The Manx pound is the currency of the Isle of Man, in parity with the pound sterling. The Manx pound is divided into 100 pence. Notes and coins, denominated in pounds and pence, are issued by the Isle of Man Government; the Isle of Man is in a one-sided de facto currency union with the United Kingdom: the Manx government has decided to make UK currency legal tender on the island, to back its own notes and coins with Bank of England notes. Manx government notes may, on demand, be exchanged at par for Bank of England notes of equivalent value at any office of the Isle of Man Bank. All notes and coins which are legal tender in any part of the United Kingdom are legal tender within the Isle of Man. Unlike Northern Irish and Scottish notes, the UK does not require the Isle of Man government to back the Manx notes and coins with Bank of England notes or securities. There is no restriction under UK law on the number of coins they may issue; the notes and coins are not underwritten by the UK government, there is no guarantee of convertibility beyond that given by the Manx authorities.
However, the requirement in the island's Currency Act 1992 for the Isle of Man Treasury to exchange Manx Pound banknotes on demand for Bank of England notes in practice restricts the issue of unbacked currency, the aggregate total of notes issued must be pre-approved by Tynwald. ISO 4217 does not include a separate currency code for the Manx pound, but where code distinct from GBP is desired, IMP is used. UK notes and coins are accepted in the Isle of Man, but Manx notes and coins are not accepted in the UK. To assist those travelling, the ATMs at the Sea Terminal, at Isle of Man Airport issue Bank of England notes only. A number of businesses accept euros; the first Manx coinage was issued in 1668 by John Murrey, a Douglas merchant, consisting of pennies equal in value to their English counterparts. These "Murrey Pennies" were made legal tender in 1679, when the Court of Tynwald outlawed the unofficial private coinage, circulating prior to and alongside John Murrey's pennies. Due to the difficulty of maintaining the supply of coins on the island, in 1692, the value of the Manx coinage was decreased, with English crowns circulating at 5 shillings 4 pence, half-crowns at 2 shillings 8 pence and guineas at 22 shillings.
At that time, Tynwald forbade the removal of money from the island, in an attempt to maintain supply. In 1696, a further devaluation occurred, with all English silver and gold coins valued at 14 Manx pence for every shilling. Between 1696 and 1840, Manx copper coins circulated alongside first English, British silver and gold coins at the rate of 14 pence to 1 shilling; as in England, there were 20 shillings to the pound. Thus, after 1696, £100 sterling was worth £116 13s 4d Manx. In 1708, the Isle of Man Government approached the Royal Mint, requested that coinage be issued for the island; the Master of the Mint, Sir Isaac Newton, refused. As a result, the first Government issue of coins on the island was in 1709; this coinage was made legal tender on 24 June 1710. In 1733 Tynwald prohibited the circulation of any "base" coinage other than that issued by the Government; because of the similarity between Manx and British coins, it was profitable to change shillings to Manx coinage and pass it off as British currency in Great Britain, making a profit of £2 for every £12 in Manx coinage so transferred.
This happened on such a scale that by 1830 the island was totally deprived of copper coinage. In an attempt to resolve this problem, a proposal was introduced to abandon the separate Manx coinage in favour of British coins; this was rejected by the House of Keys in 1834, but they were overruled by the British Government in 1839. An Act was passed declaring that "... the currency of Great Britain shall be and become, is hereby declared to be, the currency of the Isle of Man", this remains Manx law to this day. This change was resented: some islanders felt defrauded, there was serious rioting in Douglas and Peel; these were known as the "Copper Row" riots, were put down by the Manx militia. The Royal Mint issued a total of £1,000 in copper coins. Following an Act in 1840, these were valued at 12 pence to the shilling. All coins issued before 1839 were declared by this law to be no longer current, were recalled by the Board of Customs and exchanged by the Royal Mint at their original nominal value for the new coinage.
After 1839, no further Manx coins were issued, they became scarce and were replaced in general circulation on the island by the coinage of the United Kingdom. They did not cease to be legal coinage on Mann until decimalisation in 1971. Banknotes had been issued for the island since 1865. In 1971 the United Kingdom moved with the pound subdivided into 100 pence; the Isle of Man Government, having issued its own banknotes for ten years, took the opportunity to approach the Royal Mint and request its own versions of the decimal coins, which were introduced in 1971. The "Murrey Pennies" of 1668 were the first to depict the'triskeles' symbol and the Island motto "Quocunque Gesseris Stabit", both of which have continued to feature on Manx coinage until the present day. In 1709, pennies and halfpennies were introduced. More of these coins were issued in 1733; these issues of coins have the crest of the Stanley family, Lords of Mann, on the obverse, together
The livre was the currency of Kingdom of France and its predecessor state of West Francia from 781 to 1794. Several different livres existed; the livre was the name of both units of account and coins. The livre was established by Charlemagne as a unit of account equal to one pound of silver, it was subdivided into each of 12 deniers. The word livre came from a Roman unit of weight; this system and the denier itself served as the model for many of Europe's currencies, including the British pound, Italian lira, Spanish dinero and the Portuguese dinheiro. This first livre is known as the livre carolingienne. Only deniers were minted, but debasement led to larger denominations being issued. Different mints in different regions used different weights for the denier, leading to several distinct livres of different values. "Livre" is a homonym of the French word for "book", the distinction being that the two have a different gender. The monetary unit is la/une livre, while "book" is masculine, le/un livre.
For much of the Middle Ages, different duchies of France were semi-autonomous if not independent from the weak Capetian kings, thus each minted their own currency. Charters would need to specify which region or mint was being used: "money of Paris" or "money of Troyes"; the first steps towards standardization came under the first strong Capetian monarch, Philip II Augustus. Philip II conquered much of the continental Angevin Empire from King John of England, including Normandy and Touraine; the currency minted at the city of Tours in Touraine was considered stable, Philip II decided to adopt the livre tournois as the standard currency of his lands replacing the livre of Paris, the currencies of all French-speaking areas he controlled. This was a slow process lasting many decades and not completed within Philip II's lifetime; the result was that from 1200 onwards, following the beginning of King Philip II's campaigns against King John, the currency used within French speaking lands was in a state of flux, as the livre tournois was introduced into other areas.
Until the thirteenth century and onwards, only deniers were minted as coin money. Both livres and sous did not exist as coins but were used only for accounting purposes. Upon his return from the crusades in the 1250s, Louis IX instigated a royal monopoly on the minting of coinage in France and minted the first gold écu d'or and silver gros d'argent, whose weights were equivalent to the livre tournois and the denier. Between 1360 and 1641, coins worth 1 livre tournois were minted known as francs; this name persisted in common parlance for 1 livre tournois but was not used on coins or paper money. The official use of the livre tournois accounting unit in all contracts in France was legislated in 1549. However, in 1577, the livre tournois accounting unit was abolished and replaced by the écu, at that time the major French gold coin in actual circulation. In 1602, the livre tournois accounting unit was brought back. Louis XIII of France stopped minting the franc in 1641, replacing it with coins based on the silver écu and gold Louis d'or.
The écu and louis d'or fluctuated in value, with the écu varying between three and six livres tournois until 1726 when it was fixed at six livres. The louis was worth ten livres, fluctuated too, until its value was fixed at twenty-four livres in 1726. In 1667, the livre parisis was abolished. However, the sole remaining livre was still referred to as the livre tournois until its demise; the first French paper money was denominated in livres tournois. However, the notes did not hold their value relative to silver due to massive over–production; the Banque Royale crashed in 1720. In 1726, under Louis XV's minister Cardinal Fleury, a system of monetary stability was put in place. Eight ounces of gold was worth 9 sols; this led to a strict conversion rate between gold and silver and established the values of the coins in circulation in France at: the Louis d'or of 24 livres the double Louis d'or of 48 livres the demi-Louis d'or or half-Louis of 12 livres the écu of 6 livres or 120 sols, along with 1⁄2, 1⁄4 and 1⁄8 écu denominations valued at 60, 30 and 15 sols the sol denominated in 1 and 2 sol units valued at 1⁄20 livre per sol the denier denominated in 3 and 6 denier units valued at 1⁄4 and 1⁄2 sol respectively.
A coin of value 1 livre was not, minted. Yet in 1720 a special coin minted in pure silver was assigned an over-value of 1 livre. Additionally, France took Navarrese 20-sol coins minted in 1719 and 1720, re-struck them as 1⁄6 écu creating a coin worth 1 livre; these re-struck coins, however were assigned the value of 18 sols. A kind of paper money was reintroduced by the Caisse d'Escompte in 1776 as actions au porteur, denominated in livres; these were issued until 1793, alongside assignats from 1789. Assignats were backed by government-held land. Like the issues of the Banque Royale, their value plummeted; the last coins and notes of the livre currency system were issued in Year II of the Republic. In 1795, the franc was intro
The Bristol Pound is a form of local complementary currency, or community currency launched in Bristol, UK on 19 September 2012. Its objective is to encourage people to spend their money with local, independent businesses in Bristol and the former County of Avon; as of September 2012 it is the largest alternative in the UK to official sterling currency, though it is backed by Sterling. The Bristol Pound is a local and community currency, created to "improve Bristol's local economy", its primary aim is to support independent traders in order to maintain diversity in business around the city. The scheme is a joint not-for-profit enterprise between Bristol Pound Community Interest Company and Bristol Credit Union. Previous to the Bristol Pound, local currencies were launched in the UK in Totnes, Lewes and Stroud. If a person spends Bristol Pounds at a local shop, the owner of this shop can respend them by using them to buy supplies from another local business, or pay local taxes to Bristol City Council.
The business can for instance use their Bristol Pounds to pay a farmer in the Avon area for fresh fruit and vegetables. This farmer can pay a local architect, which accepts Bristol Pounds, to renovate a part of his farm, so on. In this way money keeps on circulating locally to benefit local independent businesses in the area. If the person had spent Sterling Pounds at a supermarket chain instead, for example, more than 80% of their money would have left the area immediately. Use of a local currency thus increases cash flow between businesses that use the currency and stimulates local economic development. Using a local currency not only stimulates the local economy, but creates stronger bonds within the community by increasing social capital. Moreover, buying locally decreases emissions through reduced transportation externalities. Internal trade through the use of complementary currencies is a resilience strategy, which reduces the impact of national economic crises and dependency on international trade by enhancing self-sufficiency.
The use of a local currency increases the awareness of the impact of one's economic activity. Bristol Pound contributed to Bristol being awarded the title of European Green Capital 2015. Bristol is the first city in the UK. Bristol Pound account holders can convert £Bs to and from pounds sterling at a 1:1 ratio. Bristol City Council, other organisations in the city, offer their employees the option to take part of their salaries in Bristol Pounds; the former Mayor of Bristol, George Ferguson, accepted his entire salary in Bristol Pounds. Since June 2015 energy bills can be paid in Bristol Pounds to the 100% renewable energy provider, Good Energy, its CEO claimed. In June 2015, according to the Bristol Pound CEO, some £1 million had been issued in £Bs, with more than £B700,000 still in circulation. More than 800 businesses accept Bristol Pounds and more than a thousand users have a Bristol Pound account; the Bristol Pound is managed by the non-profit Bristol Pound Community Interest Company in collaboration with the local financial institution, the Bristol Credit Union.
The Bristol Credit Union ensures that every £1 sterling converted to a printed £B1 is backed in a secure trust fund. The scheme is supported by Bristol City Council. Bristol Pound is part of a larger international movement of local currencies; the European funded Community Currencies in Action partnership provided support for communities which want to develop their new currency and works on innovations. Within the UK, Bristol Pound CIC founded and maintains the Guild of Independent Currencies – a platform for sharing experiences about local currencies. In this framework, Bristol CIC is working with Exeter, amongst others, helping it to launch its own local currency. Bristol Pound in involved in the Digipay4Growth project, coordinated by the Social Trade organisation and with partners such as Sardex. Through this project Bristol Pounds is involved in the digitalisation of its currency, using Cyclos software; the Bristol Pounds can be used like conventional money. One Bristol Pound is equivalent to one Sterling Pound.
Some businesses apply discounts for customers paying in Bristol Pounds. Local taxes and electricity bills can be paid with Bristol Pounds online. Paper Bristol Pounds Paper £Bs can be used by anyone, have been designed by Bristolians, carry many high security features to prevent fraud. In June 2015 new paper £Bs were issued; these can be exchanged at a 1:1 rate for sterling at seventeen different cash points throughout the city, or ordered online through the Bristol Pound website. Electronic payments The Bristol Pound was the second local scheme to be able to accept electronic payments in the UK; this allows, for example, participating small businesses to accept payments by SMS, without needing to pay for and install a credit card machine. The businesses are charged 2% of the amount billed for payments made by SMS, a similar or sometimes reduced rate than with credit or debit cards, or PayPal. Payments can be made online, with the recipient of each payment charged at a rate of 1%, capped at 95p per transaction.
Every paper £B is backed up by a pound sterling deposited at Bristol Credit Union. The Bristol Pound is not legal tender, participation is therefore voluntary; the directors of the scheme cannot prevent national and multinational companies accepting paper £Bs, but can decide, based on the Rules of Membership, whether a business is per
The pound known as the lira, was the currency of Cyprus, including the Sovereign Base Areas in Akrotiri and Dhekelia, until 31 December 2007, when the Republic of Cyprus adopted the euro. However, the self-proclaimed Turkish Republic of Northern Cyprus used and still uses on the official level the Turkish lira; the Cypriot pound was replaced by the euro as official currency of the Republic of Cyprus on 1 January 2008 at the irrevocable fixed exchange rate of CYP 0.585274 per EUR 1.00. The British introduced the pound sterling unit to Cyprus in 1879 at a rate of one pound to 180 Turkish piastres, it remained equal in value to the pound sterling until 1972, some twelve years after Cyprus gained independence from the United Kingdom. The Cyprus pound was divided into 20 shillings, in common with its United Kingdom counterpart. However, unlike the United Kingdom shilling, the Cyprus shilling was divided into 9 piastres, thus establishing a nomenclature link to earlier Ottoman currency; the piastre was itself divided into 40 para.
The para denomination was used on postage stamps. However, the 1⁄4-piastre coin was equal to 10 para and called δεκάρα in Greek and the 1⁄2-piastre coin was equal to 20 para and called εικοσάρα; the introduction of the British currency into Cyprus was controversial from its inception in 1879 as technically the island remained a province of the Ottoman Empire and the right to issue currency within the Ottoman Empire rested with the Ottoman Sultan. A question on the legality of introducing the pound in Cyprus was raised by the British Member of Parliament, Mr. Thomson Hankey in the United Kingdom parliament in 1879, but concerns were dismissed by the British government, they ceased to be an issue on the island following its full annexation by Britain in 1914. In 1955, a decision was made by the British colonial authorities to decimalise the Cypriot pound, in this they used the system proposed by William Brown, a member of the United Kingdom parliament, who suggested in 1855 that the pound sterling in the United Kingdom should be divided into one-thousand parts, each called a mil.
Although this system was never adopted in the United Kingdom, it was used in several British colonies, including Hong Kong from 1863 to 1866. This latter example may have been the impetus to use a pound-mil system in Cyprus as the Palestinian pound was for a brief period accepted as legal tender in Cyprus. Cyprus decimalized in 1955 with 1,000 mils to the pound. Colloquially, the 5-mil coin was known as a "piastre" and the 50-mil coin as a "shilling"; the subdivision was changed to 100 cents to the pound on 3 October 1983. At that time, the smallest coin still in circulation was that of 5 mils; this soon was abolished. Mil-denominated coins are no longer legal tender. Towards the end of the Cypriot pound era, some cashiers omitted the 1- and 2-cent coins from the change they gave. Owner-operated businesses rounded down the net amount to be paid to the nearest multiple of 5 cents; the Cypriot national currency was replaced by the euro on 1 January 2008. The currency entered the Exchange Rate Mechanism II on 2 May 2005 and it was limited within the band of CYP 0.585274 ±15% per euro.
A formal application to adopt the euro was submitted on 13 February 2007. On May 16, 2007, along with Malta, received the European Commission's approval for this and was confirmed by the European Parliament on 20 June 2007 and the EU leaders on 21 June 2007; the permanent exchange rate, EUR 1.00 = CYP 0.585274, was decided by the EU Finance Ministers on 10 July 2007. From 12 July 2007 to 5 December 2007, the exchange rate remained at 0.5842. Since 7 December 2007, the rate has been fixed at the irrevocable rate, € = £0.585274. In summer 2006, the Bank of Cyprus started including on its statements the indicative balance in euros; the Cyprus Telecommunications Authority followed suit with its bills two months later. A small number of shops showed indicative euro totals on their receipts. By late autumn 2006, the number of banks and shops offering indicative euro equivalents on their statements and pricing had increased significantly; the Cypriot pound was replaced by the euro as official currency of the Republic of Cyprus on 1 January 2008 at the irrevocable fixed exchange rate of CYP 0.585274 per €1.
However, pound banknotes and coins continued to have legal tender status and were accepted for cash payments until 31 January 2008. Cypriot pounds were convertible free of charge at Cypriot credit institutions until 30 June 2008. CYP coins were convertible at the Central Bank of Cyprus until 31 December 2009 and CYP banknotes were convertible until 31 December 2017. For a wider history surrounding currency in the region, see The History of British Currency in the Middle East. In 1879, copper coins were introduced in denominations of 1⁄4, 1⁄2, 1 piastre; the Greek-Cypriots called the first of these coins the δεκάρα, referring to its equivalence to 10 para. The Greek name for the 1⁄2-piastre coin was εικοσάρα; these coins were followed, in 1901, by silver 3, 4 1⁄2, 9 and 18 piastres, the last two being equal to 1 and 2 shillings. The 3 piastres was only issued that year; the 1⁄4 piastre was last struck in 1926. In 1934, scalloped-shaped 1⁄2 and 1 piastre coins were introduced struck in cupro-nickel, changing to bronze in 1942.
In 1947, cupro-nickel 1 and 2 shil
The pound is the currency of Jersey. Jersey is in currency union with the United Kingdom, the Jersey pound is not a separate currency but is an issue of banknotes and coins by the States of Jersey denominated in pound sterling, in a similar way to the banknotes issued in Scotland and Northern Ireland, it can be exchanged at par with notes. For this reason, ISO 4217 does not include a separate currency code for the Jersey pound, but where a distinct code is desired JEP is used. Both Jersey and Bank of England notes are legal tender in Jersey and circulate together, alongside the Guernsey pound and Scottish banknotes; the Jersey notes are not legal tender in the United Kingdom but are legal currency, so creditors and traders may accept them if they so choose. The livre was the currency of Jersey until 1834, it consisted of French coins which, in the early 19th century, were exchangeable for sterling at a rate of 26 livres = 1 pound. After the livre was replaced by the franc in France in 1795, the supply of coins in Jersey dwindled leading to difficulties in trade and payment.
In 1834, an Order in Council adopted the pound sterling as Jersey's sole official legal tender, although French copper coins continued to circulate alongside British silver coins, with 26 sous equal to the shilling. Because the sous remained the chief small-change coins, when a new copper coinage was issued for Jersey in 1841, it was based on a penny worth 1⁄13 of a shilling, the equivalent of 2 sous; this system continued until 1877. Along with the rest of the British Isles, Jersey decimalised in 1971 and began issuing a full series of circulating coins from 1⁄2p to 50p. £1 and £2 denominations followed later. As of December 2005, there was £64.7m of Jersey currency in circulation. A profit of £2.8m earned on the issue of Jersey currency was received by the Treasurer of the States in 2005. £1 coins have a different design each year. Each new coin featured one of the coats of arms of the 12 parishes of Jersey; these were followed by a series of coins featuring sailing ships built in the island.
The motto round the milled edge of Jersey pound coins is: Caesarea Insula. Jersey £1 coins ceased to be legal tender in Jersey on 15 October 2017 to coincide with the withdrawal of the circular £1 coin in the UK; the UK's new 12-sided £1 coin is the only £1 coin, legal tender in the Island. In 1834, an Order in Council adopted the pound sterling as Jersey's sole official legal tender to replace the Jersey livre, although French copper coins continued to circulate alongside British silver coins, with 26 sous equal to the shilling; because the sous remained the chief small-change coins, when a new copper coinage was issued for Jersey in 1841, it was based on a penny worth 1⁄13 of a shilling, the equivalent of 2 sous. In 1841, copper 1⁄52, 1⁄26 and 1⁄13 shilling coins were introduced, followed by bronze 1⁄26 and 1⁄13 shilling in 1866. In 1877 a penny of 1⁄12 of a shilling was introduced, the system changed to 12 pence to the shilling. Bronze 1⁄48, 1⁄24 and 1⁄12 shilling were introduced.
This was the only issue of the 1⁄48 shilling denomination. Between 1949 and 1952 the end of the German occupation of the Channel Islands was marked by one million commemorative Liberation pennies that were struck for Jersey. In 1957, a nickel-brass 3 pence coin was introduced carrying the denomination "one fourth of a shilling"; the 1957 and 1960 issues were round, with a dodecagonal version introduced in 1964. In 1968, 5 and 10 pence coins were introduced, followed by 50 pence in 1969 and 1⁄2p, 1p and 2 pence in 1971 when decimalisation took place. All had the same size as the corresponding British coins; the reverse of the first issue of decimal coinage bore the coat of arms of Jersey as had previous coins. The ½ penny coin was last minted in 1981. A square £1 coin was issued in circulation in 1981 to mark the bicentenary of the Battle of Jersey; the square pound could not be accepted by vending machines and was not issued after 1981 although it remains in circulation today. When the rest of the British Isles started to introduce a standardised pound coin in 1983, Jersey changed to a round coin to match.
The square version although rare is still used in the islands. Neither round nor square versions of the coin are as common in Jersey as the £1 note. 20 pence coins were introduced in 1982 and £2 coins in 1998. In 1797 Hugh Godfray and Company, a wine merchant, issued £ 1 notes. Due to the shortage of livre tournois coinage and companies issued a large number of low value notes until in 1813 the States laid down that notes had to have a minimum value of £1; until 1831, a large number of bodies and individuals in Jersey issued their own banknotes. The parishes of Jersey issued notes. Legislation in 1831 attempted to regulate such issues by requiring note issuers to be backed by two guarantors, but the parishes and the Vingtaine de la Ville were exempted from the regulatory provisions. Most of the notes were 1 pound denominations; these locally produced notes, which were issued to fund public works, ceased to be issued after the 1890s. During the German occupation in the Second World War, a shortage of coinage led to the passing of the Currency Notes Law on 29 April 1941.
A series of 2 shilling notes were issued. The law was amended on 29 November 1941 to provide for further issues of notes of various denominations, a series of banknotes desi
British West African pound
The British West African Pound was the currency of British West Africa, a group of British colonies and mandate territories. It was equal to the pound sterling and was subdivided into 20 shillings, each of 12 pence. In the 19th century, the pound sterling became the currency of the British West African territories and standard issue United Kingdom coinage circulated; the West African territories in question were the Gold Coast, Sierra Leone and The Gambia. In 1912, the authorities in London set up the West African Currency Board and issued a distinctive set of sterling coinage for use in British West Africa; the circumstance prompting this move was a tendency for existing UK coins used in the West African territories to leave the region and return to the UK, hence causing a local dearth of coinage. A unique British West African variety of the sterling coinage would not be accepted in the shops of Britain and so would remain in circulation locally. There was a precedent for this move: in 1910, Australia had commenced issuing its own distinctive varieties of sterling coinage, but the reasons for doing so were quite different from those relating to British West Africa.
Australian authorities issued local coinage as a step towards full nationhood. With the exception of Jamaica where special low denomination coins were issued in place of the United Kingdom copper coins, due to local superstitions surrounding the use of copper coinage for church collections, authorities in London did not replace any UK sterling coins with local issues for any other British colony; the British West African pound was adopted by Liberia in 1907, replacing the Liberian dollar, although it was not served by the West African Currency Board. Liberia changed to the U. S. dollar in 1943. Togo and Cameroon adopted the West African currency in 1914 and 1916 when British and French troops took over those colonies from Germany as part of World War I. Beginning in 1958, the British West African pound was replaced by local currencies in the individual territories; the replacements were: In 1907, aluminium 1⁄10 penny and cupro-nickel 1 penny coins were introduced. Both coins were holed. In 1908, cupro-nickel replaced aluminium in the 1⁄10 penny and, in 1911, cupro-nickel ½ penny coins were introduced.
In 1913, silver 3 and 6 pence, 1 and 2 shillings were introduced. In 1920, brass replaced silver in these denominations. In 1938, cupro-nickel 3 pence coins were introduced, with nickel-brass replacing brass in the higher denominations. In 1952, bronze replaced cupro-nickel in the 1/2 and 1 penny coins; the last coins of British West Africa were struck in 1958. In 1916, the West African Currency Board introduced notes for 2, 10 and 20 shillings, followed by 1 shilling notes in 1918. Only the 10 and 20 shillings notes were issued after 1918, until 100 shillings notes were introduced in 1953; the last notes were produced in 1962. Biafran pound Gambian pound Ghanaian pound Gold Coast ackey Nigerian pound West African Monetary Zone Economic Community of West African States References Sources Coins from British West Africa
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