1.
Italian language
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By most measures, Italian, together with Sardinian, is the closest to Latin of the Romance languages. Italian is a language in Italy, Switzerland, San Marino, Vatican City. Italian is spoken by minorities in places such as France, Montenegro, Bosnia & Herzegovina, Crimea and Tunisia and by large expatriate communities in the Americas. Many speakers are native bilinguals of both standardized Italian and other regional languages, Italian is the fourth most studied language in the world. Italian is a major European language, being one of the languages of the Organisation for Security and Cooperation in Europe. It is the third most widely spoken first language in the European Union with 65 million native speakers, including Italian speakers in non-EU European countries and on other continents, the total number of speakers is around 85 million. Italian is the working language of the Holy See, serving as the lingua franca in the Roman Catholic hierarchy as well as the official language of the Sovereign Military Order of Malta. Italian is known as the language of music because of its use in musical terminology and its influence is also widespread in the arts and in the luxury goods market. Italian has been reported as the fourth or fifth most frequently taught foreign language in the world, Italian was adopted by the state after the Unification of Italy, having previously been a literary language based on Tuscan as spoken mostly by the upper class of Florentine society. Its development was influenced by other Italian languages and to some minor extent. Its vowels are the second-closest to Latin after Sardinian, unlike most other Romance languages, Italian retains Latins contrast between short and long consonants. As in most Romance languages, stress is distinctive, however, Italian as a language used in Italy and some surrounding regions has a longer history. What would come to be thought of as Italian was first formalized in the early 14th century through the works of Tuscan writer Dante Alighieri, written in his native Florentine. Dante is still credited with standardizing the Italian language, and thus the dialect of Florence became the basis for what would become the language of Italy. Italian was also one of the recognised languages in the Austro-Hungarian Empire. Italy has always had a dialect for each city, because the cities. Those dialects now have considerable variety, as Tuscan-derived Italian came to be used throughout Italy, features of local speech were naturally adopted, producing various versions of Regional Italian. Even in the case of Northern Italian languages, however, scholars are not to overstate the effects of outsiders on the natural indigenous developments of the languages
2.
ISO 4217
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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
3.
World War II
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World War II, also known as the Second World War, was a global war that lasted from 1939 to 1945, although related conflicts began earlier. It involved the vast majority of the worlds countries—including all of the great powers—eventually forming two opposing alliances, the Allies and the Axis. It was the most widespread war in history, and directly involved more than 100 million people from over 30 countries. Marked by mass deaths of civilians, including the Holocaust and the bombing of industrial and population centres. These made World War II the deadliest conflict in human history, from late 1939 to early 1941, in a series of campaigns and treaties, Germany conquered or controlled much of continental Europe, and formed the Axis alliance with Italy and Japan. Under the Molotov–Ribbentrop Pact of August 1939, Germany and the Soviet Union partitioned and annexed territories of their European neighbours, Poland, Finland, Romania and the Baltic states. In December 1941, Japan attacked the United States and European colonies in the Pacific Ocean, and quickly conquered much of the Western Pacific. The Axis advance halted in 1942 when Japan lost the critical Battle of Midway, near Hawaii, in 1944, the Western Allies invaded German-occupied France, while the Soviet Union regained all of its territorial losses and invaded Germany and its allies. During 1944 and 1945 the Japanese suffered major reverses in mainland Asia in South Central China and Burma, while the Allies crippled the Japanese Navy, thus ended the war in Asia, cementing the total victory of the Allies. World War II altered the political alignment and social structure of the world, the United Nations was established to foster international co-operation and prevent future conflicts. The victorious great powers—the United States, the Soviet Union, China, the United Kingdom, the Soviet Union and the United States emerged as rival superpowers, setting the stage for the Cold War, which lasted for the next 46 years. Meanwhile, the influence of European great powers waned, while the decolonisation of Asia, most countries whose industries had been damaged moved towards economic recovery. Political integration, especially in Europe, emerged as an effort to end pre-war enmities, the start of the war in Europe is generally held to be 1 September 1939, beginning with the German invasion of Poland, Britain and France declared war on Germany two days later. The dates for the beginning of war in the Pacific include the start of the Second Sino-Japanese War on 7 July 1937, or even the Japanese invasion of Manchuria on 19 September 1931. Others follow the British historian A. J. P. Taylor, who held that the Sino-Japanese War and war in Europe and its colonies occurred simultaneously and this article uses the conventional dating. Other starting dates sometimes used for World War II include the Italian invasion of Abyssinia on 3 October 1935. The British historian Antony Beevor views the beginning of World War II as the Battles of Khalkhin Gol fought between Japan and the forces of Mongolia and the Soviet Union from May to September 1939, the exact date of the wars end is also not universally agreed upon. It was generally accepted at the time that the war ended with the armistice of 14 August 1945, rather than the formal surrender of Japan
4.
Currency symbol
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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
5.
Kingdom of Italy
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The state was founded as a result of the unification of Italy under the influence of the Kingdom of Sardinia, which can be considered its legal predecessor state. Italy declared war on Austria in alliance with Prussia in 1866, Italian troops entered Rome in 1870, ending more than one thousand years of Papal temporal power. Italy entered into a Triple Alliance with Germany and Austria-Hungary in 1882, victory in the war gave Italy a permanent seat in the Council of the League of Nations. Fascist Italy is the era of National Fascist Party rule from 1922 to 1943 with Benito Mussolini as head of government, according to Payne, Fascist regime passed through several relatively distinct phases. The first phase was nominally a continuation of the parliamentary system, then came the second phase, the construction of the Fascist dictatorship proper from 1925 to 1929. The third phase, with activism, was 1929–34. The war itself was the phase with its disasters and defeats. Italy was allied with Nazi Germany in World War II until 1943 and it switched sides to the Allies after ousting Mussolini and shutting down the Fascist party in areas controlled by the Allied invaders. Shortly after the war, civil discontent led to the referendum of 1946 on whether Italy would remain a monarchy or become a republic. Italians decided to abandon the monarchy and form the Italian Republic, the Kingdom of Italy claimed all of the territory which is modern-day Italy. The development of the Kingdoms territory progressed under Italian re-unification until 1870, the state for a long period of time did not include Trieste or Trentino-Alto Adige/Südtirol, which are in Italy today, and only annexed them in 1919. After the Second World War, the borders of present-day Italy were founded, the Kingdom of Italy was theoretically a constitutional monarchy. Executive power belonged to the monarch, as executed through appointed ministers, two chambers of parliament restricted the monarchs power—an appointive Senate and an elective Chamber of Deputies. The kingdoms constitution was the Statuto Albertino, the governing document of the Kingdom of Sardinia. In theory, ministers were responsible to the king. However, in practice, it was impossible for an Italian government to stay in office without the support of Parliament, members of the Chamber of Deputies were elected by plurality voting system elections in uninominal districts. A candidate needed the support of 50% of those voting, and of 25% of all enrolled voters, if not all seats were filled on the first ballot, a runoff was held shortly afterwards for the remaining vacancies. After a brief multinominal experimentation in 1882, proportional representation into large, regional, Socialists became the major party, but they were unable to form a government in a parliament split into three different factions, with Christian Populists and classical liberals
6.
Italy
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Italy, officially the Italian Republic, is a unitary parliamentary republic in Europe. Located in the heart of the Mediterranean Sea, Italy shares open land borders with France, Switzerland, Austria, Slovenia, San Marino, Italy covers an area of 301,338 km2 and has a largely temperate seasonal climate and Mediterranean climate. Due to its shape, it is referred to in Italy as lo Stivale. With 61 million inhabitants, it is the fourth most populous EU member state, the Italic tribe known as the Latins formed the Roman Kingdom, which eventually became a republic that conquered and assimilated other nearby civilisations. The legacy of the Roman Empire is widespread and can be observed in the distribution of civilian law, republican governments, Christianity. The Renaissance began in Italy and spread to the rest of Europe, bringing a renewed interest in humanism, science, exploration, Italian culture flourished at this time, producing famous scholars, artists and polymaths such as Leonardo da Vinci, Galileo, Michelangelo and Machiavelli. The weakened sovereigns soon fell victim to conquest by European powers such as France, Spain and Austria. Despite being one of the victors in World War I, Italy entered a period of economic crisis and social turmoil. The subsequent participation in World War II on the Axis side ended in defeat, economic destruction. Today, Italy has the third largest economy in the Eurozone and it has a very high level of human development and is ranked sixth in the world for life expectancy. The country plays a prominent role in regional and global economic, military, cultural and diplomatic affairs, as a reflection of its cultural wealth, Italy is home to 51 World Heritage Sites, the most in the world, and is the fifth most visited country. The assumptions on the etymology of the name Italia are very numerous, according to one of the more common explanations, the term Italia, from Latin, Italia, was borrowed through Greek from the Oscan Víteliú, meaning land of young cattle. The bull was a symbol of the southern Italic tribes and was often depicted goring the Roman wolf as a defiant symbol of free Italy during the Social War. Greek historian Dionysius of Halicarnassus states this account together with the legend that Italy was named after Italus, mentioned also by Aristotle and Thucydides. The name Italia originally applied only to a part of what is now Southern Italy – according to Antiochus of Syracuse, but by his time Oenotria and Italy had become synonymous, and the name also applied to most of Lucania as well. The Greeks gradually came to apply the name Italia to a larger region, excavations throughout Italy revealed a Neanderthal presence dating back to the Palaeolithic period, some 200,000 years ago, modern Humans arrived about 40,000 years ago. Other ancient Italian peoples of undetermined language families but of possible origins include the Rhaetian people and Cammuni. Also the Phoenicians established colonies on the coasts of Sardinia and Sicily, the Roman legacy has deeply influenced the Western civilisation, shaping most of the modern world
7.
San Marino
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Its size is just over 61 km2, with a population of 33,562. Its capital is the City of San Marino and its largest city is Dogana, San Marino has the smallest population of all the members of the Council of Europe. The country takes its name from Marinus, a stonemason originating from the Roman colony on the island of Rab, in 257 CE Marinus participated in the reconstruction of Riminis city walls after their destruction by Liburnian pirates. San Marino is governed by the Constitution of San Marino, a series of six books written in Latin in the late 16th century, the country is considered to have the earliest written governing documents still in effect. The countrys economy mainly relies on finance, industry, services and it is one of the wealthiest countries in the world in terms of GDP, with a figure comparable to the most developed European regions. San Marino is considered to have a stable economy, with one of the lowest unemployment rates in Europe, no national debt. It is the country with more vehicles than people. Saint Marinus left the island of Arba in present-day Croatia with his lifelong friend Leo, and went to the city of Rimini as a stonemason. After the Diocletianic Persecution following his Christian sermons, he escaped to the nearby Monte Titano, the official date of the founding of what is now known as the Republic is 3 September 301. In 1631, its independence was recognized by the Papacy, the offer was declined by the Regents, fearing future retaliation from other states revanchism. During the later phase of the Italian unification process in the 19th century, in recognition of this support, Giuseppe Garibaldi accepted the wish of San Marino not to be incorporated into the new Italian state. The government of San Marino made United States President Abraham Lincoln an honorary citizen and he wrote in reply, saying that the republic proved that government founded on republican principles is capable of being so administered as to be secure and enduring. Italy tried to establish a detachment of Carabinieri in the republic. Two groups of ten volunteers joined Italian forces in the fighting on the Italian front, the first as combatants, the existence of this hospital later caused Austria-Hungary to suspend diplomatic relations with San Marino. From 1923 to 1943, San Marino was under the rule of the Sammarinese Fascist Party. During World War II, San Marino remained neutral, although it was reported in an article from The New York Times that it had declared war on the United Kingdom on 17 September 1940. The Sammarinese government later transmitted a message to the British government stating that they had not declared war on the United Kingdom, Three days after the fall of Benito Mussolini in Italy, PFS rule collapsed and the new government declared neutrality in the conflict. The Fascists regained power on 1 April 1944 but kept neutrality intact, despite that, on 26 June 1944 San Marino was bombed by the Royal Air Force, in the belief that San Marino had been overrun by German forces and was being used to amass stores and ammunition
8.
Vatican City
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Vatican City, officially Vatican City State or the State of Vatican City, is a walled enclave within the city of Rome. With an area of approximately 44 hectares, and a population of 842, however, formally it is not sovereign, with sovereignty being held by the Holy See, the only entity of public international law that has diplomatic relations with almost every country in the world. It is an ecclesiastical or sacerdotal-monarchical state ruled by the Bishop of Rome – the Pope, the highest state functionaries are all Catholic clergy of various national origins. Vatican City is distinct from the Holy See, which dates back to early Christianity and is the episcopal see of 1.2 billion Latin. According to the terms of the treaty, the Holy See has full ownership, exclusive dominion, within Vatican City are religious and cultural sites such as St. Peters Basilica, the Sistine Chapel and the Vatican Museums. They feature some of the worlds most famous paintings and sculptures, the unique economy of Vatican City is supported financially by the sale of postage stamps and tourist mementos, fees for admission to museums, and the sale of publications. The name Vatican City was first used in the Lateran Treaty, signed on 11 February 1929, the name is taken from Vatican Hill, the geographic location of the state. Vatican is derived from the name of an Etruscan settlement, Vatica or Vaticum meaning garden, located in the area the Romans called vaticanus ager. The official Italian name of the city is Città del Vaticano or, more formally, Stato della Città del Vaticano, although the Holy See and the Catholic Church use Ecclesiastical Latin in official documents, the Vatican City officially uses Italian. The Latin name is Status Civitatis Vaticanæ, this is used in documents by not just the Holy See. The name Vatican was already in use in the time of the Roman Republic for an area on the west bank of the Tiber across from the city of Rome. Under the Roman Empire, many villas were constructed there, after Agrippina the Elder drained the area and laid out her gardens in the early 1st century AD. In AD40, her son, Emperor Caligula built in her gardens a circus for charioteers that was completed by Nero, the Circus Gaii et Neronis, usually called, simply. Even before the arrival of Christianity, it is supposed that this originally uninhabited part of Rome had long considered sacred. A shrine dedicated to the Phrygian goddess Cybele and her consort Attis remained active long after the Constantinian Basilica of St. Peter was built nearby, the particularly low quality of Vatican water, even after the reclamation of the area, was commented on by the poet Martial. The Vatican Obelisk was originally taken by Caligula from Heliopolis in Egypt to decorate the spina of his circus and is thus its last visible remnant and this area became the site of martyrdom of many Christians after the Great Fire of Rome in AD64. Ancient tradition holds that it was in this circus that Saint Peter was crucified upside-down, opposite the circus was a cemetery separated by the Via Cornelia. Peters in the first half of the 4th century, the Constantinian basilica was built in 326 over what was believed to be the tomb of Saint Peter, buried in that cemetery
9.
Campione d'Italia
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Campione dItalia is a comune of the Province of Como in the Lombardy region of Italy, and an exclave surrounded by the Swiss canton of Ticino. In the first century BC the Romans founded the town of Campilonum to protect their territories from Helvetii invasions. In 777, Toto of Campione, a local Lombard lord, ownership was transferred to the abbey of Sant’Ambrogio. In 1512, the area of Ticino was transferred from the ownership of the bishop of Como to Switzerland by Pope Julius II. However, the abbey maintained control over what is now Campione dItalia, when Ticino chose to become part of the Swiss Confederation in 1798, the people of Campione chose to remain part of Lombardy. In 1800, Ticino proposed exchanging Indemini for Campione, in 1814 a referendum was held, and the residents of Campione opposed it. In 1848, during the wars of Italian unification, Campione petitioned Switzerland for annexation and this was rejected due to the Swiss desire for neutrality. After Italian unification in 1861, all land west of Lake Lugano and half of the lake were given to Switzerland so that Swiss trade and transport would not have to pass through Italy. The dItalia was added to the name of Campione in the 1930s by Prime Minister Benito Mussolini and this was to assert the exclaves Italian-ness. During World War II, the US Office of Strategic Services — partly through Berne OSS chief Allen Welsh Dulles — maintained a unit in Campione for operations in Italy, at the time the pro-Nazi Italian regime did not have control over the exclave. The Swiss ignored the situation as long as the Americans kept a low profile, postage stamps were issued during this period inscribed Campione dItalia and valued in Swiss currency. Campione has an amount of economic and administrative integration with Switzerland. Because of its status, legal tender in the town is the Swiss franc. Mail may be sent using either a Swiss postal code or an Italian one using Switzerland or Italy as destination country respectively, like the Italian town of Livigno, it is exempt from EU VAT. Campione takes advantage of its status by operating a casino, the Casinò di Campione, security is provided by the Carabinieri and the city also has a Polizia Locale group. However, firefighters and ambulances are Swiss, schools within the comune are the Scuola Materna G. Garibaldi, the Scuola Elementare, and the Scuola Media. List of communes of the Province of Como List of enclaves and exclaves Media related to Campione dItalia at Wikimedia Commons Official website
10.
Central bank
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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
11.
Bank of Italy
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The Bank of Italy, known in Italian as Banca dItalia, also known as Bankitalia, is the central bank of Italy and part of the European System of Central Banks. It is located in Palazzo Koch, via Nazionale, Rome, the banks current governor is Ignazio Visco, who took the office on 1 November 2011. The main function has thus become banking and financial supervision, following reform in 2005, which was prompted by takeover scandals, the bank has lost exclusive antitrust authority in the credit sector, which is now shared with Italian Competition Authority. Bank of Italy gold reserves are 2,451.8 tonnes, the institution was established in 1893 from the combination of three major banks in Italy. The new central bank first issued bank-notes during 1926, the general meeting takes place yearly and with the purpose of approving accounts and appointing the auditors. The Board of Directors has administrative powers and is chaired by the governor, following reform in 2005, the governor lost exclusive responsibility regarding decisions of external relevance, which has been transferred to the Directorate. The Director General is responsible for the administration of the bank. The Board of Auditors assesses the banks administration and compliance with the law, regulations, the Directorates term of office lasts six years and is renewable once. The appointment of the governor is the responsibility of the government, head of the Board of Directors, the Board of Directors is elected by the shareholders according to the bank statute. On 25 October 2011, Silvio Berlusconi named Ignazio Visco as new governor of the bank, Banca dItalia had 300,000 number of shares with a nominal value of €25,000. Original scattered around the banks of whole Italy, the shares now accumulated due to the merger of the banks since 1990s. The status of the states that a minimum of 54% of profits would go to the Italian government. As of 1st December 2016 Banking in Italy Istituto Poligrafico e Zecca dello Stato Commissione Nazionale per le Società e la Borsa Economy of Italy Italian lira eabh Official website
12.
Mint (facility)
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A mint is an industrial facility which manufactures coins that can be used in currency. The history of mints correlates closely with the history of coins, in the beginning, hammered coinage or cast coinage were the chief means of coin minting, with resulting production runs numbering as little as the hundreds or thousands. In modern mints, coin dies are manufactured in large numbers, with the mass production of currency, the production cost is weighed when minting coins. For example, it costs the United States Mint much less than 25 cents to make a quarter, metals were well suited to represent wealth, owing to their great intrinsic value and their durability, divisibility and rarity. The first mint was established in Lydia in the 7th century BC, for coining gold, silver. The Lydian innovation of manufacturing coins under the authority of the spread to neighboring Greece. Some of the earliest Greek mints were within city-states on Greek islands such as Crete, at about the same time, coins and mints appeared independently in China and spread to Korea and Japan. The manufacture of coins in the Roman Empire, dating from about the 4th century BC, the origin of the word mint is ascribed to the manufacture of silver coin at Rome in 269 BC at the temple of Juno Moneta. This goddess became the personification of money, and her name was applied both to money and to its place of manufacture, Roman mints were spread widely across the Empire, and were sometimes used for propaganda purposes. The populace often learned of a new Roman Emperor when coins appeared with the new Emperors portrait, Ancient coins were made by casting in moulds or by striking between engraved dies. The Romans cast their larger copper coins in clay moulds carrying distinctive markings, not because they knew nothing of striking, casting is now used only by counterfeiters. The most ancient coins were cast in bulletshaped or conical moulds, the blank or unmarked piece of metal was placed on a small anvil, and the die was held in position with tongs. The reverse or lower side of the received a rectangular mark made by the sharp edges of the little anvil. Subsequently the anvil was marked in ways, and decorated with letters and figures of beasts. The spherical blanks soon gave place to lenticular-shaped ones, the blank was made red-hot and struck between cold dies. One blow was usually insufficient, and the method was similar to that used in striking medals in high relief. With the substitution of iron for bronze as the material for dies, about 300 AD, in the Middle Ages bars of metal were cast and hammered out on an anvil. Portions of the sheets were then cut out with shears
13.
European Exchange Rate Mechanism
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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
14.
Euro
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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
15.
Currency
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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
16.
Kingdom of Italy (Napoleonic)
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The Kingdom of Italy was a French client state founded in Northern Italy by Napoleon I, fully influenced by revolutionary France, that ended with his defeat and fall. Napoleon I was crowned at the Duomo di Milano, Milan on May 26 and his title was Emperor of the French and King of Italy, showing the importance of this Italian Kingdom for him. Even though the republican Constitution was never abolished, a series of Constitutional Statutes completely altered it. The second one, dating from March 29, and regulated the regency, the Great Officials of the kingdom, the Consulta, Legislative Council, and Speakers, were all merged in a Council of State, whose opinions became only optional and not binding for the king. The Legislative Body, the old parliament, remained in theory, but it never summoned after 1805, the fourth Statute, decided on February 16,1806, indicated Beauharnais as the heir to the throne. The seventh Statute, on September 21, created a new nobility of dukes, counts and barons, the eighth, in 1812, a Court of Accounts was added. The Duchy of Guastalla was annexed on May 24, with the Convention of Fontainebleau with Austria of October 10,1807, Italy ceded Monfalcone to Austria and gained Gradisca, putting the new border on the Isonzo River. The conquered Republic of Ragusa was annexed in spring 1808 by general Marmont and that was the only time in modern history that Ragusa was united to Italy. On April 2,1808, following the dissolution of the Papal States, at its maximum extent, the Kingdom had 6,700,000 inhabitants and was composed by 2,155 communes. Small changes to the borders between Italy and France in Garfagnana and Friuli came in act on August 5,1811, in practice, the Kingdom was a dependency of the French Empire. The Kingdom served as a theater in Napoleons operations against Austria during the wars of the various coalitions, trading with the United Kingdom was forbidden. The kingdom was given a new currency, replacing the local coins circulating in the country, the Italian lira, of the same size, weight. Mintage being decided by Napoleon with a decree on March 21,1806. The monetary unit was the silver lira, which was 5 grams heavy, there were multiples of £2 and £5, and precious coins of £20 and £40. The army of the kingdom, inserted into the Grande Armée, in the course of its existence from 1805 to 1814 the Kingdom of Italy provided Napoleon I with roughly around 200,000 soldiers. In 1805 Italian troops served on duty along the English Channel, during 1806-1807 they took part in the sieges of Kolberg and Danzig. From 1808 to 1813 whole Italian divisions served in Spain, especially distinguishing themselves under Suchet at Tarragona and Saguntum. In 1809, Eugènes Army of Italy formed the wing of Napoleon Is invasion of the Austrian Empire, winning a considerable victory at Raab
17.
Pound (mass)
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The pound or pound-mass is a unit of mass used in the imperial, United States customary and other systems of measurement. The international standard symbol for the pound is lb. The unit is descended from the Roman libra, the English word pound is cognate with, among others, German Pfund, Dutch pond, and Swedish pund. All ultimately derive from a borrowing into Proto-Germanic of the Latin expression lībra pondō, usage of the unqualified term pound reflects the historical conflation of mass and weight. This accounts for the modern distinguishing terms pound-mass and pound-force, the United States and countries of the Commonwealth of Nations agreed upon common definitions for the pound and the yard. Since 1 July 1959, the avoirdupois pound has been defined as exactly 0.45359237 kg. In the United Kingdom, the use of the pound was implemented in the Weights and Measures Act 1963.9144 metre exactly. An avoirdupois pound is equal to 16 avoirdupois ounces and to exactly 7,000 grains, the conversion factor between the kilogram and the international pound was therefore chosen to be divisible by 7, and an grain is thus equal to exactly 64.79891 milligrams. The US has not adopted the system despite many efforts to do so. Historically, in different parts of the world, at different points in time, and for different applications, the libra is an ancient Roman unit of mass that was equivalent to approximately 328.9 grams. It was divided into 12 unciae, or ounces, the libra is the origin of the abbreviation for pound, lb. A number of different definitions of the pound have historically used in Britain. Amongst these were the avoirdupois pound and the tower, merchants. Historically, the sterling was a tower pound of silver. In 1528, the standard was changed to the Troy pound, the avoirdupois pound, also known as the wool pound, first came into general use c. It was initially equal to 6992 troy grains, the pound avoirdupois was divided into 16 ounces. During the reign of Queen Elizabeth, the pound was redefined as 7,000 troy grains. Since then, the grain has often been a part of the avoirdupois system
18.
Silver
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Silver is a metallic element with symbol Ag and atomic number 47. The symbol Ag stems from Latin argentum, derived from the Greek ὰργὀς, a soft, white, lustrous transition metal, it exhibits the highest electrical conductivity, thermal conductivity, and reflectivity of any metal. The metal is found in the Earths crust in the pure, free form, as an alloy with gold and other metals. Most silver is produced as a byproduct of copper, gold, lead, Silver is more abundant than gold, but it is much less abundant as a native metal. Its purity is measured on a per mille basis, a 94%-pure alloy is described as 0.940 fine. As one of the seven metals of antiquity, silver has had a role in most human cultures. Silver has long valued as a precious metal. Silver metal is used in many premodern monetary systems in bullion coins, Silver is used in numerous applications other than currency, such as solar panels, water filtration, jewelry, ornaments, high-value tableware and utensils, and as an investment medium. Silver is used industrially in electrical contacts and conductors, in specialized mirrors, window coatings, Silver compounds are used in photographic film and X-rays. Dilute silver nitrate solutions and other compounds are used as disinfectants and microbiocides, added to bandages and wound-dressings, catheters. Silver is similar in its physical and chemical properties to its two neighbours in group 11 of the periodic table, copper and gold. This distinctive electron configuration, with an electron in the highest occupied s subshell over a filled d subshell. Silver is a soft, ductile and malleable transition metal. Silver crystallizes in a cubic lattice with bulk coordination number 12. Unlike metals with incomplete d-shells, metallic bonds in silver are lacking a covalent character and are relatively weak and this observation explains the low hardness and high ductility of single crystals of silver. Silver has a brilliant white metallic luster that can take a polish. Protected silver has greater optical reflectivity than aluminium at all wavelengths longer than ~450 nm, at wavelengths shorter than 450 nm, silvers reflectivity is inferior to that of aluminium and drops to zero near 310 nm. The electrical conductivity of silver is the greatest of all metals, greater even than copper, during World War II in the US,13540 tons of silver were used in electromagnets for enriching uranium, mainly because of the wartime shortage of copper
19.
Cyprus
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Cyprus, officially the Republic of Cyprus, is an island country in the Eastern Mediterranean and the third largest and third most populous island in the Mediterranean. It is located south of Turkey, west of Syria and Lebanon, northwest of Israel and Palestine, north of Egypt, the earliest known human activity on the island dates to around the 10th millennium BC. Archaeological remains from this include the well-preserved Neolithic village of Khirokitia. Cyprus was settled by Mycenaean Greeks in two waves in the 2nd millennium BC, Cyprus was placed under British administration based on Cyprus Convention in 1878 and formally annexed by Britain in 1914. While Turkish Cypriots made up 18% of the population, the partition of Cyprus and creation of a Turkish state in the north became a policy of Turkish Cypriot leaders, following nationalist violence in the 1950s, Cyprus was granted independence in 1960. On 15 July 1974, a coup détat was staged by Greek Cypriot nationalists and elements of the Greek military junta in an attempt at enosis and these events and the resulting political situation are matters of a continuing dispute. The Cyprus Republic has de jure sovereignty over the island of Cyprus, as well as its territorial sea and exclusive economic area, another nearly 4% of the islands area is covered by the UN buffer zone. The international community considers the part of the island as territory of the Republic of Cyprus occupied by Turkish forces. The occupation is viewed as illegal under law, amounting to illegal occupation of EU territory since Cyprus became a member of the European Union. Cyprus is a major tourist destination in the Mediterranean, on 1 January 2008, the Republic of Cyprus joined the eurozone. The earliest attested reference to Cyprus is the 15th century BC Mycenaean Greek
20.
Malta
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Malta, officially known as the Republic of Malta, is a Southern European island country consisting of an archipelago in the Mediterranean Sea. It lies 80 km south of Italy,284 km east of Tunisia, the country covers just over 316 km2, with a population of just under 450,000, making it one of the worlds smallest and most densely populated countries. The capital of Malta is Valletta, which at 0.8 km2, is the smallest national capital in the European Union, Malta has one national language, which is Maltese, and English as an official language. John, French and British, have ruled the islands, King George VI of the United Kingdom awarded the George Cross to Malta in 1942 for the countrys bravery in the Second World War. The George Cross continues to appear on Maltas national flag, the country became a republic in 1974, and although no longer a Commonwealth realm, remains a member state of the Commonwealth of Nations. Malta was admitted to the United Nations in 1964 and to the European Union in 2004, in 2008, Catholicism is the official religion in Malta. The origin of the term Malta is uncertain, and the modern-day variation derives from the Maltese language, the most common etymology is that the word Malta derives from the Greek word μέλι, meli, honey. The ancient Greeks called the island Μελίτη meaning honey-sweet, possibly due to Maltas unique production of honey, an endemic species of bee lives on the island. The Romans went on to call the island Melita, which can be considered either as a latinisation of the Greek Μελίτη or the adaptation of the Doric Greek pronunciation of the same word Μελίτα. Another conjecture suggests that the word Malta comes from the Phoenician word Maleth a haven or port in reference to Maltas many bays, few other etymological mentions appear in classical literature, with the term Malta appearing in its present form in the Antonine Itinerary. The extinction of the hippos and dwarf elephants has been linked to the earliest arrival of humans on Malta. Prehistoric farming settlements dating to the Early Neolithic period were discovered in areas and also in caves. The Sicani were the tribe known to have inhabited the island at this time and are generally regarded as being closely related to the Iberians. Pottery from the Għar Dalam phase is similar to found in Agrigento. A culture of megalithis temple builders then either supplanted or arose from this early period, the temples have distinctive architecture, typically a complex trefoil design, and were used from 4000 to 2500 BCE. Animal bones and a knife found behind an altar stone suggest that temple rituals included animal sacrifice. Tentative information suggests that the sacrifices were made to the goddess of fertility, the culture apparently disappeared from the Maltese Islands around 2500 BC. Archaeologists speculate that the builders fell victim to famine or disease
21.
Pound (currency)
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The pound is a unit of currency in some nations. The term originated in the Frankish Empire as a result of Charlemagnes currency reform and was taken to Great Britain as the value of a pound of silver. The English word pound is cognate with, among others, German Pfund, Dutch pond, all ultimately derive from a borrowing into Proto-Germanic of the Latin expression lībra pondō, in which the word pondō is the ablative case of the Latin noun pondus. The English word pound first referred to a unit of mass or weight, the currencys symbol is £, a stylised representation of the letter L, standing for livre or lira. Historically, £1 worth of coins were a troy pound in weight. Today, the term may refer to a number of currencies, some of them, those official in former Italian states and in countries formerly belonging to the Ottoman Empire, are called pound in English, while in the local languages their official name is lira. See also Isle of Man pound, Jersey pound, Guernsey pound, egyptian pound Lebanese pound South Sudanese pound Sudanese pound Syrian pound The following currencies are interchangeable at par with the pound sterling. These are issued in the Crown dependencies and certain British Overseas Territories, the Australian pound was also used in the Gilbert and Ellice Islands, Nauru, New Hebrides and Papua and New Guinea. It was replaced in the New Hebrides in 1977 by the New Hebrides franc. S, the Jamaican pound was also used in Cayman Islands and Turks and Caicos Islands until 1968. Libyan pound Malawian pound Maltese pound New Brunswick pound Newfoundland pound New Guinean pound New Zealand pound, the New Zealand pound was also used in the Cook Islands and the Pitcairn Islands. The South African pound was used in Basutoland, Bechuanaland, South West Africa
22.
Sardinian lira
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The lira was the currency of the Kingdom of Sardinia between August 6,1816 and March 17,1861. It was subdivided into 100 centesimi and was equal in value to the French franc, being no more than the Savoyard version of the franc, it could circulate also in France, as the French coins could circulate in Piedmont. It was replaced at par by the Italian lira, as the great part of the 19th century currencies, it was not affected by significant episodes of inflation during all its existence. In 1816, King Victor Emmanuel I issued silver 5 lire, before his abdication in 1821, he also produced a new golden 80 lire coin. King Charles Felix followed in 1821 and 1822 minting gold 40 and 80 lire and he also expanded the new currency in Sardinia which, not having been conquered by Napoleon, had retained its Sardinian shields. Silver 50 centesimi,1 and 2 lire were added in 1823, followed by copper 1,3 and 5 centesimi in 1826, finally, King Charles Albert added new gold 10,50 and 100 lire in 1832, while King Victor Emmanuel II continued his fathers coinage
23.
Two Sicilies ducat
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The ducat was the main currency of the Kingdom of the Two Sicilies between 1816 and 1860. In the mainland part of the kingdom, the ducat also replaced the Napoleonic lira, the subdivision and the coinage of the currency was simplified respect to the pre-Napoleonic era, only three denominations survived. Accounts were kept in ducats, each of 100 grana or 200 tornesels, the piastra was the unofficial name of the biggest silver coin, which had a value of 120 grana. When the Italian lira replaced the coinage of the House of Bourbon in 1861, a rate of 1 piastra =5.1 lire was established. Copper coins were issued in denominations of ½,1, 1½,2,3,4,5,8 and 10 tornesels, together with silver 5,10,20,60 and 120 grana coins, the largest being unofficially called piastra. Gold coins were issued for 3,6,15 and 30 ducats
24.
Tuscan florin
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The Tuscan florin was the currency of Tuscany between 1826 and 1859. It was subdivided into 100 quattrini, a currency made by four pennies. There was an additional denomination called the paolo, worth 40 quattrini, during the Napoleonic Wars, Tuscany was annexed by France and the French franc was introduced, together with its satellite Italian lira. Previous Tuscan pound did not disappear, but a big confusion was created between the old pound and the new lira, so, when Duke Leopold II rose to power in 1824, he decided to introduce a new basic currency. The florin replaced the Tuscan pound at a rate of 1 2⁄3 pounds =1 florin, in 1847, Tuscany absorbed Lucca and the florin replaced the Luccan pound at a rate of 1 florin =2 pounds. After a brief revolutionary coinage, the florin was replaced in 1859 by a currency denominated in Italian lira, equal to the Sardinian lira. Copper coins were struck in denominations of 1 and 3 quattrini, together with billon 5 and 10 quattrini, silver 1⁄2,1 and 5 paolo, 1⁄4, gold coins included the sequin, ruspone and 80 florins, the latter two equalled 3 and 10 sequins respectively
25.
Roman scudo
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The Roman scudo was the currency of the Papal States until 1866. It was subdivided into 100 baiocchi, each of 5 quattrini, other denominations included the grosso of 5 baiocchi, the carlino of 7½ baiocchi, the giulio and paoli both of 10 baiocchi, the testone of 30 baiocchi and the doppia of 3 scudi. In addition to issues for the Papal States as a whole, uniquely in Bologna the baiocco, also known as the bolognino, was subdivided into 6 quattrini. Between 1798 and 1799, the revolutionary French forces established the Roman Republic, in addition, the municipalities of Ancona, Civitavecchia, Clitunno, Foligno, Gubbio, Pergola and Perugia issued coins in the name of the Roman Republic. In 1808, the Papal States were annexed by France, when the Popes authority was restored in 1814, the scudo was restored as the currency. However, outside Rome solely the coinage of Bologna was resumed, in 1849, another Roman Republic was established which issued coins centrally and in Ancona. In 1866, the scudo was replaced by the lira, equivalent to the Italian lira, the exchange rate used was 5.375 lire =1 scudo. The individual states issued similar coinages, with the exception of Bologna, which additionally issued silver 12 baiocchi, ½ scudo and 80 bolognini, the 1798 to 1799 Roman Republic issued copper ½,1,2 and 5 baiocchi and silver 1 scudo. After the restoration of the currency, billon coins were no longer issued, there were copper 1 quattrino, ½ and 1 baiocco, silver 1 grosso,1 and 2 giulio and 1 scudo, and gold 1 doppia. The silver testone was reintroduced in 1830, followed by 50 baiocchi in 1832, in 1835, a new coinage was introduced which abandoned all the denomination names except for the quattrino, baiocco and scudo. Copper coins were issued in denominations of 1 quattrino, ½ and 1 baiocco, with silver 5,10,20,30 and 50 baiocchi and 1 scudo, and gold 2½,5 and 10 scudi. In 1849, the Roman Republic issued a coinage consisting of copper ½,1 and 3 baiocchi, following the restoration of the Papal States, copper 2 and 5 baiocchi were introduced. The 1798 to 1799 Roman Republic issued notes in various denominations including 3 and 40 baiocchi,8,9 and 10 paoli, the treasury of the Papal States issued notes during the 19th century. Papal mint Maltese scudo Escudo Romes old coinage
26.
Parman lira
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The lira was the distinct currency of Parma before 1802 and again from 1815 to 1859. The Duchy of Parma issued its own currency until it was annexed to France in 1802 and this lira was subdivided into 20 soldi, each of 12 denari, with the sesino worth 6 denari and the ducato was worth 7 lire. The currency was replaced by the French franc, after the re-establishment of Parman independence, a national currency was introduced in 1815. Also called the lira, it was subdivided into 20 soldi or 100 centesimi, however, this lira was equal to the French franc and the Sardinian lira, and it circulated alongside the latter. It weighed 5 grams, and had a purity of 9/10 of silver, since 1860, Parma has used the equivalent Italian lira. In the late 18th century, circulation coins included copper 1 sesino, billon 5,10 and 20 soldi, silver ½,1,3 and 6 lire, and 1/14, 1/7, ½, and 1 ducato. Gold coins were issued in denominations of 1 zecchino and ½,1,3,4,6 and 8 doppia. In 1815, silver coins were introduced in denominations of 5 and 10 soldi,1,2 and 5 lire, copper 1,3 and 5 centesimi were added in 1830. All coins until the death of Marie Louise were minted by the Austrian State in Milan, when the House of Bourbon rose to the throne in 1847, the Parman mint was re-opened
27.
Latin Monetary Union
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It was established in 1865 and disbanded in 1927. Many countries minted coins according to the LMU standard even though they did not formally accede to the LMU treaty, by treaty dated 23 December 1865, France, Belgium, Italy, and Switzerland formed the Latin Monetary Union. They agreed to a gold and silver standard with a gold-to-silver ratio of 15.5 to 1 as established in the French Franc. One LMU Franc represented 4.5 grams of silver or 0.290322 gram of fine gold. The treaty required that all four contracting states strike freely exchangeable gold coins, before the treaty, for example, the fineness of the silver coins in the four states varied from 0.800 to 0.900. The treaty required that the largest silver coin of 5 francs be struck 0.900 fine, the agreement came into force on 1 August 1866. The LMU served the function of facilitating trade between different countries by setting the standards by which gold and silver currency could be minted and exchanged. In this manner a French trader could accept Italian lire for his goods with confidence that it could be converted back to an amount of francs. Following the International Monetary Conference of 1867, the four nations were joined by Greece on April 10,1867. Greece took advantage of a clause in the treaty that guaranteed admission of foreign states that agreed to abide by the treaty, spain and Romania also considered joining. The discussions broke off unsuccessfully, but both countries made a attempt to conform their currencies to the LMU standard. Austria-Hungary thereafter minted some but not all of its gold coins on the LMU standard, including the 4 and 8 gulden, in 1904, the Danish West Indies were also placed on this standard but did not join the Union itself. Albania did not however mint its own coins, or issue its own paper money until it adopted an independent monetary system in 1925, from the beginning, fluctuations in the relative value of gold and silver on the world market stressed the currency union. This is today recognized as an effect of a currency based on bimetalism when precious metal prices fluctuate. When the LMU was formed in 1865, silver was nearing the end of a period of high valuation compared to gold, in 1873 the value of silver dropped significantly, followed by a sharp increase in silver imports in the LMU countries, particularly in France and Belgium. By 1873, the value of silver made it profitable to mint silver in exchange for gold at the Unions standard rate of 15.5 ounces to 1. Indeed, in all of 1871 and 1872 the French mint had received just 5,000,000 francs of silver for conversion to coin, but in 1873 alone received 154,000,000 francs. Fearing an influx of silver coinage, the nations of the Union agreed in Paris on January 30,1874
28.
French franc
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The franc, also commonly distinguished as the French franc, was a currency of France. Between 1450 and 1999, it was the name of coins worth 1 livre tournois and it was revalued in 1960, with each new franc being worth 100 old francs. The French franc was a commonly held reserve currency of reference in the 19th and 20th centuries. The first franc was a gold coin introduced in 1360 to pay the Ransom of King John II of France and this coin secured the kings freedom and showed him on a richly decorated horse earning it the name franc à cheval. The obverse legend, like other French coins, gives the title as Francorum Rex. Its value was set as one livre tournois, john’s son, Charles V, continued this type. It was copied exactly at Brabant and Cambrai and, with the arms on the horse cloth changed, conquests led by Joan of Arc allowed Charles VII to return to sound coinage and he revived the franc à cheval. John II, however, was not able to strike enough francs to pay his ransom, John II died as a prisoner in England and his son, Charles V was left to pick up the pieces. Charles V pursued a policy of reform, including stable coinage, an edict dated 20 April 1365 established the centerpiece of this policy, a gold coin officially called the denier d’or aux fleurs de lis which had a standing figure of the king on its obverse. Its value in money of account was one livre tournois, just like the franc à cheval, in accordance with the theories of the mathematician, economist and royal advisor Nicolas Oresme, Charles struck fewer coins of better gold than his predecessors. In the accompanying deflation both prices and wages fell, but wages fell faster and debtors had to settle up in better money than they had borrowed, the Mayor of Paris, Etienne Marcel, exploited their discontent to lead a revolt which forced Charles V out of the city. The States General which met at Blois in 1577 added to the pressure to stop currency manipulation. Henry III agreed to do this and he revived the franc and this coin and its fractions circulated until 1641 when Louis XIII of France replaced it with the silver Écu. Nevertheless, the franc continued in accounting as a synonym for the livre tournois. The decimal franc was established as the currency by the French Revolutionary Convention in 1795 as a decimal unit of 4.5 g of fine silver. This was slightly less than the livre of 4.505 g, silver coins now had their denomination clearly marked as “5 FRANCS” and it was made obligatory to quote prices in francs. e. Coinage with explicit denominations in decimal fractions of the franc also began in 1795, decimalization of the franc was mandated by an act of 7 April 1795, which also dealt with of weights and measures. France’s first decimal coinage used allegorical figures symbolizing revolutionary principles, like the designs the United States had adopted in 1793
29.
Belgian franc
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The Belgian franc was the currency of the Kingdom of Belgium from 1832 until 2002 when the Euro was introduced. It was subdivided into 100 subunits, known as centimes, centiem or Centime, the conquest of most of western Europe by revolutionary and Napoleonic France led to the French francs wide circulation. In the Austrian Netherlands, the replaced the kronenthaler. This was in turn replaced by the Dutch guilder when the United Kingdom of the Netherlands was formed, Belgian mint working during the late 19th century was innovative and Belgium was the first country to introduce coins made of cupronickel, in 1860. In the 1870s the gold value was made the fixed standard, the Belga was tied to the British pound at a rate of 35 belgas =1 pound and was thus put on a gold standard of 1 Belga =209.211 mg fine gold. The 1921 monetary union of Belgium and Luxembourg survived, however, in 1935, the Belgian franc was devalued by 28% to 150.632 mg fine gold and the link between the Luxembourg and Belgian francs was revised to 1 Luxembourgish franc = 1 1⁄4 Belgian francs. Following Belgiums occupation by Germany in May 1940, the franc was fixed at a value of 0.1 Reichsmark, reduced to 0.08 Reichsmark in July 1940. Following liberation in 1944, the franc entered into the Bretton Woods system and this was changed to 43.8275 in 1946 and then to 50 following the devaluation of the British pound in September 1949. The Belgian franc was devaluated again in 1982, like 10 other European currencies, the Belgian/Luxembourgish franc ceased to exist on 1 January 1999, when it became fixed at 1 EUR=40.3399 BEF/LUF, thus a franc was worth €0.024789. Old franc coins and notes lost their legal status on 28 February 2002. In later 20th century issues, the text is almost without exception divided between two types of coins, with Flemish issues reading België and Frank, and French issues reading Belgique, initially, the currency was monolingual in French. From 1886, some Belgian coins also carried the Dutch language legends, some later coins featured inscriptions in both languages. Some commemorative coins were issued with German inscriptions but none for circulation, the Francs value compared to the US dollar varied over the years. After 1971, its lowest mark was in February 1985, when one dollar would have bought 66.31 franc and its highest standing was in July 1980, when it stood at 27.96 to the dollar. After 1 January 1999, the rates are calculated from the Francs fixed conversion rate to the Euro. Between 1832 and 1834, copper 1,2,5 and 10 centime, silver 1⁄4, 1⁄2,1,2 and 5 franc, some of the early 1 and 2 centimes were struck over Dutch 1⁄2 and 1 cent coins. The 40 franc was not issued after 1841, whilst silver 2 1⁄2 francs, silver 20 centimes replaced the 1⁄4 franc in 1852. In 1860, cupro-nickel 20 centimes were introduced, followed by cupro-nickel 5 and 10 centimes in 1861, the silver 5 franc was discontinued in 1876
30.
Swiss franc
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The franc is the currency and legal tender of Switzerland and Liechtenstein, it is also legal tender in the Italian exclave Campione dItalia. The Swiss National Bank issues banknotes and the federal mint Swissmint issues coins, the smaller denomination, a hundredth of a franc, is a Rappen in German, centime in French, centesimo in Italian, and rap in Romansh. The ISO code of the used by banks and financial institutions is CHF, although Fr. is used by most businesses and advertisers. Given the different languages used in Switzerland, Latin is used for inscriptions on the coins. In 1798, the Helvetic Republic introduced a currency based on the Berne thaler, the Swiss franc was equal to 6 3⁄4 grams of pure silver or 1 1⁄2 French francs. This franc was issued until the end of the Helvetic Republic in 1803, in order to solve this problem, the new Swiss Federal Constitution of 1848 specified that the federal government would be the only entity allowed to make money in Switzerland. This was followed two years later by the first Federal Coinage Act, passed by the Federal Assembly on 7 May 1850, the franc was introduced at par with the French franc. It replaced the different currencies of the Swiss cantons, some of which had been using a franc which was worth 1 1⁄2 French francs. In 1865, France, Belgium, Italy, and Switzerland formed the Latin Monetary Union, the currency was devalued by 30% following the devaluations of the British pound, U. S. dollar and French franc. In 1945, Switzerland joined the Bretton Woods system and pegged the franc to the U. S. dollar at a rate of $1 =4.30521 francs and this was changed to $1 =4.375 francs in 1949. The Swiss franc has historically considered a safe-haven currency with virtually zero inflation. However, this link to gold, which dates from the 1920s, was terminated on 1 May 2000 following a referendum. By March 2005, following a gold selling program, the Swiss National Bank held 1,290 tonnes of gold in reserves which equated to 20% of its assets. In November 2014, the referendum on the Swiss Gold Initiative which proposed a restoration of 20% gold backing for the Swiss franc was voted down, in March 2011 the franc climbed past the US$1.10 mark. In June 2011 the franc climbed past US$1.20 as investors sought safety amidst the continuation of the Greek sovereign-debt crisis, demand for francs and franc-denominated assets was so strong that nominal short-term Swiss interest rates became negative. In response to the announcement the franc fell against the euro, to 1.22 francs from 1.12 francs, the intervention stunned currency traders since the franc had long been regarded as a safe haven. The franc fell 8. 8% against the euro,9. 5% against the dollar and it was the largest plunge of the franc ever against the euro. The SNB had previously set an exchange rate target in 1978 against the Deutsche mark and maintained it, although at the cost of high inflation
31.
Gallo-Italic languages
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The Gallo-Italian or Gallo-Italic languages constitute the majority of the languages of northern Italy. They are Piedmontese, Lombard, Emilian-Romagnol and Ligurian, although there is doubt about the position of the latter due to a number of special characteristics. The Venetian language is considered one of the Italo-Dalmatian languages, however. The Gallo-Italian languages have both of the Gallo-Romance languages to the northwest and the Italo-Dalmatian languages to the south. Examples of the former are the loss of all vowels other than -a, the occurrence of lenition, the development of original /kt/ to /jt/. As a result, there is debate over the proper grouping of the Gallo-Italian languages. They are sometimes grouped with Gallo-Romance, but other linguists group them in Italo-Dalmatian, traditionally spoken in Northern Italy, southern Switzerland, San Marino and Monaco, most Gallo-Italian languages have given way in everyday use to Standard Italian. The vast majority of current speakers are bilingual with Italian and these languages are still spoken by the Italian diaspora in countries with Italian immigrant communities. Ligurian is formalised in Monaco as the Monégasque dialect. g, Lombard òm man, füm smoke, nef snow, fil wire, röda wheel. They remain, however, in Ligurian, with passage of -o to -u, except after n, e. g. ramu, rami, lüme, lümi branch, branches, light, lights, but can, chen /kaŋ, keŋ/ dog, dogs. U /u/ tends to change to ü /y/, as in French and Occitan, as in Lombard füm and Ligurian lüme, in some parts, e. g. southern Piedmont, this has further developed into /i/, e. g. fis, lim. In some mountainous parts of Piedmont, however, this change is blocked before final /a/, leading to masculine crü, so-called metaphony is very common, affecting original open stressed è /ɛ/ and ò /ɔ/ when followed by /i/ or sometimes /o/. This leads at first to diphthongs ie and uo, but in many dialects these progress further, unlike standard Italian diphthongization, this typically operates both in open and closed syllables, hence in Lombardy quest vs. quist. Stressed closed é /e/ and sometimes ó /o/, when occurring in an open syllable often diphthongize to /ei/ and /ou/, as in Old French, e. g. Piedmont beive, teila, meis. In Piedmont, /ei/ develops further into either /ɛ/ or /i/, e. g. tèla /tɛla/ < *teila, sira, stressed /a/ in an open syllable often fronts to ä /æ/ or è /ɛ/. Lenition affects single consonants between vowels, voiced /d/ and /g/ drop, voiced /b/ becomes /v/ or drops, unvoiced /t/ and /k/ become voiced /d/ and /g/, or drop, unvoiced /p/ becomes /b/, /v/, or drops. /s/ between vowels voices to /z/, /l/ between vowels sometimes becomes /r/, and this /r/ sometimes drops. Double consonants are reduced to single consonants, but not otherwise lenited and these changes occur before a final vowel drops
32.
World War I
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World War I, also known as the First World War, the Great War, or the War to End All Wars, was a global war originating in Europe that lasted from 28 July 1914 to 11 November 1918. More than 70 million military personnel, including 60 million Europeans, were mobilised in one of the largest wars in history and it was one of the deadliest conflicts in history, and paved the way for major political changes, including revolutions in many of the nations involved. The war drew in all the worlds great powers, assembled in two opposing alliances, the Allies versus the Central Powers of Germany and Austria-Hungary. These alliances were reorganised and expanded as more nations entered the war, Italy, Japan, the trigger for the war was the assassination of Archduke Franz Ferdinand of Austria, heir to the throne of Austria-Hungary, by Yugoslav nationalist Gavrilo Princip in Sarajevo on 28 June 1914. This set off a crisis when Austria-Hungary delivered an ultimatum to the Kingdom of Serbia. Within weeks, the powers were at war and the conflict soon spread around the world. On 25 July Russia began mobilisation and on 28 July, the Austro-Hungarians declared war on Serbia, Germany presented an ultimatum to Russia to demobilise, and when this was refused, declared war on Russia on 1 August. Germany then invaded neutral Belgium and Luxembourg before moving towards France, after the German march on Paris was halted, what became known as the Western Front settled into a battle of attrition, with a trench line that changed little until 1917. On the Eastern Front, the Russian army was successful against the Austro-Hungarians, in November 1914, the Ottoman Empire joined the Central Powers, opening fronts in the Caucasus, Mesopotamia and the Sinai. In 1915, Italy joined the Allies and Bulgaria joined the Central Powers, Romania joined the Allies in 1916, after a stunning German offensive along the Western Front in the spring of 1918, the Allies rallied and drove back the Germans in a series of successful offensives. By the end of the war or soon after, the German Empire, Russian Empire, Austro-Hungarian Empire, national borders were redrawn, with several independent nations restored or created, and Germanys colonies were parceled out among the victors. During the Paris Peace Conference of 1919, the Big Four imposed their terms in a series of treaties, the League of Nations was formed with the aim of preventing any repetition of such a conflict. This effort failed, and economic depression, renewed nationalism, weakened successor states, and feelings of humiliation eventually contributed to World War II. From the time of its start until the approach of World War II, at the time, it was also sometimes called the war to end war or the war to end all wars due to its then-unparalleled scale and devastation. In Canada, Macleans magazine in October 1914 wrote, Some wars name themselves, during the interwar period, the war was most often called the World War and the Great War in English-speaking countries. Will become the first world war in the sense of the word. These began in 1815, with the Holy Alliance between Prussia, Russia, and Austria, when Germany was united in 1871, Prussia became part of the new German nation. Soon after, in October 1873, German Chancellor Otto von Bismarck negotiated the League of the Three Emperors between the monarchs of Austria-Hungary, Russia and Germany
33.
Inflation
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In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time resulting in a loss of value of currency. When the price rises, each unit of currency buys fewer goods. Consequently, inflation reflects a reduction in the power per unit of money – a loss of real value in the medium of exchange. A chief measure of inflation is the inflation rate, the annualized percentage change in a general price index, usually the consumer price index. The opposite of inflation is deflation, Inflation affects economies in various positive and negative ways. Economists generally believe that high rates of inflation and hyperinflation are caused by a growth of the money supply. However, money supply growth does not necessarily cause inflation, some economists maintain that under the conditions of a liquidity trap, large monetary injections are like pushing on a string. Views on which factors determine low to moderate rates of inflation are more varied, low or moderate inflation may be attributed to fluctuations in real demand for goods and services, or changes in available supplies such as during scarcities. However, the view is that a long sustained period of inflation is caused by money supply growing faster than the rate of economic growth. Today, most economists favor a low and steady rate of inflation, the task of keeping the rate of inflation low and stable is usually given to monetary authorities. Rapid increases in quantity of the money or in the money supply have occurred in many different societies throughout history. By diluting the gold with other metals, the government could issue more coins without also needing to increase the amount of used to make them. When the cost of each coin is lowered in this way and this practice would increase the money supply but at the same time the relative value of each coin would be lowered. As the relative value of the coins becomes lower, consumers would need to give more coins in exchange for the same goods and these goods and services would experience a price increase as the value of each coin is reduced. Song Dynasty China introduced the practice of printing paper money in order to create fiat currency, during the Mongol Yuan Dynasty, the government spent a great deal of money fighting costly wars, and reacted by printing more money, leading to inflation. Fearing the inflation that plagued the Yuan dynasty, the Ming Dynasty initially rejected the use of paper money, historically, large infusions of gold or silver into an economy also led to inflation. This was largely caused by the influx of gold and silver from the New World into Habsburg Spain. The silver spread throughout a previously cash-starved Europe and caused widespread inflation, demographic factors also contributed to upward pressure on prices, with European population growth after depopulation caused by the Black Death pandemic
34.
Benito Mussolini
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Benito Amilcare Andrea Mussolini was an Italian politician, journalist, and leader of the National Fascist Party, ruling the country as Prime Minister from 1922 to 1943. He ruled constitutionally until 1925, when he dropped all pretense of democracy, known as Il Duce, Mussolini was the founder of Italian Fascism. In 1912 Mussolini was the member of the National Directorate of the Italian Socialist Party. Mussolini was expelled from the PSI for withdrawing his support for the stance on neutrality in World War I. He served in the Royal Italian Army during the war until he was wounded and discharged in 1917, Mussolini denounced the PSI, his views now centering on nationalism instead of socialism, and later founded the fascist movement. Following the March on Rome in October 1922 he became the youngest Prime Minister in Italian history until the appointment of Matteo Renzi in February 2014, within five years he had established dictatorial authority by both legal and extraordinary means, aspiring to create a totalitarian state. Mussolini remained in power until he was deposed by King Victor Emmanuel III in 1943, a few months later, he became the leader of the Italian Social Republic, a German client regime in northern Italy, he held this post until his death in 1945. Mussolini had sought to delay a major war in Europe until at least 1942, however, Germany invaded Poland on 1 September 1939, resulting in declarations of war by France and the United Kingdom and starting World War II. In the summer of 1941 Mussolini sent Italian forces to participate in the invasion of the Soviet Union, and war with the United States followed in December. On 24 July 1943, soon after the start of the Allied invasion of Italy, the Grand Council of Fascism voted against him, on 12 September 1943, Mussolini was rescued from prison in the Gran Sasso raid by German special forces. In late April 1945, with total defeat looming, Mussolini attempted to escape north and his body was then taken to Milan, where it was hung upside down at a service station for public viewing and to provide confirmation of his demise. Mussolini was born in Dovia di Predappio, a town in the province of Forlì in Romagna on 29 July 1883. During the Fascist era, Predappio was dubbed Duces town, pilgrims went to Predappio and Forlì, to see the birthplace of Mussolini. His father, Alessandro Mussolini, was a blacksmith and a Socialist, while his mother, Benito was the eldest of his parents three children. His siblings Arnaldo and Edvige followed, as a young boy, Mussolini would spend some time helping his father in his smithy. His fathers political outlook combined views of anarchist figures like Carlo Cafiero and Mikhail Bakunin, the military authoritarianism of Garibaldi, in 1902, at the anniversary of Garibaldis death, Benito Mussolini made a public speech in praise of the republican nationalist. The conflict between his parents about religion meant that, unlike most Italians, Mussolini was not baptized at birth, as a compromise with his mother, Mussolini was sent to a boarding school run by Salesian monks. After joining a new school, Mussolini achieved good grades, in 1902, Mussolini emigrated to Switzerland, partly to avoid military service
35.
Deflation
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In economics, deflation is a decrease in the general price level of goods and services. Deflation occurs when the inflation rate falls below 0%, Inflation reduces the real value of money over time, conversely, deflation increases the real value of money – the currency of a national or regional economy. This allows one to buy goods and services than before with the same amount of money. Economists generally believe that deflation is a problem in a modern economy because it may increase the value of debt. Deflation may also aggravate recessions and lead to a deflationary spiral, Deflation is distinct from disinflation, a slow-down in the inflation rate, i. e. when inflation declines to a lower rate but is still positive. In the IS–LM model, deflation is caused by a shift in the supply and demand curve for goods and this in turn can be caused by an increase in supply, a fall in demand, or both. When prices are falling, consumers have an incentive to delay purchases and consumption until prices fall further, when purchases are delayed, productive capacity is idled and investment falls, leading to further reductions in aggregate demand. Deflation is also related to risk aversion, where the risk-adjusted return on assets drops to near zero, investors and buyers will hoard currency rather than invest it, even in the most solid of securities. This can produce a liquidity trap or it may lead to shortages that entice investments yielding more jobs, a central bank cannot, normally, charge negative interest for money, and even charging zero interest often produces less stimulative effect than slightly higher rates of interest. In a closed economy, this is because charging zero interest also means having zero return on government securities, in an open economy it creates a carry trade, and devalues the currency. A devalued currency produces higher prices for imports without necessarily stimulating exports to a like degree, Deflation is the natural condition of economies when the supply of money is fixed, or does not grow as quickly as population and the economy. When this happens, the amount of hard currency per person falls, in effect making money more scarce, and consequently. Deflation also occurs when improvements in production efficiency lower the price of goods. Competition in the marketplace often prompts those producers to apply at least some portion of these cost savings into reducing the price for their goods. When this happens, consumers pay less for goods, and consequently deflation has occurred. There was inflation during World War I, but deflation returned again after that war, most nations abandoned the gold standard in the 1930s. There is less reason to expect deflation, aside from the collapse of asset classes. Studies of the Great Depression by Ben Bernanke have indicated that, in response to decreased demand, a structural deflation existed from the 1870s until the cycle upswing that started in 1895
36.
United States dollar
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The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and 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 the country mints its own coins, or also accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and 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 also provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and 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 currently 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 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 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. Both one-dollar coins and notes are produced today, although the form is significantly more common
37.
Pound sterling
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It is subdivided into 100 pence. A number of nations that do not use sterling also have called the pound. At various times, the sterling was commodity money or bank notes backed by silver or gold. The pound sterling is the worlds oldest currency still in use, the British Crown dependencies of Guernsey and Jersey produce their own local issues of sterling, the Guernsey pound and the Jersey pound. The pound sterling is also used in the Isle of Man, Gibraltar, the Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling is the fourth most-traded currency in the exchange market, after the United States dollar, the euro. Together with those three currencies it forms the basket of currencies which calculate the value of IMF special drawing rights, Sterling is also the third most-held reserve currency in global reserves. The full, official name, pound sterling, is used mainly in formal contexts, otherwise the term pound is normally used. The abbreviations ster. or stg. are sometimes used, the term British pound is commonly used in less formal contexts, although it is not an official name of the currency. The pound sterling is also referred to as cable amongst forex traders, the origins of this term are attributed to the fact that in the 1800s, the dollar/pound sterling exchange rate was transmitted via transatlantic cable. Forex brokers are sometimes referred to as cable dealers, as another established source notes, the compound expression was then derived, silver coins known as sterlings were issued in the Saxon kingdoms,240 of them being minted from a pound of silver. Hence, large payments came to be reckoned in pounds of sterlings, in 1260, Henry III granted them a charter of protection. And because the Leagues money was not frequently debased like that of England, English traders stipulated to be paid in pounds of the Easterlings, and land for their Kontor, the Steelyard of London, which by the 1340s was also called Easterlings Hall, or Esterlingeshalle. For further discussion of the etymology of sterling, see sterling silver, the currency sign for the pound sign is £, which is usually written with a single cross-bar, though a version with a double cross-bar is also sometimes seen. The ISO4217 currency code is GBP, occasionally, the abbreviation UKP is used but this is non-standard because the ISO3166 country code for the United Kingdom is GB. The Crown dependencies use their own codes, GGP, JEP, stocks are often traded in pence, so traders may refer to pence sterling, GBX, when listing stock prices. A common slang term for the pound sterling or pound is quid, since decimalisation in 1971, the pound has been divided into 100 pence. The symbol for the penny is p, hence an amount such as 50p properly pronounced fifty pence is more colloquially, quite often, pronounced fifty pee /fɪfti, pi and this also helped to distinguish between new and old pence amounts during the changeover to the decimal system
38.
Reichsmark
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The Reichsmark was subdivided into 100 Reichspfennig. The Mark is an ancient Germanic weight measure, traditionally a half pound, from 1871 to 1918 Germany was called the Kaiserreich, or the Deutsches Reich. Although Germany became a republic in 1919, the term Reich remained part of the official name. The Reichsmark was introduced in 1924 as a permanent replacement for the Papiermark and this was necessary due to the 1920s German inflation which had reached its peak in 1923. The exchange rate between the old Papiermark and the Reichsmark was 1 ℛℳ =1012 Papiermark, the Reichsmark was put on the gold standard at the rate previously used by the Goldmark, with the U. S. dollar worth 4.2 ℛℳ. As the market crash of 1929 expanded into the Great Depression and it retained a gold peg at that time. Hyper inflation ensued to the point it was cheaper to burn reichsmark paper notes than to buy fire wood, a number of companies were created with inadequate capital for their operations and authorized to issue bonds exchangeable at a 1,1 rate for Reichsmarks and sold at a discount. The Reichsbank rediscounted the bills of these companies creating a monetary expansion without formally renouncing the link to gold, Deutsche Gesellschaft für öffentliche Arbeiten AG, founded 1 August 1930, ended up issuing 1.26 billion Reichsmarks of Öffa bills to finance public construction. It formed the model for further fraudulent issues of bills. MEFO was a company that was formed with relatively small amounts of capital that was used to finance German rearmament off the books. It issued bills without backing by its own resources but which were guaranteed redeemable at 1,1 for Reichsmarks for five years by the government, the MEFO bills amounts were considered a state secret and were an important element in the impression that Hitlerian economics was a success. This company essentially created an amount of Reichsmarks off the books. With the unification of Germany and Austria in 1938, the Reichsmark replaced the Schilling in Austria. The rates were as follows, After the Second World War, the Reichsmark continued to circulate in Germany, in practice, massive inflation dating back to the latter stages of the war had rendered the Reichsmark nearly worthless. For all intents and purposes, it was supplanted by a barter economy, the Reichsmark was replaced in June 1948 by the Deutsche Mark in the Trizone and later in the same year by the East German Mark in East Germany. Tenenbaum of the US military government, and was executed abruptly on 21 June 1948, three days later, the new currency also replaced the Reichsmark in the three Western sectors of Berlin. In November 1945, the Reichsmark was superseded by the Allied Military Schilling in Austria, in 1947 a local currency was introduced in the Saar. In 1924, coins were introduced in denominations of 1,2,5,10, and 50 Reichspfennig, the 1 and 2 Reichspfennig were struck in bronze, and depicting a wheat sheaf
39.
Bretton Woods system
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The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent nation-states. Also, there was a need to address the lack of cooperation among other countries, the delegates deliberated during 1–22 July 1944, and signed the Bretton Woods agreement on its final day. The United States, which controlled two thirds of the gold, insisted that the Bretton Woods system rest on both gold and the US dollar. Soviet representatives attended the conference but later declined to ratify the final agreements and these organizations became operational in 1945 after a sufficient number of countries had ratified the agreement. On 15 August 1971, the United States unilaterally terminated convertibility of the US dollar to gold, effectively bringing the Bretton Woods system to an end and rendering the dollar a fiat currency. This action, referred to as the Nixon shock, created the situation in which the US dollar became a currency used by many states. At the same time, many fixed currencies also became free-floating, there was a high level of agreement among the powerful nations that failure to coordinate exchange rates during the interwar period had exacerbated political tensions. This facilitated the decisions reached by the Bretton Woods Conference, furthermore, all the participating governments at Bretton Woods agreed that the monetary chaos of the interwar period had yielded several valuable lessons. The experience of World War II was fresh in the minds of public officials, the planners at Bretton Woods hoped to avoid a repeat of the Treaty of Versailles after World War I, which had created enough economic and political tension to lead to WWII. The solution at Versailles for the French, British, and Americans seemed to be make Germany pay for it all, if the demands on Germany were unrealistic, then it was unrealistic for France to pay back Britain, and for Britain to pay back the US. Thus, many assets on bank balance sheets internationally were actually unrecoverable loans, in the 1920s, international flows of speculative financial capital increased, leading to extremes in balance of payments situations in various European countries and the US. In the 1930s, world markets never broke through the barriers and restrictions on trade and investment volume – barriers haphazardly constructed. The lesson was that simply having responsible, hard-working central bankers was not enough, Britain in the 1930s had an exclusionary trading bloc with nations of the British Empire known as the Sterling Area. If Britain imported more than it exported to, say, South Africa and this meant that though Britain was running a trade deficit, it had a financial account surplus, and payments balanced. Increasingly, Britains positive balance of payments required keeping the wealth of Empire nations in British banks, one incentive for, say, South African holders of rand to park their wealth in London and to keep the money in Sterling, was a strongly valued pound sterling. Unfortunately, as Britain deindustrialized in the 1920s, the way out of the deficit was to devalue the currency. But Britain couldnt devalue, or the Empire surplus would leave its banking system, nazi Germany also worked with a bloc of controlled nations by 1940. Germany forced trading partners with a surplus to spend that surplus importing products from Germany, thus, Britain survived by keeping Sterling nation surpluses in its banking system, and Germany survived by forcing trading partners to purchase its own products
40.
Victor Emmanuel II of Italy
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The Italians gave him the epithet Father of the Fatherland. Victor Emmanuel was born the eldest son of Charles Albert, Prince of Carignano and his father succeeded a distant cousin as King of Sardinia-Piedmont in 1831. He lived for years of his youth in Florence and showed an early interest in politics, the military. In 1842, he married his cousin Adelaide of Austria and he was styled as the Duke of Savoy prior to becoming King of Sardinia-Piedmont. He took part in the First Italian War of Independence under his father King Charles Albert, fighting in the front line at the battles of Pastrengo, Santa Lucia, Goito and Custoza. He became King of Sardinia-Piedmont in 1849 when his father abdicated the throne after a military defeat by the Austrians at the Battle of Novara. Victor Emmanuel was immediately able to obtain a rather favorable armistice at Vignale by the Austrian imperial army commander Radetzky, after new elections, the peace with Austria was accepted by the new Chamber of Deputies. In 1849 Victor Emmanuel also fiercely suppressed a revolt in Genoa, defining the rebels as a vile, in 1852, he appointed Count Camillo Benso of Cavour as Prime Minister of Piedmont-Sardinia. This turned out to be a choice, since Cavour was a political mastermind. Victor Emmanuel II soon became the symbol of the Risorgimento, the Italian unification movement of the 1850s and he was especially popular in the Kingdom of Sardinia-Piedmont because of his respect for the new constitution and his liberal reforms. Following Victor Emmanuels advice, Cavour joined Britain and France in the Crimean War against Russia, Cavour was reluctant to go to war due to the power of Russia at the time and the expense of doing so. Victor Emmanuel, however, was convinced of the rewards to be gained from the alliance created with Britain and, more importantly, the Italo-French campaign against Austria in 1859 started successfully. After several quarrels about the outcome of the war, Cavour resigned, later that same year, Victor Emmanuel II sent his forces to fight the papal army at Castelfidardo and drove the Pope into Vatican City. His success at these goals led him to be excommunicated from the Catholic Church, then, Giuseppe Garibaldi conquered Sicily and Naples, and Sardinia-Piedmont grew even larger. On 17 March 1861 the Kingdom of Italy was officially established, Victor Emmanuel supported Giuseppe Garibaldis Expedition of the Thousand, which resulted in the rapid fall of the Kingdom of the Two Sicilies in southern Italy. However, the king halted Garibaldi when he appeared ready to attack Rome, still under the Papal States, in 1860, through local plebiscites, Tuscany, Modena, Parma and Romagna decided to side with Sardinia-Piedmont. Victor Emmanuel then marched victoriously in the Marche and Umbria after the battle of Castelfidardo over the Papal forces. The king subsequently met with Garibaldi at Teano, receiving from him the control of southern Italy, another series of plebiscites in the occupied lands resulted in the proclamation of Victor Emmanuel as the first King of Italy by the new Parliament of unified Italy, on 17 March 1861
41.
House of Savoy
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The House of Savoy is one of the oldest royal families in the world, being founded in 1003 in the historical Savoy region. Through gradual expansion, it grew from ruling a small county in that region to the attainment of the rank of king in 1713, the Savoyard kings of Italy were Victor Emmanuel II, Umberto I, Victor Emmanuel III, and Umberto II. The last monarch ruled for a few weeks before being deposed following the Constitutional Referendum of 1946, the name derives from the historical region of Savoy in the Alpine region between what is now France and Italy. Over time, the House of Savoy expanded its territory and influence through judicious marriages, from rule of a small region on the French/Italian border, the dynastys realm included nearly all of the Italian Peninsula by the time of its deposition. The house descended from Humbert I, Count of Sabaudia, Humberts family are thought to have originated from near Magdeburg in Saxony, with the earliest recording of the family being two 10th century brothers, Amadeus and Humbert. Though Sabaudia was originally a county, later counts were diplomatically skilled. Two of Humberts sons were bishops at the Abbey of Saint Maurice on the River Rhone east of Lake Geneva and this diplomatic skill caused the great powers such as France, England, and Spain to take the counts opinions into account. Piedmont was later joined with Sabaudia, and the name evolved into Savoy, the people of Savoy were descended from the Celts and Romans. In 1494, Charles VIII of France passed through Savoy on his way to Italy and Naples, during the outbreak of the Italian war of 1521-1526, Emperor Charles V stationed imperial troops in Savoy. In 1536, Francis I of France invaded Savoy and Piedmont taking Turin by April of that year, Charles III, Duke of Savoy, fled to Vercelli. He served Philip II as Governor of the Netherlands from 1555 to 1559, in this capacity he led the Spanish invasion of northern France and won a victory at St. Quentin in 1557. He took advantage of various squabbles in Europe to slowly regain territory from both the French and the Spanish, including the city of Turin and he moved the capital of the duchy from Chambéry to Turin. The 17th century brought economic development to the Turin area. Charles Emmanuel II developed the port of Nice and built a road through the Alps towards France, and through skillful political manoeuvres territorial expansion continued. Savoy rule over Sicily lasted only seven years, the crown of Sicily, the prestige of being kings at last, and the wealth of Palermo helped strengthen the House of Savoy further. In 1720 they were forced to exchange Sicily for Sardinia as a result of the War of the Quadruple Alliance, on the mainland, the dynasty continued its expansionist policies as well. In 1798, Joubert occupied Turin and forced Charles Emmanuel IV to abdicate, eventually, in 1814 the kingdom was restored and enlarged with the addition of the former Republic of Genoa by the Congress of Vienna. In the meantime, nationalist figures such as Giuseppe Mazzini were influencing popular opinion, the Kingdom of Italy was the first Italian state to include the Italian Peninsula since the fall of the Roman Empire
Kingdom of Italy
Italy
San Marino
Vatican City
Albanian Kingdom (1939–43)
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