1.
British Museum
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The British Museum is dedicated to human history, art and culture, and is located in the Bloomsbury area of London. The British Museum was established in 1753, largely based on the collections of the physician, the museum first opened to the public on 15 January 1759, in Montagu House, on the site of the current building. Although today principally a museum of art objects and antiquities. Its foundations lie in the will of the Irish-born British physician, on 7 June 1753, King George II gave his formal assent to the Act of Parliament which established the British Museum. They were joined in 1757 by the Old Royal Library, now the Royal manuscripts, together these four foundation collections included many of the most treasured books now in the British Library including the Lindisfarne Gospels and the sole surviving copy of Beowulf. The British Museum was the first of a new kind of museum – national, belonging to neither church nor king, freely open to the public, sloanes collection, while including a vast miscellany of objects, tended to reflect his scientific interests. The addition of the Cotton and Harley manuscripts introduced a literary, the body of trustees decided on a converted 17th-century mansion, Montagu House, as a location for the museum, which it bought from the Montagu family for £20,000. The Trustees rejected Buckingham House, on the now occupied by Buckingham Palace, on the grounds of cost. With the acquisition of Montagu House the first exhibition galleries and reading room for scholars opened on 15 January 1759. During the few years after its foundation the British Museum received several gifts, including the Thomason Collection of Civil War Tracts. A list of donations to the Museum, dated 31 January 1784, in the early 19th century the foundations for the extensive collection of sculpture began to be laid and Greek, Roman and Egyptian artefacts dominated the antiquities displays. Gifts and purchases from Henry Salt, British consul general in Egypt, beginning with the Colossal bust of Ramesses II in 1818, many Greek sculptures followed, notably the first purpose-built exhibition space, the Charles Towneley collection, much of it Roman Sculpture, in 1805. In 1816 these masterpieces of art, were acquired by The British Museum by Act of Parliament. The collections were supplemented by the Bassae frieze from Phigaleia, Greece in 1815, the Ancient Near Eastern collection also had its beginnings in 1825 with the purchase of Assyrian and Babylonian antiquities from the widow of Claudius James Rich. The neoclassical architect, Sir Robert Smirke, was asked to draw up plans for an extension to the Museum. For the reception of the Royal Library, and a Picture Gallery over it, and put forward plans for todays quadrangular building, much of which can be seen today. The dilapidated Old Montagu House was demolished and work on the Kings Library Gallery began in 1823, the extension, the East Wing, was completed by 1831. The Museum became a site as Sir Robert Smirkes grand neo-classical building gradually arose
2.
Sweden
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Sweden, officially the Kingdom of Sweden, is a Scandinavian country in Northern Europe. It borders Norway to the west and Finland to the east, at 450,295 square kilometres, Sweden is the third-largest country in the European Union by area, with a total population of 10.0 million. Sweden consequently has a low density of 22 inhabitants per square kilometre. Approximately 85% of the lives in urban areas. Germanic peoples have inhabited Sweden since prehistoric times, emerging into history as the Geats/Götar and Swedes/Svear, Southern Sweden is predominantly agricultural, while the north is heavily forested. Sweden is part of the area of Fennoscandia. The climate is in very mild for its northerly latitude due to significant maritime influence. Today, Sweden is a monarchy and parliamentary democracy, with a monarch as head of state. The capital city is Stockholm, which is also the most populous city in the country, legislative power is vested in the 349-member unicameral Riksdag. Executive power is exercised by the government chaired by the prime minister, Sweden is a unitary state, currently divided into 21 counties and 290 municipalities. Sweden emerged as an independent and unified country during the Middle Ages, in the 17th century, it expanded its territories to form the Swedish Empire, which became one of the great powers of Europe until the early 18th century. Swedish territories outside the Scandinavian Peninsula were gradually lost during the 18th and 19th centuries, the last war in which Sweden was directly involved was in 1814, when Norway was militarily forced into personal union. Since then, Sweden has been at peace, maintaining a policy of neutrality in foreign affairs. The union with Norway was peacefully dissolved in 1905, leading to Swedens current borders, though Sweden was formally neutral through both world wars, Sweden engaged in humanitarian efforts, such as taking in refugees from German-occupied Europe. After the end of the Cold War, Sweden joined the European Union on 1 January 1995 and it is also a member of the United Nations, the Nordic Council, Council of Europe, the World Trade Organization and the Organisation for Economic Co-operation and Development. Sweden maintains a Nordic social welfare system that provides health care. The modern name Sweden is derived through back-formation from Old English Swēoþēod and this word is derived from Sweon/Sweonas. The Swedish name Sverige literally means Realm of the Swedes, excluding the Geats in Götaland, the etymology of Swedes, and thus Sweden, is generally not agreed upon but may derive from Proto-Germanic Swihoniz meaning ones own, referring to ones own Germanic tribe
3.
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
4.
Dollar
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Dollar is the name of more than twenty currencies, including those of the United States, Canada, Australia, Taiwan, Hong Kong, Singapore, New Zealand, Liberia, Jamaica and Namibia. Generally, one dollar is divided into one hundred cents, on 15 January 1520, the Czech Kingdom of Bohemia began minting coins from silver mined locally in Joachimsthal and marked on reverse with the Czech lion. The coins were called joachimsthaler, which became shortened in common usage to thaler or taler, the German name Joachimsthal literally means Joachims valley or Joachims dale. A later Dutch coin also depicting a lion was called the leeuwendaler or leeuwendaalder, the Dutch Republic produced these coins to accommodate its booming international trade. The leeuwendaler circulated throughout the Middle East and was imitated in several German and Italian cities and this coin was also popular in the Dutch East Indies and in the Dutch New Netherland Colony. It was in throughout the Thirteen Colonies during the 17th. The currencies of Romania and Bulgaria are, to this day, the modern American-English pronunciation of dollar is still remarkably close to the 17th century Dutch pronunciation of daler. Some well-worn examples circulating in the Colonies were known as dog dollars, Spanish pesos – having the same weight and shape – came to be known as Spanish dollars. By the time of the American Revolution, Spanish dollars gained significance because they backed paper money authorized by the individual colonies, common in the Thirteen Colonies, Spanish dollars were even legal tender in one colony, Virginia. On April 2,1792, U. S. Secretary of the Treasury Alexander Hamilton reported to Congress the precise amount of found in Spanish dollar coins in common use in the states. As a result, the United States dollar was defined as a unit of silver weighing 371 4/16th grains. It was specified that the money of account of the United States should be expressed in those same dollars or parts thereof, in an act passed in January 1837, the dollars alloy was set at 15%. Subsequent coins would contain the amount of pure silver as previously. On February 21,1853, the quantity of silver in the coins was reduced. However, the dollars constitutional meaning has remained unchanged through the years, silver was mostly removed from U. S. coinage by 1965 and the dollar became a free-floating fiat currency without a commodity backing defined in terms of real gold or silver. The US Mint continues to make silver $1-denomination coins, but these are not intended for general circulation, there are many quotes in the plays of William Shakespeare referring to dollars as money. This might be supported by a reference to the sum of ten dollars in Macbeth. In 1804, a British five-shilling piece, or crown, was sometimes called dollar and it was an overstruck Spanish eight real coin, the original of which was known as a Spanish dollar
5.
Thaler
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The thaler was a silver coin used throughout Europe for almost four hundred years. Its name lives on in the many currencies called dollar and, until recently and this original Bohemian thaler carried a lion, from the coat of arms of the Kingdom of Bohemia, on its reverse side. Etymologically, Thal is German for valley - a thaler is a person or a thing from the valley, the Czech spelling was tolar, many varieties of the term are used in different languages. In the 1902 spelling reform, the German spelling was changed from Thal and Thaler to Tal and Taler, the roots and development of the thaler-sized silver coin date back to the mid-15th century. In 1474 a 9-gram lira was issued but it was in 1484 that Archduke Sigismund of Tirol issued the first truly revolutionary silver coin and this was a very rare coin, almost a trial piece, but it did circulate so successfully that demand could not be met. Finally, with the silver deposits—being mined at Schwaz—to work with and his mint at Hall, Sigismund issued, in 1486, large numbers of the first true thaler-sized coin, the Guldengroschen, nicknamed the guldiner, was an instant and unqualified success. Soon it was being copied widely by many states who had the necessary silver, by 1518, guldiners were popping up everywhere in central Europe. Joachim, the father of the Virgin Mary, was portrayed on the coin along with the Bohemian lion, similar coins began to be minted in neighbouring valleys rich in silver deposits, each named after the particular thal or valley from which the silver was extracted. There were soon so many of them that these coins began to be known more widely as thaler in German. From these earliest thaler developed the new thaler – the coin that the Holy Roman Empire had been looking to create as a standard for trade between the regions of Europe, the original Joachimsthaler Guldengroschen was one ounce in weight. The Empires Reichstaler was defined as containing 400.99 grains of silver, in the 17th century, some Joachimsthalers were in circulation in the Tsardom of Russia, where they were called yefimok - a distortion of the first half of the name. The zenith of thaler minting occurred in the late 16th and 17th centuries with the so-called multiple thalers, the first were minted in Brunswick, and indeed the majority were struck there. Some of these coins reached colossal size, as much as sixteen normal thalers, the original reason for minting these colossal coins, some of which exceeded a full pound of silver and being over 12 cm in diameter, is uncertain. The name löser most likely was derived from a gold coin minted in Hamburg called the Portugalöser. Some of the silver löser reached this value, but not all, eventually the term was applied to numerous similar coins worth more than a single thaler. These coins are rare, the larger ones often costing tens of thousands of dollars. Few circulated in any real sense so they remain in well-preserved condition. In the Holy Roman Empire, the thaler was used as the standard against which the various states currencies could be valued, one standard also adopted by Prussia was the Reichsthaler, which contained 1⁄14 of a Cologne mark of silver
6.
Dutch rijksdaalder
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The rijksdaalder was a Dutch coin first issued by the Republic of the Seven United Netherlands in the late 16th century during the Dutch Revolt. Featuring an armored half bust of William the Silent, rijksdaalder was minted to the Saxon reichsthaler weight standard –448 grains of.885 fine silver. Friesland, Gelderland, Holland, Kampen, Overijssel, Utrecht, West Friesland, Zeeland, 17th century rijksdaalder was set to be equal to from 48 to 50 stuivers and circulated along with silver florins, daalders, leeuwendaalders, silver ducats, and ducatons. While liondaalders were made of pure silver at 427.16 grains of.750 fineness, silver ducats and rijksdaalders were almost of the same size. With the disappearance of the original armored half bust rijksdaalder design, silver ducats, unification of the Dutch monetary system in the beginning of the 18th century introduced guilder and set rijksdaalders and silver ducats at 2 1⁄2 guilders. Following decimalization, 2 1⁄2-guilder coins were no longer produced because a 3-guilder coin was thought to fit in the series of denominations. This turned out to be a mistake and from 1840 onward 2 1⁄2-guilder coins were produced again, production stopped in 2002 due to the introduction of the euro. 2 1⁄2-guilder coins continued to be called by their nicknames rijksdaalder, riks, the Royal Dutch Mint still mints a silver ducat today. The Dutch rijksdaalder or the versions of the 2 1⁄2-guilder coin were circulating in Dutch East India from 1602 until 1949. In this year the Netherlands Indies gulden was replaced by the Indonesian rupiah, the The Netherlands United East India Company issued the rijksdaalder in the Cape Colony in the sixteenth century. The Dutch monetary system overseas of a rijksdaalder – or rixdollar – of 48 stuiver was continued in the Cape Province by the British in the nineteenth century. In Ceylon, the VOC issued coins during the 18th century in denominations of 1⁄8 and 1 duit, 1⁄4,1,2, the currency derived from the Dutch rijksdaalder, although again the Dutch rijksdaalder was worth 50 stuiver and the Ceylon version 48 stuiver. After the British took over Ceylon, the rixdollar was the currency of Ceylon until 1828, the rixdollar was then replaced by the British pound at a rate of 1 rixdollar =1 shilling 6 pence. In Suriname the Surinamese Rijksdaalder circulated until 2004, when the Surinamese guilder was replaced by the Surinamese dollar, in the former Netherlands Antilles the rijksdaalder circulated until 2011. In that year the Netherlands Antillean guilder will be replaced by the American dollar, the similarly named Reichsthaler, riksdaler and rigsdaler were used in Germany and Austria-Hungary, Sweden, Denmark, and Norway, respectively. The American dollar is named after the Dutch daalder, the brother of the rijksdaalder
7.
Danish rigsdaler
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The rigsdaler was the name of several currencies used in Denmark until 1875. The similarly named Reichsthaler, riksdaler and rijksdaalder were used in Germany and Austria-Hungary, Sweden and these currencies were often anglicized as rix-dollar or rixdollar. The Danish currency system established in 1625 consisted of 12 penning =1 skilling,16 skilling =1 mark,6 mark =1 rigsdaler and 8 mark =1 krone. From 1713, two separate systems coexisted, courant and species, with courant being a debased currency also used for banknote issue, the rigsdaler species contained 4⁄37 of a Cologne mark of fine silver. In 1813, following a crisis, a new currency system was introduced, based on the rigsbankdaler. For six rigsdaler in old banknotes, a new one rigsbankdaler note was exchanged, the rigsbankdaler This was divided into 96 rigsbank skilling and was equal to half a rigsdaler species or 6 rigsdaler courant. A further change was made in 1854, the rigsdaler species name disappeared and the names rigsbankdaler and rigsbank skilling became rigsdaler and skilling rigsmønt. Thus, there were 96 skilling rigsmønt to the rigsdaler, in 1873, Denmark and Sweden formed the Scandinavian Monetary Union and the rigsdaler was replaced by the Danish krone on 1 January 1875. An equal valued krone/krona of the union replaced the three currencies at the rate of 1 krone/krona = 1⁄2 Danish rigsdaler = 1⁄4 Norwegian speciedaler =1 Swedish riksdaler. Because of this reform, where two Danish kroner was then of equal worth to the Danish daler, the coins got the common name of daler as they were functionally the same. This has however, become an uncommon name as a result of a gap in the tokrone coins existence from 1959 to 1993. In the late 18th century, coins were issued in denominations of 1⁄2,1,2,4,8,24 and 32 skilling, 1⁄15, 1⁄4, 1⁄3, 1⁄2 and 1 rigsdaler specie. Between 1813 and 1815, copper coins bearing the legend rigsbanktegn were issued in denominations of 2,3,4,6,12 and 16 skilling, from 1818,1,2 and 32 rigsbank skilling coins were issued, with 1 rigsdaler species from 1820. From 1826, gold coins were issued denominated in Frederiks dOr or Christians dOr, the dor was nominally worth 10 rigsdaler, although the currency was on a silver standard. In 1838, 1⁄2 rigsbank skilling coins were introduced, between 1840 and 1843, a new coinage was introduced, consisting of 1⁄5, 1⁄2,1,2,3,4,8,16 and 32 rigsbank skilling,1 rigsbankdaler and 1 rigsdaler species. These denominations were 1 1⁄4, 2 1⁄2,5,10 and 30 Schilling Courant, the renaming of the currency units in 1854 lead to the issuing of coins for 1⁄2,1,4 and 16 skilling rigsmønt,1 and 2 rigsdaler. Gold dor coins continued to be issued, in 1713, the government introduced notes for 1,2 and 3 mark,1,5,10,25,50 and 100 rigsdaler. The Copenhagen Assignation, Exchange and Loans Bank issued notes between 1737 and 1804 for 10,20,30,40,50 and 100 rigsdaler courant
8.
Germany
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Germany, officially the Federal Republic of Germany, is a federal parliamentary republic in central-western Europe. It includes 16 constituent states, covers an area of 357,021 square kilometres, with about 82 million inhabitants, Germany is the most populous member state of the European Union. After the United States, it is the second most popular destination in the world. Germanys capital and largest metropolis is Berlin, while its largest conurbation is the Ruhr, other major cities include Hamburg, Munich, Cologne, Frankfurt, Stuttgart, Düsseldorf and Leipzig. Various Germanic tribes have inhabited the northern parts of modern Germany since classical antiquity, a region named Germania was documented before 100 AD. During the Migration Period the Germanic tribes expanded southward, beginning in the 10th century, German territories formed a central part of the Holy Roman Empire. During the 16th century, northern German regions became the centre of the Protestant Reformation, in 1871, Germany became a nation state when most of the German states unified into the Prussian-dominated German Empire. After World War I and the German Revolution of 1918–1919, the Empire was replaced by the parliamentary Weimar Republic, the establishment of the national socialist dictatorship in 1933 led to World War II and the Holocaust. After a period of Allied occupation, two German states were founded, the Federal Republic of Germany and the German Democratic Republic, in 1990, the country was reunified. In the 21st century, Germany is a power and has the worlds fourth-largest economy by nominal GDP. As a global leader in industrial and technological sectors, it is both the worlds third-largest exporter and importer of goods. Germany is a country with a very high standard of living sustained by a skilled. It upholds a social security and universal health system, environmental protection. Germany was a member of the European Economic Community in 1957. It is part of the Schengen Area, and became a co-founder of the Eurozone in 1999, Germany is a member of the United Nations, NATO, the G8, the G20, and the OECD. The national military expenditure is the 9th highest in the world, the English word Germany derives from the Latin Germania, which came into use after Julius Caesar adopted it for the peoples east of the Rhine. This in turn descends from Proto-Germanic *þiudiskaz popular, derived from *þeudō, descended from Proto-Indo-European *tewtéh₂- people, the discovery of the Mauer 1 mandible shows that ancient humans were present in Germany at least 600,000 years ago. The oldest complete hunting weapons found anywhere in the world were discovered in a mine in Schöningen where three 380, 000-year-old wooden javelins were unearthed
9.
Austria-Hungary
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The union was a result of the Austro-Hungarian Compromise of 1867 and came into existence on 30 March 1867. Austria-Hungary consisted of two monarchies, and one region, the Kingdom of Croatia-Slavonia under the Hungarian crown. It was ruled by the House of Habsburg, and constituted the last phase in the evolution of the Habsburg Monarchy. Following the 1867 reforms, the Austrian and the Hungarian states were co-equal, Foreign affairs and the military came under joint oversight, but all other governmental faculties were divided between respective states. Austria-Hungary was a state and one of the worlds great powers at the time. Austria-Hungary was geographically the second-largest country in Europe after the Russian Empire, at 621,538 km2, the Empire built up the fourth-largest machine building industry of the world, after the United States, Germany, and the United Kingdom. After 1878, Bosnia and Herzegovina was under Austro-Hungarian military and civilian rule until it was annexed in 1908. The annexation of Bosnia also led to Islam being recognized as a state religion due to Bosnias Muslim population. Austria-Hungary was one of the Central Powers in World War I and it was already effectively dissolved by the time the military authorities signed the armistice of Villa Giusti on 3 November 1918. The realms full, official name was The Kingdoms and Lands Represented in the Imperial Council, each enjoyed considerable sovereignty with only a few joint affairs. Certain regions, such as Polish Galicia within Cisleithania and Croatia within Transleithania, enjoyed autonomous status, the division between Austria and Hungary was so marked that there was no common citizenship, one was either an Austrian citizen or a Hungarian citizen, never both. This also meant that there were always separate Austrian and Hungarian passports, however, neither Austrian nor Hungarian passports were used in the Kingdom of Croatia-Slavonia-Dalmatia. Instead, the Kingdom issued its own passports which were written in Croatian and French and it is not known what kind of passports were used in Bosnia-Herzegovina, which was under the control of both Austria and Hungary. The Kingdom of Hungary had always maintained a separate parliament, the Diet of Hungary, the administration and government of the Kingdom of Hungary remained largely untouched by the government structure of the overarching Austrian Empire. Hungarys central government structures remained well separated from the Austrian imperial government, the country was governed by the Council of Lieutenancy of Hungary – located in Pressburg and later in Pest – and by the Hungarian Royal Court Chancellery in Vienna. The Hungarian government and Hungarian parliament were suspended after the Hungarian revolution of 1848, despite Austria and Hungary sharing a common currency, they were fiscally sovereign and independent entities. Since the beginnings of the union, the government of the Kingdom of Hungary could preserve its separated. After the revolution of 1848–1849, the Hungarian budget was amalgamated with the Austrian, from 1527 to 1851, the Kingdom of Hungary maintained its own customs controls, which separated her from the other parts of the Habsburg-ruled territories
10.
Netherlands
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The Netherlands, also informally known as Holland is the main constituent country of the Kingdom of the Netherlands. It is a densely populated country located in Western Europe with three territories in the Caribbean. The European part of the Netherlands borders Germany to the east, Belgium to the south, and the North Sea to the northwest, sharing borders with Belgium, the United Kingdom. The three largest cities in the Netherlands are Amsterdam, Rotterdam and The Hague, Amsterdam is the countrys capital, while The Hague holds the Dutch seat of parliament and government. The port of Rotterdam is the worlds largest port outside East-Asia, the name Holland is used informally to refer to the whole of the country of the Netherlands. Netherlands literally means lower countries, influenced by its low land and flat geography, most of the areas below sea level are artificial. Since the late 16th century, large areas have been reclaimed from the sea and lakes, with a population density of 412 people per km2 –507 if water is excluded – the Netherlands is classified as a very densely populated country. Only Bangladesh, South Korea, and Taiwan have both a population and higher population density. Nevertheless, the Netherlands is the worlds second-largest exporter of food and agricultural products and this is partly due to the fertility of the soil and the mild climate. In 2001, it became the worlds first country to legalise same-sex marriage, the Netherlands is a founding member of the EU, Eurozone, G-10, NATO, OECD and WTO, as well as being a part of the Schengen Area and the trilateral Benelux Union. The first four are situated in The Hague, as is the EUs criminal intelligence agency Europol and this has led to the city being dubbed the worlds legal capital. The country also ranks second highest in the worlds 2016 Press Freedom Index, the Netherlands has a market-based mixed economy, ranking 17th of 177 countries according to the Index of Economic Freedom. It had the thirteenth-highest per capita income in the world in 2013 according to the International Monetary Fund, in 2013, the United Nations World Happiness Report ranked the Netherlands as the seventh-happiest country in the world, reflecting its high quality of life. The Netherlands also ranks joint second highest in the Inequality-adjusted Human Development Index, the region called Low Countries and the country of the Netherlands have the same toponymy. Place names with Neder, Nieder, Nether and Nedre and Bas or Inferior are in use in all over Europe. They are sometimes used in a relation to a higher ground that consecutively is indicated as Upper, Boven, Oben. In the case of the Low Countries / the Netherlands the geographical location of the region has been more or less downstream. The geographical location of the region, however, changed over time tremendously
11.
Swedish krona
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The krona has been the currency of Sweden since 1873. Both the ISO code SEK and currency sign kr are in use, the former precedes or follows the value. In English, the currency is referred to as the Swedish crown. The Swedish krona was the 11th most traded currency in the world by value in April 2013, one krona is subdivided into 100 öre. However, all öre coins have been discontinued as of 30 September 2010, goods can still be priced in öre, but all sums are rounded to the nearest krona when paying with cash. The introduction of the krona, which replaced at par the riksdaler, was a result of the Scandinavian Monetary Union, which came into effect in 1876 and lasted until the beginning of World War I. The parties to the union were the Scandinavian countries, where the name was krona in Sweden and krone in Denmark and Norway, the three currencies were on the gold standard, with the krona/krone defined as 1⁄2480 of a kilogram of pure gold. After dissolution of the union in August 1914, Sweden, Denmark. On 11 September 2012, the Riksbank announced a new series of coins with new sizes to replace the 1 and 5 kronor coins which arrived in October 2016. The design of the coins follows the theme of singer-songwriter Ted Gärdestads song, Sol, vind och vatten and this also included the reintroduction of the 2 kronor coin, while the current 10 kronor coin remained the same. The new coins also have a new portrait of the king in the design, one of the reasons for a new series of coins is to end the use of nickel. It is expected that vending machines and parking meters will to a high degree stop accepting coins. Cash is already used in Sweden, with many young people avoiding cash as much as possible. Between 1873 and 1876, coins in denominations of 1,2,5,10,25, and 50 öre and 1,2,10, and 20 kronor were introduced. The 1,2 and 5 öre were in bronze, the 10,25,50 öre and 1 krona and 2 kronor were in silver, gold 5 kronor coins were added in 1881. In 1873 the Scandinavian Monetary Union currency was fixed so that 248,000 öre purchased 1 kg of gold, in 2017 the price of gold is 365,289 kronor per kg. So one öre in 1873 bought as much gold as 1.47 krona in 2017, so if it is reasonable to have the smallest denomination coin 1 krona today, in 1873 a reasonable smallest denomination coin was 1 öre. A10 kr gold coin weighed 4.4803 grams with 900 finess so that the weight was 4.03327 grams or exactly 1/248th of a kilogram
12.
Banknote
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A banknote is a type of negotiable instrument known as a promissory note, made by a bank, payable to the bearer on demand. Banknotes were originally issued by banks, who were legally required to redeem the notes for legal tender when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the served by the issuing bank. Commercial banknotes have primarily been replaced by national banknotes issued by central banks, national banknotes are generally legal tender, meaning that medium of payment is allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Historically, banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment and this practice of backing notes with something of substance is the basis for the history of central banks backing their currencies in gold or silver. Today, most national currencies have no backing in precious metals or commodities and have value only by fiat, with the exception of non-circulating high-value or precious metal issues, coins are used for lower valued monetary units, while banknotes are used for higher values. The idea of using a durable light-weight substance as evidence of a promise to pay a bearer on demand originated in China during the Han Dynasty in 118 BC, the first known banknote was first developed in China during the Tang and Song dynasties, starting in the 7th century. Its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants, during the Yuan Dynasty, banknotes were adopted by the Mongol Empire. In Europe, the concept of banknotes was first introduced during the 13th century by such as Marco Polo. Counterfeiting, the forgery of banknotes, is an inherent challenge in issuing currency and it is countered by anticounterfeiting measures in the printing of banknotes. Fighting the counterfeiting of banknotes and cheques has been a driver of security printing methods development in recent centuries. Paper currency first developed in the Tang Dynasty China during the 7th century, although true paper money did not appear until the 11th century, the usage of paper currency later spread throughout the Mongol Empire. European explorers like Marco Polo introduced the concept in Europe during the 13th century, napoleon issued paper banknotes in the early 1800s. Paper money originated in two forms, drafts, which are receipts for value held on account, and bills, the perception of banknotes as money has evolved over time. Originally, money was based on precious metals, Banknotes were seen as essentially an I. O. U. or promissory note, a promise to pay someone in precious metal on presentation. With the gradual removal of precious metals from the system, banknotes evolved to represent credit money. Notes or bills were referred to in 18th century novels and were often a key part of the plot such as a note drawn by Lord X for £100 which becomes due in 3 months time. Its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants, before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle
13.
Fiat money
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Fiat money is a currency established as money by government regulation or law. The term derives from the Latin fiat used in the sense of an order or decree and it differs from commodity money and representative money. The first use of money was recorded in China around 1000 AD. Since then, it has been used by countries, concurrently with commodity currencies. Fiat money has been defined variously as, Any money declared by a government to be legal tender, state-issued money which is neither convertible by law to any other thing, nor fixed in value in terms of any objective standard. Intrinsically valueless money used as money because of government decree, a coin is fiat currency to the extent that its face value, value defined in law, is greater than its market value as metal. In monetary economics, fiat money is an intrinsically valueless object or record that is accepted as a means of payment. Circulating silver coins in the 1960s ceased to be produced containing the metal when the face value of the coin was below the cost of the elemental metal. The Coinage Act of 1965 eliminated silver from the circulating dimes and quarter dollars of the United States, the Canadian penny was mostly copper until 1996 and was removed from circulation in the fall of 2012 due to the cost of production relative to face value. In 2007 the Royal Canadian Mint produced a million dollar gold bullion coin, in 2015, the gold in the coins was worth more than 3.5 times the face value. Fiat money originated in 11th century China, and its use became widespread during the Yuan, the Song Dynasty in China was the first to issue paper money, jiaozi, around the 10th century AD. Although the notes were valued at an exchange rate for gold, silver, or silk. The government made attempts to support the paper by demanding taxes partly in currency and making other laws, but the damage had been done. The successive Yuan Dynasty was the first dynasty in China to use currency as the predominant circulating medium. The founder of the Yuan Dynasty, Kublai Khan, issued paper money known as Chao in his reign, the original notes during the Yuan Dynasty were restricted in area and duration as in the Song Dynasty. During the 13th century, Marco Polo described the money of the Yuan Dynasty in his book The Travels of Marco Polo. All these pieces of paper are issued with as much solemnity and authority as if they were of gold or silver. Tally sticks were employed as fiat currency in medieval England when, due to shortage, Henry I initiated their use by the Exchequer in or around 1100
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Riksdag of the Estates
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Riksdag of the Estates was the name used for the Estates of Sweden when they were assembled. Until its dissolution in 1866, the institution was the highest authority in Sweden next to the king, the actual first meeting is likely the one that took place at Uppsala in 1436 after the death of rebel leader Engelbrekt. At the Riksdag in 1517, regent Sten Sture the Younger, at Västerås in 1527 Lutheranism was adopted as the new state religion instead of Roman Catholicism. At Arboga in 1561, the term Riksdag was used for the first time, at Söderköping in 1595, duke Charles was elected regent of Sweden instead of king Sigismund, who was a Catholic and the king of both Sweden and Poland. In 1612 the Riksdag gave the nobility the privilege and right to all higher offices of government. The first open conflict between the different estates happened in 1650, at the Riksdag in 1680 a large scale reduction was enacted, and Sweden became an absolute monarchy. In 1719, the Riksdag elected Ulrika Eleonora as heir in place of her sisters son. In 1809, the Riksdag elected Charles XIII king after his nephew Gustav IV Adolf had been deposed, at the sessions in 1634,1719,1720,1772 and 1809 new constitutions were adopted. The constitution of 1809 divided the powers of government between the monarch and the Riksdag of the Estates, and after 1866 between the monarch and the new Riksdag. In 1866 all the Estates voted in favor of dissolution and at the time to constitute a new assembly. The four former estates were abolished, the House of Nobility, Swedish, Riddarhuset, remains as a quasi-official representation of the Swedish nobility. The modern Centre Party which grew out of the Swedish farmers movement, following the Finnish War in 1809, Sweden ceded its eastmost provinces to the Russian Empire. Comprising much of present-day Finland, these became a Grand Duchy under the Emperor, the Finnish estates assembled in 1809 at Porvoo to confirm the change in their allegiance. This Diet of Finland followed the forms of the Swedish Riksdag, however, during the reigns of Alexander I and Nicholas I it was not assembled and no new legislation was enacted. The diet was next assembled by tsar Alexander II in 1863, after this the Diet met regularly until 1905, when it passed an act forming a new unicameral parliament. That assembly has been Finlands legislative body since then, the Finnish House of Nobility — Finnish, Ritarihuone, Swedish, Riddarhuset — carries on the tradition of the Estate of Nobility, but no new families have been ennobled since 1906. History of Sweden History of Finland History of the Riksdag Riksdagsmusiken
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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
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Scandinavian Monetary Union
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The Scandinavian Monetary Union was a monetary union formed by Denmark and Sweden on 5 May 1873, by fixing their currencies against gold at par to each other. An equal valued krone/krona of the union replaced the three legacy currencies at the rate of 1 krone/krona = 1⁄2 Danish rigsdaler = 1⁄4 Norwegian speciedaler =1 Swedish riksdaler. The monetary union was one of the few results of the Scandinavian political movement of the 19th century. The union provided fixed exchange rates and stability in monetary terms, upon acceding to the union, Sweden had the name of its currency changed from Riksdaler Riksmynt to Swedish krona. The word krone/krona literally means crown, and the differences in spelling of the name represent the differences between the North Germanic languages, the political union between Sweden and Norway was dissolved in 1905, but this did not affect the basis for co-operation in the monetary union. It was instead the outbreak of World War I in 1914 that brought an end to the monetary union, Sweden abandoned the tie to gold on 2 August 1914, and without a fixed exchange rate the free circulation came to an end. All three countries use the same currencies as during the monetary union, but they lost their peg, one to one. The Icelandic króna is a derivative of the Danish krone, established after Iceland was elevated to a kingdom in union with Denmark in 1918. Iceland cut its ties to Denmark in 1944 and became a republic, the Scandinavian Monetary Union was inspired by the Latin Monetary Union, established in 1865. The Scandinavian currency union 1875–1914. in Jaime Reis, ed. International Monetary Systems in Historical Perspective, the impact of the Scandinavian Monetary Union on financial market integration
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Norwegian rigsdaler
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The rigsdaler was the unit of currency used in Norway until 1816 and in Denmark until 1873. The similarly named Reichsthaler, riksdaler and rijksdaalder were used in Germany and Austria-Hungary, Sweden, during the political union between Denmark and Norway, Danish currency circulated alongside Norwegian. In 1816, following the establishment of the union between Sweden and Norway, the rigsdaler specie was renamed the speciedaler and became the unit of currency in Norway. In the late 18th and early 19th centuries, coins were issued in denominations of 1,2,4,8 and 24 skilling, 1⁄15, 1⁄5, 1⁄3, 1⁄2, 2⁄3 and 1 rigsdaler specie. In 1695, government notes were issued for 10,20,25,50 and 100 rigsdaler, in 1807, notes were reintroduced by the government, in denominations of 1,5,10 and 100 rigsdaler courant, with 12 skilling notes added in 1810. In 1813, Rigsbankens Norske Avdeling began issuing notes, in denominations of 1,5,50, and 100 Rigsbankdaler. Subsequent series were issued by Norges Midlertidige Rigsbank, Stattholderbevis, and Norges Bank
