russian Socialist Federative Soviet Republic and started the Russian Civil War between the revolutionary Reds and the counter-revolutionary Whites. In 1922, the communists were victorious, forming the Soviet Union with the unification of the Russian, Transcaucasian, Ukrainian, following Lenins death in 1924, a collective leadership and a brief power struggle, Joseph Stalin came to power in the mid-1920s. Stalin suppressed all opposition to his rule, committed the state ideology to Marxism–Leninism. As a result, the country underwent a period of rapid industrialization and collectivization which laid the foundation for its victory in World War II and postwar dominance of Eastern Europe. Shortly before World War II, Stalin signed the Molotov–Ribbentrop Pact agreeing to non-aggression with Nazi Germany, in June 1941, the Germans invaded the Soviet Union, opening the largest and bloodiest theater of war in history. Soviet war casualties accounted for the highest proportion of the conflict in the effort of acquiring the upper hand over Axis forces at battles such as Stalingrad. Soviet forces eventually captured Berlin in 1945, the territory overtaken by the Red Army became satellite states of the Eastern Bloc. The Cold War emerged by 1947 as the Soviet bloc confronted the Western states that united in the North Atlantic Treaty Organization in 1949. Following Stalins death in 1953, a period of political and economic liberalization, known as de-Stalinization and Khrushchevs Thaw, the country developed rapidly, as millions of peasants were moved into industrialized cities. The USSR took a lead in the Space Race with Sputnik 1, the first ever satellite, and Vostok 1. In the 1970s, there was a brief détente of relations with the United States, the war drained economic resources and was matched by an escalation of American military aid to Mujahideen fighters. In the mid-1980s, the last Soviet leader, Mikhail Gorbachev, sought to reform and liberalize the economy through his policies of glasnost. The goal was to preserve the Communist Party while reversing the economic stagnation, the Cold War ended during his tenure, and in 1989 Soviet satellite countries in Eastern Europe overthrew their respective communist regimes. This led to the rise of strong nationalist and separatist movements inside the USSR as well, in August 1991, a coup détat was attempted by Communist Party hardliners. It failed, with Russian President Boris Yeltsin playing a role in facing down the coup. On 25 December 1991, Gorbachev resigned and the twelve constituent republics emerged from the dissolution of the Soviet Union as independent post-Soviet states
Soviet Union
–
Vladimir Lenin addressing a crowd with Trotsky, 1920
Soviet Union
–
Flag
Soviet Union
–
Stalin and
Nikolai Yezhov, head of the
NKVD. After Yezhov was executed, he was
edited out of the image.
Soviet Union
28.
Soviet ruble
–
The Soviet ruble was the currency of the Soviet Union. One ruble was divided into 100 kopeks, many of the ruble designs were created by Ivan Dubasov. In 1991, after the breakup of the Soviet Union, the Soviet ruble continued to be used in the Post-Soviet states, forming a ruble zone, the word ruble is derived from the Slavic verb рубить, rubit, i. e. to chop. Historically, ruble was a piece of a certain weight chopped off a silver ingot, the word kopek, kopeck, copeck, or kopeyka is a diminutive form of the Russian kopyo — a spear. The Soviet currency had its own name in all Soviet languages, sometimes different from its Russian designation. All banknotes had the name and their nominal printed in the languages of every Soviet Republic. This naming is preserved in modern Russia, for example, Tatar for ruble and kopek are sum, the current names of several currencies of Central Asia are simply the local names of the ruble. Finnish last appeared on 1947 banknotes since the Karelo-Finnish SSR was dissolved in 1956, moldovan has switched to Latin and is once again referred to as Romanian. The first ruble issued for the Socialist government was an issue still based on the previous issue of the ruble prior to the Russian Revolution of 1917. They are all in form and started their issue in 1919. At this time other issues were made by the white Russian government and other governing bodies. Denominations are as follows,1,2,3,5,10,15,25,50,60,100,250,500,1,000,5,000,10,000,25,000,50,000,100,000. Short term treasury certificate were also issued to supplement banknote issue in 1 million,5 million,10 million rubles. These issue was printed in various fashions, as inflation crept up the security features were few and some were printed on one side, as was the case for the German inflationary notes. In 1918, state notes were introduced by the R. S. F. S. R. for 1,3,5,10,25,50,100,250,500,1,000,5,000 and 10,000 rubles. These were followed in 1919 by currency notes for 1,2,3,15,20,60,100,250,500,1000,5000 and 10,000 rubles. In 1921, currency note denominations of 5,50,25,000,50,000,100,000,1,000,000,5,000,000 and 10,000,000 rubles were added. In 1922, the first of several redenominations took place, at a rate of 1 new ruble for 10,000 old rubles, the chervonets was also introduced in 1922
Soviet ruble
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Obverse of 1 ruble (1961)
Soviet ruble
Soviet ruble
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1924 poltinnik (½ ruble).
Soviet ruble
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Silver ruble of 1922
29.
Gold standard
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A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. Three types can be distinguished, specie, bullion, and exchange, the gold bullion standard is a system in which gold coins do not circulate, but the authorities agree to sell gold bullion on demand at a fixed price in exchange for the circulating currency. The gold exchange standard usually does not involve the circulation of gold coins. This creates a de facto standard, where the value of the means of exchange has a fixed external value in terms of gold that is independent of the inherent value of the means of exchange itself. Most nations abandoned the standard as the basis of their monetary systems at some point in the 20th century. An estimated total of 174,100 tonnes of gold have been mined in human history and this is roughly equivalent to 5.6 billion troy ounces or, in terms of volume, about 9,261 cubic metres, or a cube 21 metres on a side. There are varying estimates of the volume of gold mined. One reason for the variance is that gold has been mined for thousands of years, another reason is that some nations are not particularly open about how much gold is being mined. In addition, it is difficult to account for the output in illegal mining activities. World production for 2011 was at 2,700 tonnes, since the 1950s, annual gold output growth has approximately kept pace with world population growth of around 2x, although far less than world economic growth of some 8x, or some 4x since 1980. The gold specie standard arose from the acceptance of gold as currency. Various commodities have been used as money, typically, the one that loses the least value over time becomes the accepted form, the use of gold as money began thousands of years ago in Asia Minor. During the early and high Middle Ages, the Byzantine gold solidus, commonly known as the bezant, was used widely throughout Europe, however, as the Byzantine Empires economic influence declined, so too did the use of the bezant. In its place, European territories chose silver as its currency over gold, Silver pennies based on the Roman denarius became the staple coin of Mercia in Great Britain around the time of King Offa, circa CE 757–796. Similar coins, including Italian denari, French deniers, and Spanish dineros circulated in Europe, Spanish explorers discovered silver deposits in Mexico in 1522 and at Potosí in Bolivia in 1545. International trade came to depend on such as the Spanish dollar, the Maria Theresa thaler, and later. In modern times, the British West Indies was one of the first regions to adopt a gold specie standard, following Queen Annes proclamation of 1704, the British West Indies gold standard was a de facto gold standard based on the Spanish gold doubloon. A formal gold specie standard was first established in 1821, when Britain adopted it following the introduction of the sovereign by the new Royal Mint at Tower Hill in 1816
Gold standard
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Two golden 20 kr coins from the
Scandinavian Monetary Union, which was based on a gold standard. The coin to the left is
Swedish and the right one is
Danish.
Gold standard
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Gold certificates were used as
paper currency in the
United States from 1882 to 1933. These certificates were freely convertible into
gold coins.
Gold standard
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Under a gold bullion standard, paper notes are convertible at a preset, fixed rate with
gold bullion.
Gold standard
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William McKinley ran for president on the basis of the gold standard.
30.
Government bond
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A government bond is a bond issued by a national government, generally with a promise to pay periodic interest payments and to repay the face value on the maturity date. Government bonds are denominated in the countrys own currency. Government bonds are referred to as sovereign bonds. If a government or sovereign is close to default on its debt the media often refer to this as a debt crisis. The terms on which a government can sell bonds depend on how creditworthy the market considers it to be, international credit rating agencies will provide ratings for the bonds, but market participants will make up their own minds about this. The first general government bonds were issued in the Netherlands in 1517, because the Netherlands did not exist at that time, the bonds issued by the city of Amsterdam are considered their predecessor which later merged into Netherlands government bonds. The average interest rate at that time fluctuated around 20%, the first ever bond issued by a national government was issued by the Bank of England in 1694 to raise money to fund a war against France. It was in the form of a tontine, later, governments in Europe started issuing perpetual bonds to fund wars and other government spending. The use of perpetual bonds ceased in the 20th century, a Government bond in a countrys own currency is strictly speaking a risk-free bond, because the government can if necessary create additional currency in order to redeem the bond at maturity. There have however been instances where a government has chosen to default on its domestic currency debt, currency risk is the risk that the value of the currency a bond pays out will decline compared to the holders reference currency. A bond paying in a currency that does not have a history of keeping its value may not be a deal even if a high interest rate is offered. Inflation risk is the risk that the value of the currency a bond pays out will decline over time, investors expect some amount of inflation, so the risk is that the inflation rate will be higher than expected. Many governments issue inflation-indexed bonds, which protect investors against inflation risk by linking both interest payments and maturity payments to a consumer prices index. If a central bank purchases a government security, such as a bond or treasury bill, it increases the money supply, in the UK, government bonds are called gilts. Older issues have names such as Treasury Stock and newer issues are called Treasury Gilt, inflation-indexed gilts are called Index-linked gilts
Government bond
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Financial markets
Estonia
