The livre tournois, French for the "Tours pound", was: one of numerous currencies used in France in the Middle Ages. The denier tournois coin was minted by the abbey of Saint Martin in the Touraine region of France. Soon after Philip II of France seized the counties of Anjou and Touraine in 1203 and standardized the use of the livre tournois there, the livre tournois began to supersede the livre parisis, up to that point the official currency of the Capetian dynasty; the livre tournois was, in common with the original livre of Charlemagne, divided into 20 sols, each of, divided into 12 deniers. Between 1360 and 1641, coins worth one livre tournois were minted, known as francs. Other francs were minted under Henri III of France and Henri IV of France; the use of the name "franc" became a synonym for livre tournois in accounting. The first French paper money, issued between 1701 and 1720, was denominated in livres tournois; this was the last time the name was used as notes and coins were denominated in livres, the livre parisis having been abolished in 1667.
With many forms of domestic and international money circulating throughout Europe in the late Middle Ages and the early modern period, the use of an accounting currency became a financial necessity. In the world of international banking of the 13th century, it was the florin and ducat that were used. In France, the livre tournois and the currency system based on it became a standard monetary unit of accounting and continued to be used when the "livre tournois" ceased to exist as an actual coin. For example, the Louisiana Purchase treaty of 1803 specified the relative ratios of the franc and livre tournois; the official use of the livre tournois accounting unit in all contracts in France was legislated in 1549, but it had been one of the standard units of accounting in France since the 13th century. In 1577 the livre tournois accounting unit was abolished and accountants switched to the écu, at that time the major French gold coin in actual circulation, but in 1602 the livre tournois accounting unit was brought back..
Since coins in Europe in the Middle Ages and the Early modern period did not have any indication of their value, their official value was determined by royal edicts. In cases of financial need, French kings could use the official value for currency devaluation; this could be done in two ways: the amount of precious metal in a newly minted French coin could be reduced while maintaining the old value in livres tournois or the official value of a domestic or foreign coin in circulation could be increased. By reversing these techniques, currencies could be reinforced. For example: the worth of an écu d'or, a French gold coin, was changed from 60 sols to 57 sols in 1573. to curb increasing use of the Spanish real, its official worth was decreased to 4 sols 2 deniers in the 1570s. Royal finance officers faced many difficulties. In addition to currency speculation and the intentional shaving of precious metal from coins, they had the difficult problem of setting values for gold, silver and billon coins, responding to the large influx of foreign coin and the appearance of inferior foreign coins of intentionally similar design.
For more on these issues, see Monetary policy and Gresham's Law. A glyph for the livre tournois was added to Unicode 5.2, in the Currency Symbols block at code point U+20B6: ₶. French livre Livre parisis French franc Louis Luxembourgish livre Écu Roman currency
The Ghanaian pound was the currency of Ghana between 1958 and 1965. It was subdivided into each of 12 pence; until 1958, Ghana used the British West African pound. In 1965, Ghana introduced the first cedi at a rate of 1 pound = 2.4 cedis. In 1958, Bronze coins were issued for ½ and 1 penny, along with cupro-nickel 3 and 6 pence, 1 and 2 shillings; the 3 pence coin was scalloped in shape. In 1958, banknotes were introduced in denominations of 1 and 5 pounds, they were produced until 1962, except for the 10 shillings, produced until 1963. Economy of Ghana
The Syrian pound or Syrian lira is the currency of Syria and is issued by the Central Bank of Syria. The pound is subdivided into 100 qirsh. Before 1947, the word qirsh was spelled with the initial Arabic letter غ, after which the word began with ق; until 1958, banknotes were issued with Arabic on French on the reverse. After 1958, English has been used on the reverses, hence the three different names for this currency. Coins used both Arabic and French until independence only Arabic; the standard abbreviation for the Syrian pound is SYP. On 5 December 2005, the selling rate quoted by the Commercial Bank of Syria was 48.4 SYP to the US dollar. A rate of about 50 pounds to one dollar has been usual in the early 2000s, but the exchange rate is subject to fluctuations. Since the start of the civil war in 2011, the pound's exchange rate has deteriorated falling from 47 SYP for US$1 in March 2011 to 515 SYP for US$1 in July 2017. During the period when Syria was a part of the Ottoman Empire, which lasted about 400 years, the Ottoman lira was its main currency.
Following the fall of the Ottoman Empire and the placing of Syria under a mandate, the Egyptian pound was used in the territories under French and British mandates, including Lebanon and Palestine. Upon taking Lebanon and Syria under its separate mandate, the French government sought to replace the Egyptian currency and granted a commercial bank, the Banque de Syrie, the authority to issue a currency for states under its new mandate; the pound was pegged at a value of 20 French francs. As the political status of Lebanon evolved, the Banque de Syrie, to act as the official bank for Lebanon and Syria, was renamed the Banque de Syrie et du Grand-Liban; the BSL issued the Lebanese-Syrian currency for 15 years, starting in 1924. Two years before the expiration of the 15-year period, the BSL split the Lebanese-Syrian currency into two separate currencies that could still be used interchangeably in either state. In 1939, the bank was renamed the Banque de du Liban. In 1941, the peg to the French franc was replaced by a peg to the British pound of 8.83125 Syrian pounds = 1 British pound, as a consequence of the occupation of Syria by British and Free French forces.
This rate was based on the pre-war conversion rate between the sterling. In 1946, following devaluation of the franc, the pound was pegged once again to the franc at a rate of 1 pound = 54.35 francs. In 1947, the U. S. dollar was adopted as the peg for the Syrian currency, with 2.19148 pounds = 1 dollar, a rate, maintained until 1961. The Lebanese and Syrian currencies split in 1948. From 1961, a series of official exchange rates were in operation, alongside a parallel, black market rate which reflected the true market rate for Syrian pounds in Jordan and Lebanon where there was a healthy trade in the Syrian currency; the market was allowed to flourish because everybody, including government and public sector companies, needed it. The black market rate diverged from the official rate in the 1980s. Most the currency was pegged to the IMF SDF; as a result of the Syrian Civil War, there has been a capital flight to nearby countries including Lebanon, Jordan and Turkey. Syria has been subject to sanctions imposed by the United States, the European Union and other countries.
As a result, the official exchange rate has deteriorated falling from 47 SYP for US$1 in March 2011 to 515 SYP for US$1 in July 2017. In 1921, cupro-nickel 1⁄2 qirsh coins were introduced, followed in 1926 by aluminium bronze 2 and 5 qirsh. In 1929, nickel-brass 1 qirsh and silver 10, 25 and 50 qirsha were introduced. Nickel-brass 1⁄2 qirsh were introduced 1935, followed by zinc 1 qirsh and aluminium-bronze 2½ qirsh in 1940. During the Second World War, brass 1 qirsh and aluminium 2 1⁄2 qirsh; these pieces were crudely undated. A new coinage was introduced between 1947 and 1948 in denominations of 2 1⁄2, 5, 10, 25 and 50 qirsha and 1 pound, with the 2 1⁄2, 5 and 10 qirush struck in cupro-nickel and the others in silver. Aluminium-bronze replaced cupro-nickel in 1960, with nickel replacing silver in 1968. In 1996, following high inflation, new coins were introduced in denominations of 1, 2, 5, 10 and 25 pounds, with the 25 pounds a bimetallic coin. In 2003 5, 10, 25 pound coins were issued, with latent images.
On December 26, 2018, the Central Bank of Syria introduced a 50 Syrian pounds coin for general circulation and to replace the banknote of said denomination. In 1919, the Banque de Syrie introduced notes for 5, 25 and 50 qirsha, 1 and 5 livres; these were followed, by notes for 1 qirsh and 10, 25, 50 and 100 livres. In 1925, the Banque de Syrie et du Grand-Liban began issuing notes and production of denominations below 25 qirsha ceased. Notes below 1 livre were not issued from 1930. In 1939, the issuing body again changed its name, to the Banque de Syrie et du Liban. Between 1942 and 1944, the government introduced notes for 10, 25 and 50 qirsha. In the early 1950s, undated notes were issued by the Institut d'Emission de Syrie in denominations of 1, 5, 10, 25, 50 and 100 livres, followed by notes dated 1955 for 10 and 25 livres; the Banque Centrale de Syrie took over paper money issuance in 1957, issuing the same denominations as the Institut d'Emission. In 1958, the French language was replaced by English.
Notes were issued for 1
The pound was the unit of account for currency of the Canadas until 1858. It was subdivided into each of 12 pence. In Lower Canada, the sou was used, worth 1⁄2 penny. Although the pounds and pence accounting system had its origins in the British pound sterling, the Canadian pound was never formally linked to the British currency. In North America, the scarcity of British coins led to the widespread use of Spanish dollars; these Spanish dollars were accommodated into a pounds and pence accounts system, by setting a valuation for these coins in terms of a pound unit. At one stage, two such units were in widespread use in the British North American colonies; the Halifax rating dominated, it set the Spanish dollar equal to 5 shillings. As this was 6 pence more than its value in silver, the Halifax pound was lower in value than the pound sterling, the original basis for the pounds and pence accounting system; the York rating of one Spanish dollar being equal to eight shillings was used in Upper Canada until it was outlawed in 1796, but unofficially well into the 19th century.
In 1825, an Imperial Order-in-Council was made for the purposes of causing sterling coinage to circulate in the British colonies. The idea was that this order-in-council would make the sterling coins legal tender at the exchange rate of 4s 4d per Spanish dollar; this rate was in fact unrealistic and it had the adverse effect of driving out what little sterling-specie coinage was circulating. Remedial legislation was introduced in 1838 but it was not applied to the British North American colonies due to recent uprisings in Upper and Lower Canada. In 1841, the Province of Canada adopted a new system based on the Halifax rating; the new Canadian pound was equal to 4 U. S. dollars, making one pound sterling equal to £1 4s 4d Canadian. Thus, the new Canadian pound was worth 16s 5.3d sterling. The earliest Canadian postage stamps were denominated in this Halifax unit; the 1850s was a decade of wrangling over whether to adopt a sterling monetary system or a decimal monetary system based on the US dollar.
The local population, for reasons of practicality in relation to the increasing trade with the neighbouring United States, had an overwhelming desire to assimilate the Canadian currency with the American unit, but the imperial authorities in London still preferred the idea of sterling to be the sole currency throughout the British Empire. In 1851, the Canadian parliament passed an act for the purposes of introducing a sterling unit in conjunction with decimal fractional coinage; the idea was that the decimal coins would correspond to exact amounts in relation to the US dollar fractional coinage. The authorities in London refused to give consent to the act on technical grounds; this was the last time that the imperial authorities in London questioned Canada's internal jurisdiction. As a compromise, in 1853 an act of the Canadian parliament introduced the gold standard into Canada, based on both the British gold sovereign and the American gold eagle coins; this gold standard was introduced with the gold sovereign being legal tender at £1 = US$4.86 2⁄3.
No coinage was provided for under the 1853 act. Sterling coinage was made legal tender and all other silver coins were demonetized. Dollar transactions were legalized; the British government in principle allowed for a decimal coinage but held out the hope that a sterling unit would be chosen under the name of royal. However, in 1857 the decision was made to introduce a decimal coinage into Canada in conjunction with the US dollar unit. Hence, when the new decimal coins were introduced in 1858, Canada's currency became aligned with the US currency, although the British gold sovereign continued to remain legal tender at the rate of £1 = 4.86 2⁄3 right up until the 1890s. In 1859, Canadian postage stamps were issued with decimal denominations for the first time. In the year 1861, New Brunswick and Nova Scotia followed Canada in adopting a decimal system based on the US dollar. In the following year, Canadian postage stamps were issued with the denominations shown in dollars and cents. In 1865, Newfoundland introduced the gold standard in conjunction with decimal coinage, but unlike in the cases of the Province of Canada, New Brunswick, Nova Scotia, it decided to adopt a unit based on the Spanish dollar rather than on the US dollar, there was a slight difference between these two units.
The US dollar was created in 1792 on the basis of the average weight of a selection of worn Spanish dollars. As such, the Spanish dollar was at a slight discount to the US dollar, the Newfoundland dollar, while it existed, was at a slight discount to the Canadian dollar. Newfoundland was the only part of the British Empire to introduce its own gold standard coin. A Newfoundland gold two dollar coin was minted intermittently until Newfoundland adopted the Canadian monetary system in 1894, following the Newfoundland banking crash. In 1867, New Brunswick, Nova Scotia united in a federation called Canada and the three currencies were united. In 1871, Prince Edward Island went decimal within the US dollar unit and introduced coins for 1 cent. However, the currency of Prince Edward Island was absorbed into the Canadian system shortly afterwards when Prince Edward island joined Canada. Both Upper Canada and Lower Canada issued copper tokens. Between 1835 and 1852, the Bank of Montreal, the Banque du Peuple, the City Bank and the Quebec Bank issued 1- and 2-sou tokens for use in Lower Canada.
The Bank of Upper Canada issued 1⁄2- and 1-penny tokens between 1850 and 1857. On notes issued by the charter
The Spanish dollar known as the piece of eight, is a silver coin, of 38 mm diameter, worth eight Spanish reales, minted in the Spanish Empire following a monetary reform in 1497. The Spanish dollar was used by many countries as the first international/world currency because of its uniformity in standard and milling characteristics; some countries countersigned the Spanish dollar. The Spanish dollar was the coin upon which the original United States dollar was based, it remained legal tender in the United States until the Coinage Act of 1857; because it was used in Europe, the Americas, the Far East, it became the first world currency by the late 18th century. Aside from the U. S. dollar, several other currencies, such as the Canadian dollar, the Japanese yen, the Chinese yuan, the Philippine peso, several currencies in the rest of the Americas, were based on the Spanish dollar and other 8-real coins. Diverse theories link the origin of the "$" symbol to the columns and stripes that appear on one side of the Spanish dollar.
The term peso was used in Spanish to refer to this denomination, it became the basis for many of the currencies in the former Spanish colonies, including the Argentine, Chilean, Costa Rican, Dominican, Guatemalan, Mexican, Paraguayan, Puerto Rican, Salvadoran and Venezuelan pesos. Of these, "peso" remains the name of the official currency in Argentina, Colombia, Dominican Republic, Mexico and Uruguay. Millions of Spanish dollars were minted over the course of several centuries, they were among the most circulating coins of the colonial period in the Americas, were still in use in North America and in South-East Asia in the 19th century. In the 16th century, Count Hieronymus Schlick of Bohemia began minting a coin known as a Joachimsthaler, named for Joachimsthal, the valley in the Ore Mountains where the silver was mined. Joachimstaler was shortened to taler, a word that found its way into Norwegian and Swedish as daler, Russian as талер, Czech and Slovene as tolar, Polish as talar, Dutch as daalder, Amharic as ታላሪ, Hungarian as tallér, Italian as tallero, Greek as τάληρο, Spanish tálero and English as dollar.
The Joachimsthaler weighed 451 Troy grains of silver. So successful were these coins that similar thalers were minted in France; the Burgundian Cross Thaler depicted the Cross of Burgundy and was prevalent in the Burgundian Netherlands that were revolting against the Spanish king and Duke of Burgundy Philip II. After 1575, the Dutch revolting provinces replaced the currency with a daalder depicting a lion, hence its Dutch name leeuwendaalder. To facilitate export trade, the leeuwendaalder was authorized to contain 427.16 grains of.750 fine silver, lighter than the large denomination coins in circulation. It was more advantageous for a Dutch merchant to pay a foreign debt in leeuwendaalders rather than in other heavier, more costly coins. Thus, the leeuwendaalder or lion dollar became the coin of choice for foreign trade, it became popular in the Middle East, colonies in the east and west. They circulated throughout the English colonies during the 17th and early 18th centuries. From New Netherland the lion dollar spread to all thirteen colonies in the west.
English speakers began to apply the word "dollar" to the Spanish peso or "piece of eight" by 1581, widely used in the British North American colonies at the time of the American Revolution, hence adopted as the name and weight of the US monetary unit in the late 18th century. After the introduction of the Guldengroschen in Austria in 1486, the concept of a large silver coin with high purity spread throughout the rest of Europe. Monetary reform in Spain brought about the introduction of an 8-real coin in 1497. In 1537 the Spanish escudo gold coin was introduced, worth 16 reales; the Gold Doubloon was worth 32 reales or 2 escudos. It is this divisibility into 8 which caused the silver coins to be named "pieces of eight". In the following centuries, the coin was minted with several different designs at various mints in Spain and the New World, having gained wide acceptance beyond Spain's borders. Thanks to the vast silver deposits that were found in Potosí in modern-day Bolivia and to a lesser extent in Mexico, to silver from Spain's possessions throughout the Americas, mints in Mexico and Peru began to strike the coin.
The main New World mints for Spanish dollars were at Potosí, Mexico City, silver dollars from these mints could be distinguished from those minted in Spain by the Pillars of Hercules design on the reverse. In the 19th century, the coin's denomination was changed to 20 reales and 2 escudos. Spain's adoption of the peseta in 1869 and its joining the Latin Monetary Union meant the effective end of the last vestiges of the Spanish dollar in Spain itself. However, the 5-peseta coin was smaller and lighter but was of high purity silver. In the 1990s, commemorative 2000-peseta coins were minted, similar in size and weight to the 8 reales and with high fineness. Following independence in 1821, Mexican coinage of silver reales an
United States dollar
The United States dollar is the official currency of the United States and its territories per the United States Constitution since 1792. In practice, the dollar is divided into 100 smaller cent units, but is divided into 1000 mills for accounting; the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. Since the suspension in 1971 of convertibility of paper U. S. currency into any precious metal, the U. S. dollar is, de facto, fiat money. As it is the most used in international transactions, the U. S. dollar is the world's primary reserve currency. Several countries use it as their official currency, in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean: the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while still minting their own coins, or accept U. S. dollar coins. As of June 27, 2018, there are $1.67 trillion in circulation, of which $1.62 trillion is in Federal Reserve notes.
Article I, Section 8 of the U. S. Constitution provides that the Congress has the power "To coin money". Laws implementing this power are codified at 31 U. S. C. § 5112. Section 5112 prescribes the forms; these coins are both designated in Section 5112 as "legal tender" in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar; the pure silver dollar is known as the American Silver Eagle. Section 5112 provides for the minting and issuance of other coins, which have values ranging from one cent to 100 dollars; these other coins are more described in Coins of the United States dollar. The Constitution provides that "a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time"; that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the "Statements" are being expressed in U. S. dollars. The U. S. dollar may therefore be described as the unit of account of the United States.
The word "dollar" is one of the words in the first paragraph of Section 9 of Article I of the Constitution. There, "dollars" is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act. Section 9 of that act authorized the production of various coins, including "DOLLARS OR UNITS—each to be of the value of a Spanish milled dollar as the same is now current, to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver". Section 20 of the act provided, "That the money of account of the United States shall be expressed in dollars, or units... and that all accounts in the public offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation". In other words, this act designated the United States dollar as the unit of currency of the United States. Unlike the Spanish milled dollar, the U.
S. dollar is based upon a decimal system of values. In addition to the dollar the coinage act established monetary units of mill or one-thousandth of a dollar, cent or one-hundredth of a dollar, dime or one-tenth of a dollar, eagle or ten dollars, with prescribed weights and composition of gold, silver, or copper for each, it was proposed in the mid-1800s that one hundred dollars be known as a union, but no union coins were struck and only patterns for the $50 half union exist. However, only cents are in everyday use as divisions of the dollar. XX9 per gallon, e.g. $3.599, more written as $3.599⁄10. When issued in circulating form, denominations equal to or less than a dollar are emitted as U. S. coins while denominations equal to or greater than a dollar are emitted as Federal Reserve notes. Both one-dollar coins and notes are produced today, although the note form is more common. In the past, "paper money" was issued in denominations less than a dollar and gold coins were issued for circulation up to the value of $20.
The term eagle was used in the Coinage Act of 1792 for the denomination of ten dollars, subsequently was used in naming gold coins. Paper currency less than one dollar in denomination, known as "fractional currency", was sometimes pejoratively referred to as "shinplasters". In 1854, James Guthrie Secretary of the Treasury, proposed creating $100, $50 and $25 gold coins, which were referred to as a "Union", "Half Union", "Quarter Union", thus implying a denomination of 1 Union = $100. Today, USD notes are made from cotton fiber paper, unlike most common paper, made of wood fiber. U. S. coins are produced by the United States Mint. U. S. dollar banknotes are printed by the Bureau of Engraving and Printing and, since 1914, have been issued by t
The Gibraltar pound is the currency of Gibraltar. It is pegged to – and exchangeable with – the British pound sterling at par value. Coins and banknotes of the Gibraltar pound are printed by the Government of Gibraltar; until 1872, the currency situation in Gibraltar was complicated, with a system based on the real being employed which encompassed British and Gibraltarian coins. From 1825, the real was tied to the pound at the rate of 1 Spanish dollar to 4 shillings 4 pence. In 1872, the Spanish currency became the sole legal tender in Gibraltar. In 1898, the Spanish–American War made the Spanish peseta drop alarmingly and the pound was introduced as the sole currency of Gibraltar in the form of British coins and banknotes. In 1898, the British pound was made sole legal tender, although the Spanish peseta continued in circulation until the Spanish Civil War. Since 1927, Gibraltar has issued its own banknotes and, since 1988, its own coins. Gibraltar decimalised in 1971 at the same time as the UK, replacing the system of 1 pound = 20 shillings = 240 pence with one of 1 pound = 100 pence.
The since repealed Currency Notes Act 1934, conferred on the Government of Gibraltar the right to print its own notes. Notes issued are either backed by Bank of England notes at a rate of one pound to one pound sterling, or can be backed by securities issued by the Government of Gibraltar. Although Gibraltar notes are denominated in "pounds sterling", they are not legal tender anywhere in the United Kingdom. Gibraltar's coins are the same weight and metal as British coins, although the designs are different, they are found in circulation across Britain. Under the Currency Notes Act 2011 the notes and coins issued by the Government of Gibraltar are legal tender and current coin within Gibraltar. British coins and Bank of England notes circulate in Gibraltar and are universally accepted and interchangeable with Gibraltarian issues. In 1988, coins in denominations of 1, 2, 5, 10, 20 and 50 pence and 1 pound were introduced which bore specific designs for and the name of Gibraltar, they were the same sizes and compositions as the corresponding British coins, with 2 pound coins introduced in 1999.
A new coin of 5 pounds was issued in 2010 with the inscription "Elizabeth II · Queen of Gibraltar". This issue caused controversy in Spain, where the title of King of Gibraltar corresponds to the crown of Castile; the £2 coin has featured a new design every year since its introduction, as it depicts each of the 12 Labours of Hercules. In 2004 the Government of Gibraltar minted a new edition of its coins to commemorate the tercentenary of British Gibraltar. At the outbreak of World War I, Gibraltar was forced to issue banknotes to prevent paying out sterling or gold; these notes were issued under emergency wartime legislation, Ordinance 10 of 1914. At first the typeset notes were signed by hand by Treasurer Greenwood, though he used stamps; the notes bore the embossed stamp of the Anglo-Egyptian Bank Ltd. and circulated alongside British Territory notes. The 1914 notes were issued in denominations of 2s, 10s, £1, £5 and £50; the 2s and £50 notes were not continued when a new series of notes was introduced in 1927.
The 10s note was replaced by the 50p coin during the process of decimalization. In 1975, £10 and £20 notes were introduced, followed by £50 in 1986; the £1 note was discontinued in 1988. In 1995, a new series of notes was introduced which, for the first time, bore the words "pounds sterling" rather than just "pounds"; the government of Gibraltar introduced a new series of banknotes beginning with the £10 and £50 notes issued on July 8, 2010. On May 11, 2011, the £5, £20 and £100 notes were issued. Economy of Gibraltar Currency board Christopher Ironside, OBE, coin designer: reverse design of the 25 New Pence coin, Barbary ape. Banknotes of Gibraltar: Catalog of Gibraltar Shillings and Pounds The current banknotes of Gibraltar