British West African pound
The British West African Pound was the currency of British West Africa, a group of British colonies and mandate territories. It was equal to the pound sterling and was subdivided into 20 shillings, each of 12 pence. In the 19th century, the pound sterling became the currency of the British West African territories and standard issue United Kingdom coinage circulated; the West African territories in question were the Gold Coast, Sierra Leone and The Gambia. In 1912, the authorities in London set up the West African Currency Board and issued a distinctive set of sterling coinage for use in British West Africa; the circumstance prompting this move was a tendency for existing UK coins used in the West African territories to leave the region and return to the UK, hence causing a local dearth of coinage. A unique British West African variety of the sterling coinage would not be accepted in the shops of Britain and so would remain in circulation locally. There was a precedent for this move: in 1910, Australia had commenced issuing its own distinctive varieties of sterling coinage, but the reasons for doing so were quite different from those relating to British West Africa.
Australian authorities issued local coinage as a step towards full nationhood. With the exception of Jamaica where special low denomination coins were issued in place of the United Kingdom copper coins, due to local superstitions surrounding the use of copper coinage for church collections, authorities in London did not replace any UK sterling coins with local issues for any other British colony; the British West African pound was adopted by Liberia in 1907, replacing the Liberian dollar, although it was not served by the West African Currency Board. Liberia changed to the U. S. dollar in 1943. Togo and Cameroon adopted the West African currency in 1914 and 1916 when British and French troops took over those colonies from Germany as part of World War I. Beginning in 1958, the British West African pound was replaced by local currencies in the individual territories; the replacements were: In 1907, aluminium 1⁄10 penny and cupro-nickel 1 penny coins were introduced. Both coins were holed. In 1908, cupro-nickel replaced aluminium in the 1⁄10 penny and, in 1911, cupro-nickel ½ penny coins were introduced.
In 1913, silver 3 and 6 pence, 1 and 2 shillings were introduced. In 1920, brass replaced silver in these denominations. In 1938, cupro-nickel 3 pence coins were introduced, with nickel-brass replacing brass in the higher denominations. In 1952, bronze replaced cupro-nickel in the 1/2 and 1 penny coins; the last coins of British West Africa were struck in 1958. In 1916, the West African Currency Board introduced notes for 2, 10 and 20 shillings, followed by 1 shilling notes in 1918. Only the 10 and 20 shillings notes were issued after 1918, until 100 shillings notes were introduced in 1953; the last notes were produced in 1962. Biafran pound Gambian pound Ghanaian pound Gold Coast ackey Nigerian pound West African Monetary Zone Economic Community of West African States References Sources Coins from British West Africa
The pound is the currency of Jersey. Jersey is in currency union with the United Kingdom, the Jersey pound is not a separate currency but is an issue of banknotes and coins by the States of Jersey denominated in pound sterling, in a similar way to the banknotes issued in Scotland and Northern Ireland, it can be exchanged at par with notes. For this reason, ISO 4217 does not include a separate currency code for the Jersey pound, but where a distinct code is desired JEP is used. Both Jersey and Bank of England notes are legal tender in Jersey and circulate together, alongside the Guernsey pound and Scottish banknotes; the Jersey notes are not legal tender in the United Kingdom but are legal currency, so creditors and traders may accept them if they so choose. The livre was the currency of Jersey until 1834, it consisted of French coins which, in the early 19th century, were exchangeable for sterling at a rate of 26 livres = 1 pound. After the livre was replaced by the franc in France in 1795, the supply of coins in Jersey dwindled leading to difficulties in trade and payment.
In 1834, an Order in Council adopted the pound sterling as Jersey's sole official legal tender, although French copper coins continued to circulate alongside British silver coins, with 26 sous equal to the shilling. Because the sous remained the chief small-change coins, when a new copper coinage was issued for Jersey in 1841, it was based on a penny worth 1⁄13 of a shilling, the equivalent of 2 sous; this system continued until 1877. Along with the rest of the British Isles, Jersey decimalised in 1971 and began issuing a full series of circulating coins from 1⁄2p to 50p. £1 and £2 denominations followed later. As of December 2005, there was £64.7m of Jersey currency in circulation. A profit of £2.8m earned on the issue of Jersey currency was received by the Treasurer of the States in 2005. £1 coins have a different design each year. Each new coin featured one of the coats of arms of the 12 parishes of Jersey; these were followed by a series of coins featuring sailing ships built in the island.
The motto round the milled edge of Jersey pound coins is: Caesarea Insula. Jersey £1 coins ceased to be legal tender in Jersey on 15 October 2017 to coincide with the withdrawal of the circular £1 coin in the UK; the UK's new 12-sided £1 coin is the only £1 coin, legal tender in the Island. In 1834, an Order in Council adopted the pound sterling as Jersey's sole official legal tender to replace the Jersey livre, although French copper coins continued to circulate alongside British silver coins, with 26 sous equal to the shilling; because the sous remained the chief small-change coins, when a new copper coinage was issued for Jersey in 1841, it was based on a penny worth 1⁄13 of a shilling, the equivalent of 2 sous. In 1841, copper 1⁄52, 1⁄26 and 1⁄13 shilling coins were introduced, followed by bronze 1⁄26 and 1⁄13 shilling in 1866. In 1877 a penny of 1⁄12 of a shilling was introduced, the system changed to 12 pence to the shilling. Bronze 1⁄48, 1⁄24 and 1⁄12 shilling were introduced.
This was the only issue of the 1⁄48 shilling denomination. Between 1949 and 1952 the end of the German occupation of the Channel Islands was marked by one million commemorative Liberation pennies that were struck for Jersey. In 1957, a nickel-brass 3 pence coin was introduced carrying the denomination "one fourth of a shilling"; the 1957 and 1960 issues were round, with a dodecagonal version introduced in 1964. In 1968, 5 and 10 pence coins were introduced, followed by 50 pence in 1969 and 1⁄2p, 1p and 2 pence in 1971 when decimalisation took place. All had the same size as the corresponding British coins; the reverse of the first issue of decimal coinage bore the coat of arms of Jersey as had previous coins. The ½ penny coin was last minted in 1981. A square £1 coin was issued in circulation in 1981 to mark the bicentenary of the Battle of Jersey; the square pound could not be accepted by vending machines and was not issued after 1981 although it remains in circulation today. When the rest of the British Isles started to introduce a standardised pound coin in 1983, Jersey changed to a round coin to match.
The square version although rare is still used in the islands. Neither round nor square versions of the coin are as common in Jersey as the £1 note. 20 pence coins were introduced in 1982 and £2 coins in 1998. In 1797 Hugh Godfray and Company, a wine merchant, issued £ 1 notes. Due to the shortage of livre tournois coinage and companies issued a large number of low value notes until in 1813 the States laid down that notes had to have a minimum value of £1; until 1831, a large number of bodies and individuals in Jersey issued their own banknotes. The parishes of Jersey issued notes. Legislation in 1831 attempted to regulate such issues by requiring note issuers to be backed by two guarantors, but the parishes and the Vingtaine de la Ville were exempted from the regulatory provisions. Most of the notes were 1 pound denominations; these locally produced notes, which were issued to fund public works, ceased to be issued after the 1890s. During the German occupation in the Second World War, a shortage of coinage led to the passing of the Currency Notes Law on 29 April 1941.
A series of 2 shilling notes were issued. The law was amended on 29 November 1941 to provide for further issues of notes of various denominations, a series of banknotes desi
The Egyptian pound is the currency of Egypt. It is divided into ersh, or 1,000 milliemes; the Egyptian pound is abbreviated as LE or L. E. which stands for livre égyptienne. E£ and £E are used on the internet; the name Genēh is derived from the Guinea coin, which had the same value of 100 piastres at the end of the 19th century. In 1834, a khedival decree was issued, adopting an Egyptian currency based on a bimetallic standard on the basis of the Maria Theresa thaler, a popular trade coin in the region; the Egyptian pound, known as the geneih, was introduced, replacing the Egyptian piastre as the chief unit of currency. The piastre continued to circulate as 1⁄100 of a pound, with the piastre subdivided into 40 para. In 1885, the para ceased to be issued, the piastre was divided into tenths; these tenths were renamed milliemes in 1916. The legal exchange rates were fixed by force of law for important foreign currencies which became acceptable in the settlement of internal transactions; this led to Egypt using a de facto gold standard between 1885 and 1914, with E£1 = 7.4375 grams pure gold.
At the outbreak of World War I, the Egyptian pound was pegged to the British pound sterling at EG£0.975 per GB£1. Egypt remained part of the Sterling Area until 1962, when Egypt devalued and switched to a peg to the United States dollar, at a rate of EG£1 = US$2.3. This peg; the pound was itself devalued in 1978 to a peg of 1 pound. The pound floated in 1989. However, until 2001, the float was managed by the Central Bank of Egypt and foreign exchange controls were in effect; the Central Bank of Egypt voted to end the managed-float regime and allowed the pound to float on 3 November 2016. The official rate fell twofold; the Egyptian pound was used in Anglo-Egyptian Sudan between 1899 and 1956, Cyrenaica when it was under British occupation and an independent emirate between 1942 and 1951. The National Bank of Egypt issued banknotes for the first time on 3 April 1899; the Central Bank of Egypt and the National Bank of Egypt were unified into the Central Bank of Egypt in 1961. Several unofficial popular names are used to refer to different values of Egyptian currency.
These include nekla for 2 milliemes, ta'rifa for 5 milliemes, shelen for 5 piastres, bariza for 10 piastres, reyal for 20 piastres. Since the piastre and millieme are no longer legal tender, the smallest denomination minted being the 25-piastre coin, these terms have fallen into disuse and survive as curios. A few have survived to refer to pounds: bariza now refers to a ten-pound note and reyal can be used in reference to a 20-pound note. Different sums of EGP have special nicknames, for example: 1 EGP Bolbol meaning nightingale or Gondi meaning soldier, 1,000 EGP baku "pack". Between 1837 and 1900, copper 1 and 5 para*, silver 10 and 20 para, 1, 5, 10 and 20 piastre, gold 5, 10 and 20 piastre and 1 pound coins were introduced, with gold 50 piastre coins following in 1839. Copper 10 para coins were introduced in 1853. Copper 10 para coins were again introduced in 1862, followed by copper 4 para and 21⁄2 piastre coins in 1863. Gold 25 piastre coins were introduced in 1867. In 1885, a new coinage was introduced consisting of bronze 1⁄4, 1⁄2, 1, 2 and 5 millieme, silver 1, 2, 5, 10 and 20 piastre coins.
The gold coinage ceased, with only small numbers of 5 and 10 piastre coins issued. In 1916 and 1917, a new base metal coinage was introduced consisting of bronze 1⁄2 millieme and holed, cupro-nickel 1, 2, 5 and 10 millieme coins. Silver 2, 5, 10 and 20 piastre coins continued to be issued, a gold 1 pound coin was reintroduced. Between 1922 and 1923, the gold coinage was extended to include 20 and 50 piastre and 1 and 5 pound coins. In 1924, bronze replaced cupro-nickel in the 1 millieme coin and the holes were removed from the other cupro-nickel coins. In 1938, bronze 5 and 10 millieme coins were introduced, followed in 1944 by silver, hexagonal 2 piastre coins. Between 1954 and 1956, a new coinage was introduced, consisting of aluminium-bronze 1, 5 and 10 millieme and silver 5, 10 and 20 piastre coins, with the size of the silver coinage reduced. An aluminium-bronze 2 millieme coin was introduced in 1962. In 1967 the silver coinage was abandoned and cupro-nickel 5 and 10 piastre coins were introduced.
Aluminium replaced aluminium-bronze in the 1, 5 and 10 millieme coins in 1972, followed by brass in the 5 and 10 millieme coins in 1973. Aluminium-bronze 2 piastre and cupro-nickel 20 piastre coins were introduced in 1980, followed by aluminium-bronze 1 and 5 piastre coins in 1984. In 1992, brass 5 and 10 piastre coins were introduced, followed by holed, cupro-nickel 25 piastre coins in 1993; the size of 5 piastre coins was reduced in 2004, 10 and 25 piastre coins - in 2008. On June 1, 2006, 50 piastre and 1 pound coins dated 2005 were introduced, its equivalent banknotes were phased out and disappeared from circulation in 2010; the coins bear the face of Cleo
The livre tournois, French for the "Tours pound", was: one of numerous currencies used in France in the Middle Ages. The denier tournois coin was minted by the abbey of Saint Martin in the Touraine region of France. Soon after Philip II of France seized the counties of Anjou and Touraine in 1203 and standardized the use of the livre tournois there, the livre tournois began to supersede the livre parisis, up to that point the official currency of the Capetian dynasty; the livre tournois was, in common with the original livre of Charlemagne, divided into 20 sols, each of, divided into 12 deniers. Between 1360 and 1641, coins worth one livre tournois were minted, known as francs. Other francs were minted under Henri III of France and Henri IV of France; the use of the name "franc" became a synonym for livre tournois in accounting. The first French paper money, issued between 1701 and 1720, was denominated in livres tournois; this was the last time the name was used as notes and coins were denominated in livres, the livre parisis having been abolished in 1667.
With many forms of domestic and international money circulating throughout Europe in the late Middle Ages and the early modern period, the use of an accounting currency became a financial necessity. In the world of international banking of the 13th century, it was the florin and ducat that were used. In France, the livre tournois and the currency system based on it became a standard monetary unit of accounting and continued to be used when the "livre tournois" ceased to exist as an actual coin. For example, the Louisiana Purchase treaty of 1803 specified the relative ratios of the franc and livre tournois; the official use of the livre tournois accounting unit in all contracts in France was legislated in 1549, but it had been one of the standard units of accounting in France since the 13th century. In 1577 the livre tournois accounting unit was abolished and accountants switched to the écu, at that time the major French gold coin in actual circulation, but in 1602 the livre tournois accounting unit was brought back..
Since coins in Europe in the Middle Ages and the Early modern period did not have any indication of their value, their official value was determined by royal edicts. In cases of financial need, French kings could use the official value for currency devaluation; this could be done in two ways: the amount of precious metal in a newly minted French coin could be reduced while maintaining the old value in livres tournois or the official value of a domestic or foreign coin in circulation could be increased. By reversing these techniques, currencies could be reinforced. For example: the worth of an écu d'or, a French gold coin, was changed from 60 sols to 57 sols in 1573. to curb increasing use of the Spanish real, its official worth was decreased to 4 sols 2 deniers in the 1570s. Royal finance officers faced many difficulties. In addition to currency speculation and the intentional shaving of precious metal from coins, they had the difficult problem of setting values for gold, silver and billon coins, responding to the large influx of foreign coin and the appearance of inferior foreign coins of intentionally similar design.
For more on these issues, see Monetary policy and Gresham's Law. A glyph for the livre tournois was added to Unicode 5.2, in the Currency Symbols block at code point U+20B6: ₶. French livre Livre parisis French franc Louis Luxembourgish livre Écu Roman currency
The Bristol Pound is a form of local complementary currency, or community currency launched in Bristol, UK on 19 September 2012. Its objective is to encourage people to spend their money with local, independent businesses in Bristol and the former County of Avon; as of September 2012 it is the largest alternative in the UK to official sterling currency, though it is backed by Sterling. The Bristol Pound is a local and community currency, created to "improve Bristol's local economy", its primary aim is to support independent traders in order to maintain diversity in business around the city. The scheme is a joint not-for-profit enterprise between Bristol Pound Community Interest Company and Bristol Credit Union. Previous to the Bristol Pound, local currencies were launched in the UK in Totnes, Lewes and Stroud. If a person spends Bristol Pounds at a local shop, the owner of this shop can respend them by using them to buy supplies from another local business, or pay local taxes to Bristol City Council.
The business can for instance use their Bristol Pounds to pay a farmer in the Avon area for fresh fruit and vegetables. This farmer can pay a local architect, which accepts Bristol Pounds, to renovate a part of his farm, so on. In this way money keeps on circulating locally to benefit local independent businesses in the area. If the person had spent Sterling Pounds at a supermarket chain instead, for example, more than 80% of their money would have left the area immediately. Use of a local currency thus increases cash flow between businesses that use the currency and stimulates local economic development. Using a local currency not only stimulates the local economy, but creates stronger bonds within the community by increasing social capital. Moreover, buying locally decreases emissions through reduced transportation externalities. Internal trade through the use of complementary currencies is a resilience strategy, which reduces the impact of national economic crises and dependency on international trade by enhancing self-sufficiency.
The use of a local currency increases the awareness of the impact of one's economic activity. Bristol Pound contributed to Bristol being awarded the title of European Green Capital 2015. Bristol is the first city in the UK. Bristol Pound account holders can convert £Bs to and from pounds sterling at a 1:1 ratio. Bristol City Council, other organisations in the city, offer their employees the option to take part of their salaries in Bristol Pounds; the former Mayor of Bristol, George Ferguson, accepted his entire salary in Bristol Pounds. Since June 2015 energy bills can be paid in Bristol Pounds to the 100% renewable energy provider, Good Energy, its CEO claimed. In June 2015, according to the Bristol Pound CEO, some £1 million had been issued in £Bs, with more than £B700,000 still in circulation. More than 800 businesses accept Bristol Pounds and more than a thousand users have a Bristol Pound account; the Bristol Pound is managed by the non-profit Bristol Pound Community Interest Company in collaboration with the local financial institution, the Bristol Credit Union.
The Bristol Credit Union ensures that every £1 sterling converted to a printed £B1 is backed in a secure trust fund. The scheme is supported by Bristol City Council. Bristol Pound is part of a larger international movement of local currencies; the European funded Community Currencies in Action partnership provided support for communities which want to develop their new currency and works on innovations. Within the UK, Bristol Pound CIC founded and maintains the Guild of Independent Currencies – a platform for sharing experiences about local currencies. In this framework, Bristol CIC is working with Exeter, amongst others, helping it to launch its own local currency. Bristol Pound in involved in the Digipay4Growth project, coordinated by the Social Trade organisation and with partners such as Sardex. Through this project Bristol Pounds is involved in the digitalisation of its currency, using Cyclos software; the Bristol Pounds can be used like conventional money. One Bristol Pound is equivalent to one Sterling Pound.
Some businesses apply discounts for customers paying in Bristol Pounds. Local taxes and electricity bills can be paid with Bristol Pounds online. Paper Bristol Pounds Paper £Bs can be used by anyone, have been designed by Bristolians, carry many high security features to prevent fraud. In June 2015 new paper £Bs were issued; these can be exchanged at a 1:1 rate for sterling at seventeen different cash points throughout the city, or ordered online through the Bristol Pound website. Electronic payments The Bristol Pound was the second local scheme to be able to accept electronic payments in the UK; this allows, for example, participating small businesses to accept payments by SMS, without needing to pay for and install a credit card machine. The businesses are charged 2% of the amount billed for payments made by SMS, a similar or sometimes reduced rate than with credit or debit cards, or PayPal. Payments can be made online, with the recipient of each payment charged at a rate of 1%, capped at 95p per transaction.
Every paper £B is backed up by a pound sterling deposited at Bristol Credit Union. The Bristol Pound is not legal tender, participation is therefore voluntary; the directors of the scheme cannot prevent national and multinational companies accepting paper £Bs, but can decide, based on the Rules of Membership, whether a business is per
The Biafran pound was the currency of the breakaway Republic of Biafra between 1968 and 1970. The first notes denominated in 5 shillings and £1 were introduced on January 29, 1968. A series of coins was issued in 1969. In February 1969, a second family of notes was issued consisting of 5 shilling, 10 shilling, £1, £5 and £10 denominations. Despite not being recognised as currency by the rest of the world when they were issued, the banknotes were afterwards sold as curios and are now traded among banknote collectors at well above their original nominal value; the most common note is the 1968 and 1969 1 pound notes, with the 10 pound note and all coins being rare. Nigerian pound Nigerian naira Postage stamps and postal history of Biafra Banknotes of Biafra."Archived copy". Archived from the original on 2011-06-29. Retrieved 2006-01-13. CS1 maint: Archived copy as title CS1 maint: BOT: original-url status unknown Coins with Nigerian naira Information from Biafraland. A detailed article on the banknotes of the Biafran pound pjsymes.com.au Coins from Biafra - Online Coin Club
The Spanish dollar known as the piece of eight, is a silver coin, of 38 mm diameter, worth eight Spanish reales, minted in the Spanish Empire following a monetary reform in 1497. The Spanish dollar was used by many countries as the first international/world currency because of its uniformity in standard and milling characteristics; some countries countersigned the Spanish dollar. The Spanish dollar was the coin upon which the original United States dollar was based, it remained legal tender in the United States until the Coinage Act of 1857; because it was used in Europe, the Americas, the Far East, it became the first world currency by the late 18th century. Aside from the U. S. dollar, several other currencies, such as the Canadian dollar, the Japanese yen, the Chinese yuan, the Philippine peso, several currencies in the rest of the Americas, were based on the Spanish dollar and other 8-real coins. Diverse theories link the origin of the "$" symbol to the columns and stripes that appear on one side of the Spanish dollar.
The term peso was used in Spanish to refer to this denomination, it became the basis for many of the currencies in the former Spanish colonies, including the Argentine, Chilean, Costa Rican, Dominican, Guatemalan, Mexican, Paraguayan, Puerto Rican, Salvadoran and Venezuelan pesos. Of these, "peso" remains the name of the official currency in Argentina, Colombia, Dominican Republic, Mexico and Uruguay. Millions of Spanish dollars were minted over the course of several centuries, they were among the most circulating coins of the colonial period in the Americas, were still in use in North America and in South-East Asia in the 19th century. In the 16th century, Count Hieronymus Schlick of Bohemia began minting a coin known as a Joachimsthaler, named for Joachimsthal, the valley in the Ore Mountains where the silver was mined. Joachimstaler was shortened to taler, a word that found its way into Norwegian and Swedish as daler, Russian as талер, Czech and Slovene as tolar, Polish as talar, Dutch as daalder, Amharic as ታላሪ, Hungarian as tallér, Italian as tallero, Greek as τάληρο, Spanish tálero and English as dollar.
The Joachimsthaler weighed 451 Troy grains of silver. So successful were these coins that similar thalers were minted in France; the Burgundian Cross Thaler depicted the Cross of Burgundy and was prevalent in the Burgundian Netherlands that were revolting against the Spanish king and Duke of Burgundy Philip II. After 1575, the Dutch revolting provinces replaced the currency with a daalder depicting a lion, hence its Dutch name leeuwendaalder. To facilitate export trade, the leeuwendaalder was authorized to contain 427.16 grains of.750 fine silver, lighter than the large denomination coins in circulation. It was more advantageous for a Dutch merchant to pay a foreign debt in leeuwendaalders rather than in other heavier, more costly coins. Thus, the leeuwendaalder or lion dollar became the coin of choice for foreign trade, it became popular in the Middle East, colonies in the east and west. They circulated throughout the English colonies during the 17th and early 18th centuries. From New Netherland the lion dollar spread to all thirteen colonies in the west.
English speakers began to apply the word "dollar" to the Spanish peso or "piece of eight" by 1581, widely used in the British North American colonies at the time of the American Revolution, hence adopted as the name and weight of the US monetary unit in the late 18th century. After the introduction of the Guldengroschen in Austria in 1486, the concept of a large silver coin with high purity spread throughout the rest of Europe. Monetary reform in Spain brought about the introduction of an 8-real coin in 1497. In 1537 the Spanish escudo gold coin was introduced, worth 16 reales; the Gold Doubloon was worth 32 reales or 2 escudos. It is this divisibility into 8 which caused the silver coins to be named "pieces of eight". In the following centuries, the coin was minted with several different designs at various mints in Spain and the New World, having gained wide acceptance beyond Spain's borders. Thanks to the vast silver deposits that were found in Potosí in modern-day Bolivia and to a lesser extent in Mexico, to silver from Spain's possessions throughout the Americas, mints in Mexico and Peru began to strike the coin.
The main New World mints for Spanish dollars were at Potosí, Mexico City, silver dollars from these mints could be distinguished from those minted in Spain by the Pillars of Hercules design on the reverse. In the 19th century, the coin's denomination was changed to 20 reales and 2 escudos. Spain's adoption of the peseta in 1869 and its joining the Latin Monetary Union meant the effective end of the last vestiges of the Spanish dollar in Spain itself. However, the 5-peseta coin was smaller and lighter but was of high purity silver. In the 1990s, commemorative 2000-peseta coins were minted, similar in size and weight to the 8 reales and with high fineness. Following independence in 1821, Mexican coinage of silver reales an