The Gibraltar pound is the currency of Gibraltar. It is pegged to – and exchangeable with – the British pound sterling at par value. Coins and banknotes of the Gibraltar pound are printed by the Government of Gibraltar; until 1872, the currency situation in Gibraltar was complicated, with a system based on the real being employed which encompassed British and Gibraltarian coins. From 1825, the real was tied to the pound at the rate of 1 Spanish dollar to 4 shillings 4 pence. In 1872, the Spanish currency became the sole legal tender in Gibraltar. In 1898, the Spanish–American War made the Spanish peseta drop alarmingly and the pound was introduced as the sole currency of Gibraltar in the form of British coins and banknotes. In 1898, the British pound was made sole legal tender, although the Spanish peseta continued in circulation until the Spanish Civil War. Since 1927, Gibraltar has issued its own banknotes and, since 1988, its own coins. Gibraltar decimalised in 1971 at the same time as the UK, replacing the system of 1 pound = 20 shillings = 240 pence with one of 1 pound = 100 pence.
The since repealed Currency Notes Act 1934, conferred on the Government of Gibraltar the right to print its own notes. Notes issued are either backed by Bank of England notes at a rate of one pound to one pound sterling, or can be backed by securities issued by the Government of Gibraltar. Although Gibraltar notes are denominated in "pounds sterling", they are not legal tender anywhere in the United Kingdom. Gibraltar's coins are the same weight and metal as British coins, although the designs are different, they are found in circulation across Britain. Under the Currency Notes Act 2011 the notes and coins issued by the Government of Gibraltar are legal tender and current coin within Gibraltar. British coins and Bank of England notes circulate in Gibraltar and are universally accepted and interchangeable with Gibraltarian issues. In 1988, coins in denominations of 1, 2, 5, 10, 20 and 50 pence and 1 pound were introduced which bore specific designs for and the name of Gibraltar, they were the same sizes and compositions as the corresponding British coins, with 2 pound coins introduced in 1999.
A new coin of 5 pounds was issued in 2010 with the inscription "Elizabeth II · Queen of Gibraltar". This issue caused controversy in Spain, where the title of King of Gibraltar corresponds to the crown of Castile; the £2 coin has featured a new design every year since its introduction, as it depicts each of the 12 Labours of Hercules. In 2004 the Government of Gibraltar minted a new edition of its coins to commemorate the tercentenary of British Gibraltar. At the outbreak of World War I, Gibraltar was forced to issue banknotes to prevent paying out sterling or gold; these notes were issued under emergency wartime legislation, Ordinance 10 of 1914. At first the typeset notes were signed by hand by Treasurer Greenwood, though he used stamps; the notes bore the embossed stamp of the Anglo-Egyptian Bank Ltd. and circulated alongside British Territory notes. The 1914 notes were issued in denominations of 2s, 10s, £1, £5 and £50; the 2s and £50 notes were not continued when a new series of notes was introduced in 1927.
The 10s note was replaced by the 50p coin during the process of decimalization. In 1975, £10 and £20 notes were introduced, followed by £50 in 1986; the £1 note was discontinued in 1988. In 1995, a new series of notes was introduced which, for the first time, bore the words "pounds sterling" rather than just "pounds"; the government of Gibraltar introduced a new series of banknotes beginning with the £10 and £50 notes issued on July 8, 2010. On May 11, 2011, the £5, £20 and £100 notes were issued. Economy of Gibraltar Currency board Christopher Ironside, OBE, coin designer: reverse design of the 25 New Pence coin, Barbary ape. Banknotes of Gibraltar: Catalog of Gibraltar Shillings and Pounds The current banknotes of Gibraltar
A currency, in the most specific sense is money in any form when in use or circulation as a medium of exchange circulating banknotes and coins. A more general definition is that a currency is a system of money in common use for people in a nation. Under this definition, US dollars, pounds sterling, Australian dollars, European euros, Russian rubles and Indian Rupees are examples of currency; these various currencies are recognized as stores of value and are traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, each type has limited boundaries of acceptance. Other definitions of the term "currency" are discussed in their respective synonymous articles banknote and money; the latter definition, pertaining to the currency systems of nations, is the topic of this article. Currencies can be classified into two monetary systems: fiat money and commodity money, depending on what guarantees the currency's value.
Some currencies are legal tender in certain political jurisdictions. Others are traded for their economic value. Digital currency has arisen with the popularity of the Internet. Money was a form of receipt, representing grain stored in temple granaries in Sumer in ancient Mesopotamia and in Ancient Egypt. In this first stage of currency, metals were used as symbols to represent value stored in the form of commodities; this formed the basis of trade in the Fertile Crescent for over 1500 years. However, the collapse of the Near Eastern trading system pointed to a flaw: in an era where there was no place, safe to store value, the value of a circulating medium could only be as sound as the forces that defended that store. A trade could only reach as far as the credibility of that military. By the late Bronze Age, however, a series of treaties had established safe passage for merchants around the Eastern Mediterranean, spreading from Minoan Crete and Mycenae in the northwest to Elam and Bahrain in the southeast.
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 produced by the Peoples of the Sea, brought the trading system of oxhide ingots to an end, it was only the recovery of Phoenician trade in the 10th and 9th centuries BC that led to a return to prosperity, the appearance of real coinage first in Anatolia with Croesus of Lydia and subsequently with the Greeks and Persians. In Africa, many forms of value store have been used, including beads, ivory, various forms of weapons, the manilla currency, ochre and other earth oxides; 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, in many places, various forms of barter still apply; these factors led to the metal itself being the store of value: first silver both silver and gold, at one point bronze.
Now we have other non-precious metals as coins. Metals were mined and stamped into coins; this was to assure the individual accepting the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but the existence of standard coins created a new unit of account, which helped lead to banking. Archimedes' principle provided the next link: coins could now be tested for their fine weight of metal, thus the value of a coin could be determined if it had been shaved, debased or otherwise tampered with. Most major economies using coinage had several tiers of coins of different values, made of copper and gold. Gold coins were the most valuable and were used for large purchases, payment of the military and backing of state activities. Units of account were defined as the value of a particular type of gold coin. Silver coins were used for midsized transactions, sometimes defined a unit of account, while coins of copper or silver, or some mixture of them, might be used for everyday transactions.
This system had been used in ancient India since the time of the Mahajanapadas. The exact ratios between the values of the three metals varied between different eras and places. However, the rarity of gold made it more valuable than silver, silver was worth more than copper. In premodern China, the need for credit and for a medium of exchange, less physically cumbersome than large numbers of copper coins led to the introduction of paper money, i.e. banknotes. Their introduction was a gradual process which lasted from the late Tang dynasty into the Song dynasty, it began as a means for merchants to exchange heavy coinage for receipts of deposit issued as promissory notes by wholesalers' shops. These notes were valid for temporary use in a small regional territory. In the 10th century, the Song dynasty government began to circulate these notes amongst the traders in its monopolized salt industry; the Song government granted several shops the right to issue banknotes, in the early 12th century the government took over these shops to produce state-issued currency.
Yet the banknotes issued w
The pound was the unit of account for currency of the Canadas until 1858. It was subdivided into each of 12 pence. In Lower Canada, the sou was used, worth 1⁄2 penny. Although the pounds and pence accounting system had its origins in the British pound sterling, the Canadian pound was never formally linked to the British currency. In North America, the scarcity of British coins led to the widespread use of Spanish dollars; these Spanish dollars were accommodated into a pounds and pence accounts system, by setting a valuation for these coins in terms of a pound unit. At one stage, two such units were in widespread use in the British North American colonies; the Halifax rating dominated, it set the Spanish dollar equal to 5 shillings. As this was 6 pence more than its value in silver, the Halifax pound was lower in value than the pound sterling, the original basis for the pounds and pence accounting system; the York rating of one Spanish dollar being equal to eight shillings was used in Upper Canada until it was outlawed in 1796, but unofficially well into the 19th century.
In 1825, an Imperial Order-in-Council was made for the purposes of causing sterling coinage to circulate in the British colonies. The idea was that this order-in-council would make the sterling coins legal tender at the exchange rate of 4s 4d per Spanish dollar; this rate was in fact unrealistic and it had the adverse effect of driving out what little sterling-specie coinage was circulating. Remedial legislation was introduced in 1838 but it was not applied to the British North American colonies due to recent uprisings in Upper and Lower Canada. In 1841, the Province of Canada adopted a new system based on the Halifax rating; the new Canadian pound was equal to 4 U. S. dollars, making one pound sterling equal to £1 4s 4d Canadian. Thus, the new Canadian pound was worth 16s 5.3d sterling. The earliest Canadian postage stamps were denominated in this Halifax unit; the 1850s was a decade of wrangling over whether to adopt a sterling monetary system or a decimal monetary system based on the US dollar.
The local population, for reasons of practicality in relation to the increasing trade with the neighbouring United States, had an overwhelming desire to assimilate the Canadian currency with the American unit, but the imperial authorities in London still preferred the idea of sterling to be the sole currency throughout the British Empire. In 1851, the Canadian parliament passed an act for the purposes of introducing a sterling unit in conjunction with decimal fractional coinage; the idea was that the decimal coins would correspond to exact amounts in relation to the US dollar fractional coinage. The authorities in London refused to give consent to the act on technical grounds; this was the last time that the imperial authorities in London questioned Canada's internal jurisdiction. As a compromise, in 1853 an act of the Canadian parliament introduced the gold standard into Canada, based on both the British gold sovereign and the American gold eagle coins; this gold standard was introduced with the gold sovereign being legal tender at £1 = US$4.86 2⁄3.
No coinage was provided for under the 1853 act. Sterling coinage was made legal tender and all other silver coins were demonetized. Dollar transactions were legalized; the British government in principle allowed for a decimal coinage but held out the hope that a sterling unit would be chosen under the name of royal. However, in 1857 the decision was made to introduce a decimal coinage into Canada in conjunction with the US dollar unit. Hence, when the new decimal coins were introduced in 1858, Canada's currency became aligned with the US currency, although the British gold sovereign continued to remain legal tender at the rate of £1 = 4.86 2⁄3 right up until the 1890s. In 1859, Canadian postage stamps were issued with decimal denominations for the first time. In the year 1861, New Brunswick and Nova Scotia followed Canada in adopting a decimal system based on the US dollar. In the following year, Canadian postage stamps were issued with the denominations shown in dollars and cents. In 1865, Newfoundland introduced the gold standard in conjunction with decimal coinage, but unlike in the cases of the Province of Canada, New Brunswick, Nova Scotia, it decided to adopt a unit based on the Spanish dollar rather than on the US dollar, there was a slight difference between these two units.
The US dollar was created in 1792 on the basis of the average weight of a selection of worn Spanish dollars. As such, the Spanish dollar was at a slight discount to the US dollar, the Newfoundland dollar, while it existed, was at a slight discount to the Canadian dollar. Newfoundland was the only part of the British Empire to introduce its own gold standard coin. A Newfoundland gold two dollar coin was minted intermittently until Newfoundland adopted the Canadian monetary system in 1894, following the Newfoundland banking crash. In 1867, New Brunswick, Nova Scotia united in a federation called Canada and the three currencies were united. In 1871, Prince Edward Island went decimal within the US dollar unit and introduced coins for 1 cent. However, the currency of Prince Edward Island was absorbed into the Canadian system shortly afterwards when Prince Edward island joined Canada. Both Upper Canada and Lower Canada issued copper tokens. Between 1835 and 1852, the Bank of Montreal, the Banque du Peuple, the City Bank and the Quebec Bank issued 1- and 2-sou tokens for use in Lower Canada.
The Bank of Upper Canada issued 1⁄2- and 1-penny tokens between 1850 and 1857. On notes issued by the charter
The pound was the currency of Bermuda until 1970. It was equivalent to the pound sterling, alongside which it circulated, was divided into 20 shillings each of 12 pence. Bermuda decimalised in 1970, replacing the pound with the Bermudian dollar at a rate of 1 dollar = 8 shillings 4 pence, equal to the U. S. dollar. The first Bermudian currency issue was the so-called "hogge money", 2, 3 and 6 pence, 1 shilling coins issued between 1612 and 1624, their name derives from the appearance of a pig on the obverse. At this time, Bermuda was known as this name appears on the coins; the next coins to be issued were copper pennies in 1793. When Bermuda adopted the sterling currency system in the first half of the nineteenth century, the coinage that circulated was the same coinage that circulated in the United Kingdom. No special varieties of the sterling coinage were issued for general use in Bermuda. However, special silver 1 crown coins were issued in 1959 and again in 1964; these commemoratives were similar in appearance to the British crown coins, but featured Bermudian designs on their reverses.
The first issue has a map of the islands to mark their 350th anniversary of settlement. The second coin shows the islands' coat of arms; because of the rising price of precious metals, the 1964 issue is somewhat smaller in diameter and the silver content was dropped from 92.5% to 50%. Their respective mintages were 100,000 and 500,000. Both coins remain available to collectors. In 1914, the government introduced 1 pound notes. In 1920, 5 shilling notes were introduced, followed by 10 shillings in 1927 and 5 pounds in 1941; the 5 shilling note ceased production in 1957, with 10 pound notes introduced in 1964. For nearly four hundred years Spanish dollars, known as pieces of eight, were in widespread use on the world's trading routes, including the Caribbean Sea region. However, following the revolutionary wars in Latin America, the source of these silver trade coins dried up; the last Spanish dollar was minted at the Potosi mint in 1825. The United Kingdom had adopted a successful gold standard in 1821, so the year 1825 was an opportune time to introduce the British sterling coinage into all the British colonies.
An imperial order-in-council was passed in that year for the purposes of facilitating this aim by making sterling coinage legal tender in the colonies at the specified rating of $1 = 4s 4d. As the sterling silver coins were attached to a gold standard, this exchange rate did not realistically represent the value of the silver in the Spanish dollars as compared to the value of the gold in the British gold sovereign, as such, the order-in-council had the reverse effect in many colonies, it had the effect of driving sterling coinage out, rather than encouraging its circulation. Remedial legislation had to be introduced in 1838 so as to change over to the more realistic rating of $1 = 4s 2d. However, in Jamaica, British Honduras, in the Bahamas the official rating was set aside in favour of what was known as the'Maccaroni' tradition in which a British shilling, referred to as a'Maccaroni', was treated as one quarter of a dollar; the common link between these four territories was the Bank of Nova Scotia which brought in the'Maccaroni' tradition, resulting in the successful introduction of both sterling coinage and sterling accounts.
It wasn't until 1 January 1842 that the authorities in Bermuda formally decided to make sterling the official currency of the colony to circulate concurrently with Doubloons at the rate of $1 = 4s 2d. Contrary to expectations, unlike in the Bahamas where US dollars circulated concurrently with sterling, the Bermudas did not allow themselves to be drawn into the U. S. currency area. The Spanish dollars fell away in the 1850s but returned again in the 1870s following the international silver crisis of 1873. In 1874, the Bermuda merchants agreed unanimously to decline to accept the heavy imports of U. S. currency except at a heavy discount, it was exported again. And in 1876, legislation was passed to demonetize the silver dollars. In 1882, the local'legal tender act' demonetized the gold doubloon, which had in effect been the real standard in Bermuda, this left pounds and pence as the sole legal tender; the British pound sterling remained the official currency of Bermuda until 1970. It was decided to take the action that British Honduras had done 85 years earlier.
In line with the international trend towards decimalization, Bermuda introduced a new currency in the form of a dollar, fixed at an equal value to the US dollar. The new Bermuda dollars operated in conjunction with decimal fractional coinage, hence ending the pounds and pence system in that colony in the year before it was ended in the United Kingdom itself; the decision to align with the US dollar was at least in part influenced by the devaluation of sterling in 1967 and Bermuda's increasing tendency to keep its reserves in US dollars. Although Bermuda changed to a U. S. based currency and changed the bulk of its reserves from sterling to U. S. dollars in 1970, it still remained a member of the sterling area since at that time, the pound sterling and the US dollar had a fixed exchange rate of £1 = $2.40. Following the US dollar crisis of 1971 which ended the international Bretton Woods agreement of 1944, the US dollar devalued, but the Bermuda dollar maintained its link to sterling. On 22 June 1972, the United Kingdom unilaterally ended its sterling area based exchange control laws, hence excluding Bermuda from its sterli
The pound known as the lira, was the currency of Cyprus, including the Sovereign Base Areas in Akrotiri and Dhekelia, until 31 December 2007, when the Republic of Cyprus adopted the euro. However, the self-proclaimed Turkish Republic of Northern Cyprus used and still uses on the official level the Turkish lira; the Cypriot pound was replaced by the euro as official currency of the Republic of Cyprus on 1 January 2008 at the irrevocable fixed exchange rate of CYP 0.585274 per EUR 1.00. The British introduced the pound sterling unit to Cyprus in 1879 at a rate of one pound to 180 Turkish piastres, it remained equal in value to the pound sterling until 1972, some twelve years after Cyprus gained independence from the United Kingdom. The Cyprus pound was divided into 20 shillings, in common with its United Kingdom counterpart. However, unlike the United Kingdom shilling, the Cyprus shilling was divided into 9 piastres, thus establishing a nomenclature link to earlier Ottoman currency; the piastre was itself divided into 40 para.
The para denomination was used on postage stamps. However, the 1⁄4-piastre coin was equal to 10 para and called δεκάρα in Greek and the 1⁄2-piastre coin was equal to 20 para and called εικοσάρα; the introduction of the British currency into Cyprus was controversial from its inception in 1879 as technically the island remained a province of the Ottoman Empire and the right to issue currency within the Ottoman Empire rested with the Ottoman Sultan. A question on the legality of introducing the pound in Cyprus was raised by the British Member of Parliament, Mr. Thomson Hankey in the United Kingdom parliament in 1879, but concerns were dismissed by the British government, they ceased to be an issue on the island following its full annexation by Britain in 1914. In 1955, a decision was made by the British colonial authorities to decimalise the Cypriot pound, in this they used the system proposed by William Brown, a member of the United Kingdom parliament, who suggested in 1855 that the pound sterling in the United Kingdom should be divided into one-thousand parts, each called a mil.
Although this system was never adopted in the United Kingdom, it was used in several British colonies, including Hong Kong from 1863 to 1866. This latter example may have been the impetus to use a pound-mil system in Cyprus as the Palestinian pound was for a brief period accepted as legal tender in Cyprus. Cyprus decimalized in 1955 with 1,000 mils to the pound. Colloquially, the 5-mil coin was known as a "piastre" and the 50-mil coin as a "shilling"; the subdivision was changed to 100 cents to the pound on 3 October 1983. At that time, the smallest coin still in circulation was that of 5 mils; this soon was abolished. Mil-denominated coins are no longer legal tender. Towards the end of the Cypriot pound era, some cashiers omitted the 1- and 2-cent coins from the change they gave. Owner-operated businesses rounded down the net amount to be paid to the nearest multiple of 5 cents; the Cypriot national currency was replaced by the euro on 1 January 2008. The currency entered the Exchange Rate Mechanism II on 2 May 2005 and it was limited within the band of CYP 0.585274 ±15% per euro.
A formal application to adopt the euro was submitted on 13 February 2007. On May 16, 2007, along with Malta, received the European Commission's approval for this and was confirmed by the European Parliament on 20 June 2007 and the EU leaders on 21 June 2007; the permanent exchange rate, EUR 1.00 = CYP 0.585274, was decided by the EU Finance Ministers on 10 July 2007. From 12 July 2007 to 5 December 2007, the exchange rate remained at 0.5842. Since 7 December 2007, the rate has been fixed at the irrevocable rate, € = £0.585274. In summer 2006, the Bank of Cyprus started including on its statements the indicative balance in euros; the Cyprus Telecommunications Authority followed suit with its bills two months later. A small number of shops showed indicative euro totals on their receipts. By late autumn 2006, the number of banks and shops offering indicative euro equivalents on their statements and pricing had increased significantly; the Cypriot pound was replaced by the euro as official currency of the Republic of Cyprus on 1 January 2008 at the irrevocable fixed exchange rate of CYP 0.585274 per €1.
However, pound banknotes and coins continued to have legal tender status and were accepted for cash payments until 31 January 2008. Cypriot pounds were convertible free of charge at Cypriot credit institutions until 30 June 2008. CYP coins were convertible at the Central Bank of Cyprus until 31 December 2009 and CYP banknotes were convertible until 31 December 2017. For a wider history surrounding currency in the region, see The History of British Currency in the Middle East. In 1879, copper coins were introduced in denominations of 1⁄4, 1⁄2, 1 piastre; the Greek-Cypriots called the first of these coins the δεκάρα, referring to its equivalence to 10 para. The Greek name for the 1⁄2-piastre coin was εικοσάρα; these coins were followed, in 1901, by silver 3, 4 1⁄2, 9 and 18 piastres, the last two being equal to 1 and 2 shillings. The 3 piastres was only issued that year; the 1⁄4 piastre was last struck in 1926. In 1934, scalloped-shaped 1⁄2 and 1 piastre coins were introduced struck in cupro-nickel, changing to bronze in 1942.
In 1947, cupro-nickel 1 and 2 shil
The livre was the currency of Kingdom of France and its predecessor state of West Francia from 781 to 1794. Several different livres existed; the livre was the name of both units of account and coins. The livre was established by Charlemagne as a unit of account equal to one pound of silver, it was subdivided into each of 12 deniers. The word livre came from a Roman unit of weight; this system and the denier itself served as the model for many of Europe's currencies, including the British pound, Italian lira, Spanish dinero and the Portuguese dinheiro. This first livre is known as the livre carolingienne. Only deniers were minted, but debasement led to larger denominations being issued. Different mints in different regions used different weights for the denier, leading to several distinct livres of different values. "Livre" is a homonym of the French word for "book", the distinction being that the two have a different gender. The monetary unit is la/une livre, while "book" is masculine, le/un livre.
For much of the Middle Ages, different duchies of France were semi-autonomous if not independent from the weak Capetian kings, thus each minted their own currency. Charters would need to specify which region or mint was being used: "money of Paris" or "money of Troyes"; the first steps towards standardization came under the first strong Capetian monarch, Philip II Augustus. Philip II conquered much of the continental Angevin Empire from King John of England, including Normandy and Touraine; the currency minted at the city of Tours in Touraine was considered stable, Philip II decided to adopt the livre tournois as the standard currency of his lands replacing the livre of Paris, the currencies of all French-speaking areas he controlled. This was a slow process lasting many decades and not completed within Philip II's lifetime; the result was that from 1200 onwards, following the beginning of King Philip II's campaigns against King John, the currency used within French speaking lands was in a state of flux, as the livre tournois was introduced into other areas.
Until the thirteenth century and onwards, only deniers were minted as coin money. Both livres and sous did not exist as coins but were used only for accounting purposes. Upon his return from the crusades in the 1250s, Louis IX instigated a royal monopoly on the minting of coinage in France and minted the first gold écu d'or and silver gros d'argent, whose weights were equivalent to the livre tournois and the denier. Between 1360 and 1641, coins worth 1 livre tournois were minted known as francs; this name persisted in common parlance for 1 livre tournois but was not used on coins or paper money. The official use of the livre tournois accounting unit in all contracts in France was legislated in 1549. However, in 1577, the livre tournois accounting unit was abolished and replaced by the écu, at that time the major French gold coin in actual circulation. In 1602, the livre tournois accounting unit was brought back. Louis XIII of France stopped minting the franc in 1641, replacing it with coins based on the silver écu and gold Louis d'or.
The écu and louis d'or fluctuated in value, with the écu varying between three and six livres tournois until 1726 when it was fixed at six livres. The louis was worth ten livres, fluctuated too, until its value was fixed at twenty-four livres in 1726. In 1667, the livre parisis was abolished. However, the sole remaining livre was still referred to as the livre tournois until its demise; the first French paper money was denominated in livres tournois. However, the notes did not hold their value relative to silver due to massive over–production; the Banque Royale crashed in 1720. In 1726, under Louis XV's minister Cardinal Fleury, a system of monetary stability was put in place. Eight ounces of gold was worth 9 sols; this led to a strict conversion rate between gold and silver and established the values of the coins in circulation in France at: the Louis d'or of 24 livres the double Louis d'or of 48 livres the demi-Louis d'or or half-Louis of 12 livres the écu of 6 livres or 120 sols, along with 1⁄2, 1⁄4 and 1⁄8 écu denominations valued at 60, 30 and 15 sols the sol denominated in 1 and 2 sol units valued at 1⁄20 livre per sol the denier denominated in 3 and 6 denier units valued at 1⁄4 and 1⁄2 sol respectively.
A coin of value 1 livre was not, minted. Yet in 1720 a special coin minted in pure silver was assigned an over-value of 1 livre. Additionally, France took Navarrese 20-sol coins minted in 1719 and 1720, re-struck them as 1⁄6 écu creating a coin worth 1 livre; these re-struck coins, however were assigned the value of 18 sols. A kind of paper money was reintroduced by the Caisse d'Escompte in 1776 as actions au porteur, denominated in livres; these were issued until 1793, alongside assignats from 1789. Assignats were backed by government-held land. Like the issues of the Banque Royale, their value plummeted; the last coins and notes of the livre currency system were issued in Year II of the Republic. In 1795, the franc was intro
The pound was the currency of Connecticut until 1793. The British pound circulated along with foreign currencies; this was supplemented by local paper money from 1709. Although the local currency was denominated in pounds and pence, it was worth less than sterling, with 1 Connecticut shilling = 9 pence sterling; this rated the Spanish dollar at 6 Connecticut shillings. The first issue of notes is known as the "Old Tenor" issue. Due to over issue, the value of the Old Tenor notes fell relative to silver coins. In 1740, a second series of paper money was known as the "New Tenor" issue; these were worth 3½ times as much as the same denomination of Old Tenor notes. A further issue of 1755, known as "Lawful Money", replaced the Old and New Tenor issues at the rates of 1 Lawful Money shilling = 2.1 New Tenor shillings = 7.33 Old Tenor shillings. The State of Connecticut issued Continental currency denominated in both £sd and Spanish dollars, with 1 Spanish dollar = 6 shillings; the Continental currency was replaced by the U.
S. dollar at the rate of 1000 Continental dollars = 1 U. S. dollar. Connecticut shilling on world Banknotes catalogLouis Jordan. Colonial Currency. University of Notre Dame