A mint is an industrial facility which manufactures coins that can be used in currency. The history of mints correlates with the history of coins. In the beginning, hammered coinage or cast coinage were the chief means of coin minting, with resulting production runs numbering as little as the hundreds or thousands. In modern mints, coin dies are manufactured in large numbers and planchets are made into milled coins by the billions. With the mass production of currency, the production cost is weighed. For example, it costs the United States Mint much less than 25 cents to make a quarter, the difference in production cost and face value helps fund the minting body; the earliest metallic money did not consist of coins, but of unminted metal in the form of rings and other ornaments or of weapons, which were used for thousands of years by the Egyptian and Assyrian empires. Metals were well suited to represent wealth, owing to their great commodity value per unit weight or volume, their durability and rarity.
The best metals for coinage are gold, platinum, tin, aluminum, zinc and their alloys. The first mint was established in Lydia in the 7th century BC, for coining gold and electrum; the Lydian innovation of manufacturing coins under the authority of the state spread to neighboring Greece, where a number of city-states operated their own mints. Some of the earliest Greek mints were within city-states on Greek islands such as Crete. At about the same time and mints appeared independently in China and spread to Korea and Japan; the manufacture of coins in the Roman Empire, dating from about the 4th century BC influenced development of coin minting in Europe. The origin of the word "mint" is ascribed to the manufacture of silver coin at Rome in 269 BC at the temple of Juno Moneta; this goddess became the personification of money, her name was applied both to money and to its place of manufacture. Roman mints were spread across the Empire, were sometimes used for propaganda purposes; the populace learned of a new Roman Emperor when coins appeared with the new Emperor's portrait.
Some of the emperors who ruled only for a short time made sure. Ancient coins were made by striking between engraved dies; the Romans cast their larger copper coins in clay moulds carrying distinctive markings, not because they knew nothing of striking, but because it was not suitable for such large masses of metal. Casting is now used only by counterfeiters; the most ancient coins were cast in bulletshaped or conical moulds and marked on one side by means of a die, struck with a hammer. The "blank" or unmarked piece of metal was placed on a small anvil, the die was held in position with tongs; the reverse or lower side of the coin received a “rough incuse” by the hammer. A rectangular mark, a “square incuse,” was made by the sharp edges of the little anvil, or punch; the rich iconography of the obverse of the early electrum coins contrasts with the dull appearance of their reverse which carries only punch marks. The shape and number of these punches varied according to their weight-standard. Subsequently, the anvil was marked in various ways, decorated with letters and figures of beasts, still the anvil was replaced by a reverse die.
The spherical blanks soon gave place to lenticular-shaped ones. The blank was struck between cold dies. One blow was insufficient, the method was similar to that still used in striking medals in high relief, except that the blank is now allowed to cool before being struck. With the substitution of iron for bronze as the material for dies, about 300 AD, the practice of striking the blanks while they were hot was discarded. In the Middle Ages bars of metal were hammered out on an anvil. Portions of the flattened sheets were cut out with shears, struck between dies and again trimmed with shears. A similar method had been used in Ancient Egypt during the Ptolemaic Kingdom, but had been forgotten. Square pieces of metal were cut from cast bars, converted into round disks by hammering and struck between dies. In striking, the lower die was fixed into a block of wood, the blank piece of metal laid upon it by hand; the upper die was placed on the blank, kept in position by means of a holder round, placed a roll of lead to protect the hand of the operator while heavy blows were struck with a hammer.
An early improvement was the introduction of a tool resembling a pair of tongs, the two dies being placed one at the extremity of each leg. This avoided the necessity of readjusting the dies between blows, ensured greater accuracy in the impression. Minting by means of a falling weight intervened between the hand hammers and the screw press in many places. In Birmingham in particular this system became developed and was long in use. In 1553, the French engineer Aubin Olivier introduced screw presses for striking coins, together with rolls for reducing the cast bars and machines for punching-out round disks from flattened sheets of metal. 8 to 12 men took over from each other every quarter of an hour to maneuver the arms driving the screw which struck the medals. The rolls were driven by horses, mules or water-power. Henry II came up against hostility on the par
Serbo-Croatian is a South Slavic language and the primary language of Serbia, Croatia and Herzegovina, Montenegro. It is a pluricentric language with four mutually intelligible standard varieties. South Slavic dialects formed a continuum; the turbulent history of the area due to expansion of the Ottoman Empire, resulted in a patchwork of dialectal and religious differences. Due to population migrations, Shtokavian became the most widespread dialect in the western Balkans, intruding westwards into the area occupied by Chakavian and Kajkavian. Bosniaks and Serbs differ in religion and were often part of different cultural circles, although a large part of the nations have lived side by side under foreign overlords. During that period, the language was referred to under a variety of names, such as "Slavic" in general or "Serbian", "Croatian", ”Bosnian”, "Slavonian" or "Dalmatian" in particular. In a classicizing manner, it was referred to as "Illyrian"; the process of linguistic standardization of Serbo-Croatian was initiated in the mid-19th-century Vienna Literary Agreement by Croatian and Serbian writers and philologists, decades before a Yugoslav state was established.
From the beginning, there were different literary Serbian and Croatian standards, although both were based on the same Shtokavian subdialect, Eastern Herzegovinian. In the 20th century, Serbo-Croatian served as the official language of the Kingdom of Yugoslavia, as one of the official languages of the Socialist Federal Republic of Yugoslavia; the breakup of Yugoslavia affected language attitudes, so that social conceptions of the language separated on ethnic and political lines. Since the breakup of Yugoslavia, Bosnian has been established as an official standard in Bosnia and Herzegovina, there is an ongoing movement to codify a separate Montenegrin standard. Serbo-Croatian thus goes by the names Serbian, Croatian and sometimes Montenegrin and Bunjevac. Like other South Slavic languages, Serbo-Croatian has a simple phonology, with the common five-vowel system and twenty-five consonants, its grammar evolved from Common Slavic, with complex inflection, preserving seven grammatical cases in nouns and adjectives.
Verbs exhibit imperfective or perfective aspect, with a moderately complex tense system. Serbo-Croatian is a pro-drop language with flexible word order, subject–verb–object being the default, it can be written in Serbian Cyrillic or Gaj's Latin alphabet, whose thirty letters mutually map one-to-one, the orthography is phonemic in all standards. Throughout the history of the South Slavs, the vernacular and written languages of the various regions and ethnicities developed and diverged independently. Prior to the 19th century, they were collectively called "Illyric", "Slavic", "Slavonian", "Bosnian", "Dalmatian", "Serbian" or "Croatian". Since the XIX century the term Illyric was used quite often. Although the word Illyrian was used on a few occasions before, the widespread usage of the term began after Ljudevit Gaj and several other prominent linguists met at Ljudevit Vukotinović's house to discuss the issue in 1832; the term Serbo-Croatian was first used by Jacob Grimm in 1824, popularized by the Viennese philologist Jernej Kopitar in the following decades, accepted by Croatian Zagreb grammarians in 1854 and 1859.
At that time and Croat lands were still part of the Ottoman and Austrian Empires. The language was called variously Serbo-Croat, Croato-Serbian and Croatian, Croatian and Serbian, Serbian or Croatian, Croatian or Serbian. Unofficially and Croats called the language "Serbian" or "Croatian" without implying a distinction between the two, again in independent Bosnia and Herzegovina, "Bosnian", "Croatian", "Serbian" were considered to be three names of a single official language. Croatian linguist Dalibor Brozović advocated the term Serbo-Croatian as late as 1988, claiming that in an analogy with Indo-European, Serbo-Croatian does not only name the two components of the same language, but charts the limits of the region in which it is spoken and includes everything between the limits. Today, use of the term "Serbo-Croatian" is controversial due to the prejudice that nation and language must match, it is still used for lack of a succinct alternative, though alternative names have emerged, such as Bosnian/Croatian/Serbian, seen in political contexts such as the International Criminal Tribunal for the former Yugoslavia.
Old Church Slavonic was adopted as the language of the liturgy. This language was adapted to non-liturgical purposes and became known as the Croatian version of Old Slavonic; the two variants of the language and non-liturgical, continued to be a part of the Glagolitic service as late as the middle of the 19th century. The earliest known Croatian Church Slavonic Glagolitic manuscripts are the Glagolita Clozianus and the Vienna Folia from the 11th century; the beginning of written Serbo-Croatian can be traced from the 10th century and on when Serbo-Croatian medieval texts were written in five scripts: Latin, Early Cyrillic, Bosnian Cyrillic, Arebica, the last principally by Bosniak nobility. Serbo-Croatian competed with the more established literary languages of Latin
Cursive is any style of penmanship in which some characters are written joined together in a flowing manner for the purpose of making writing faster. Formal cursive is joined, but casual cursive is a combination of joins and pen lifts; the writing style can be further divided as "looped", "italic" or "connected". The cursive method is used with many alphabets due to its improved writing speed and infrequent pen lifting. In some alphabets, many or all letters in a word are connected, sometimes making a word one single complex stroke. Cursive is a style of penmanship in which the symbols of the language are written in a conjoined and/or flowing manner for the purpose of making writing faster; this writing style is distinct from "printscript" using block letters, in which the letters of a word are unconnected and in Roman/Gothic letterform rather than joined-up script. Not all cursive copybooks join all letters: formal cursive is joined, but casual cursive is a combination of joins and pen lifts.
In the Arabic, Syriac and Cyrillic alphabets, many or all letters in a word are connected, sometimes making a word one single complex stroke. In Hebrew cursive and Roman cursive, the letters are not connected. In Maharashtra, there is a version of Cursive called'Modi' Ligature is writing the letters of words with lines connecting the letters so that one does not have to pick up the pen or pencil between letters; some of the letters are written in a looped manner to facilitate the connections. In common printed Greek texts, the modern small letter fonts are called "cursive" though the letters do not connect. In looped cursive penmanship, some ascenders and descenders have loops; this is what people refer to when they say "cursive". Cursive italic penmanship -- derived from chancery cursive -- uses no joins. In italic cursive, there are no joins from g, j, q or y, a few other joins are discouraged. Italic penmanship became popular in the 15th-century Italian Renaissance; the term "italic" as it relates to handwriting is not to be confused with italic typed letters that slant forward.
Many, but not all, letters in the handwriting of the Renaissance were joined, as most are today in cursive italic. The origins of the cursive method are associated with practical advantages of writing speed and infrequent pen-lifting to accommodate the limitations of the quill. Quills are fragile broken, will spatter unless used properly, they run out of ink faster than most contemporary writing utensils. Steel dip pens followed quills; the individuality of the provenance of a document was a factor as opposed to machine font. Cursive was favored because the writing tool was taken off the paper; the term cursive derives from the 18th century Italian corsivo from Medieval Latin cursivus, which means running. This term in turn derives from Latin currere. In Bengali cursive script the letters are more to be more curvy in appearance than in standard Bengali handwriting; the horizontal supporting bar on each letter runs continuously through the entire word, unlike in standard handwriting. This cursive handwriting used by literature experts differs in appearance from the standard Bengali alphabet as it is free hand writing, where sometimes the alphabets are complex and appear different from the standard handwriting.
Roman cursive is a form of handwriting used to some extent into the Middle Ages. It is customarily divided into old cursive, new cursive. Old Roman cursive called majuscule cursive and capitalis cursive, was the everyday form of handwriting used for writing letters, by merchants writing business accounts, by schoolchildren learning the Latin alphabet, by emperors issuing commands. New Roman called minuscule cursive or cursive, developed from old cursive, it was used from the 3rd century to the 7th century, uses letter forms that are more recognizable to modern eyes. The Greek alphabet has had several cursive forms in the course of its development. In antiquity, a cursive form of handwriting was used in writing on papyrus, it employed slanted and connected letter forms as well as many ligatures. Some features of this handwriting were adopted into Greek minuscule, the dominant form of handwriting in the medieval and early modern era. In the 19th and 20th centuries, an new form of cursive Greek, more similar to contemporary Western European cursive scripts, was developed.
During the Middle Ages, the flowing, connected cursive script of the Arabic language inspired Western Christian scholars to develop similar cursive scripts for Latin. These scripts became the basis for all of the Latin-based cursive scripts used in Europe. Cursive writing was used in English before the Norman conquest. Anglo-Saxon Charters include a boundary clause written in Old English in a cursive script. A cursive handwriting style—secretary hand—was used for both personal correspondence and official documents in England from early in the 16th century. Cursive handwriting developed into something approximating its current form from the 17th century, but its use was neither uniform, nor standardized either in England itself or elsewhere in the British Empire. In the English colonies of the early 17th century, most of the letters are separated
A central bank, reserve bank, or monetary authority is the institution that manages the currency, money supply, interest rates of a state or formal monetary union, oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base in the state, generally controls the printing/coining of the national currency, which serves as the state's legal tender. A central bank acts as a lender of last resort to the banking sector during times of financial crisis. Most central banks have supervisory and regulatory powers to ensure the solvency of member institutions, to prevent bank runs, to discourage reckless or fraudulent behavior by member banks. Central banks in most developed nations are institutionally independent from political interference. Still, limited control by the executive and legislative bodies exists. Functions of a central bank may include: implementing monetary policies. Setting the official interest rate – used to manage both inflation and the country's exchange rate – and ensuring that this rate takes effect via a variety of policy mechanisms controlling the nation's entire money supply the Government's banker and the bankers' bank managing the country's foreign exchange and gold reserves and the Government bonds regulating and supervising the banking industry Central banks implement a country's chosen monetary policy.
At the most basic level, monetary policy involves establishing what form of currency the country may have, whether a fiat currency, gold-backed currency, currency board or a currency union. When a country has its own national currency, this involves the issue of some form of standardized currency, a form of promissory note: a promise to exchange the note for "money" under certain circumstances; this was a promise to exchange the money for precious metals in some fixed amount. Now, when many currencies are fiat money, the "promise to pay" consists of the promise to accept that currency to pay for taxes. A central bank may use another country's currency either directly in a currency union, or indirectly on a currency board. In the latter case, exemplified by the Bulgarian National Bank, Hong Kong and Latvia, the local currency is backed at a fixed rate by the central bank's holdings of a foreign currency. Similar to commercial banks, central banks incur liabilities. Central banks create money by issuing interest-free currency notes and selling them to the public in exchange for interest-bearing assets such as government bonds.
When a central bank wishes to purchase more bonds than their respective national governments make available, they may purchase private bonds or assets denominated in foreign currencies. The European Central Bank remits its interest income to the central banks of the member countries of the European Union; the US Federal Reserve remits all its profits to the U. S. Treasury; this income, derived from the power to issue currency, is referred to as seigniorage, belongs to the national government. The state-sanctioned power to create currency is called the Right of Issuance. Throughout history there have been disagreements over this power, since whoever controls the creation of currency controls the seigniorage income; the expression "monetary policy" may refer more narrowly to the interest-rate targets and other active measures undertaken by the monetary authority. Frictional unemployment is the time period between jobs when a worker is searching for, or transitioning from one job to another. Unemployment beyond frictional unemployment is classified as unintended unemployment.
For example, structural unemployment is a form of unemployment resulting from a mismatch between demand in the labour market and the skills and locations of the workers seeking employment. Macroeconomic policy aims to reduce unintended unemployment. Keynes labeled any jobs that would be created by a rise in wage-goods as involuntary unemployment: Men are involuntarily unemployed if, in the event of a small rise in the price of wage-goods to the money-wage, both the aggregate supply of labour willing to work for the current money-wage and the aggregate demand for it at that wage would be greater than the existing volume of employment.—John Maynard Keynes, The General Theory of Employment and Money p11 Inflation is defined either as the devaluation of a currency or equivalently the rise of prices relative to a currency. Since inflation lowers real wages, Keynesians view inflation as the solution to involuntary unemployment. However, "unanticipated" inflation leads to lender losses as the real interest rate will be lower than expected.
Thus, Keynesian monetary policy aims for a steady rate of inflation. A publication from the Austrian School, The Case Against the Fed, argues that the efforts of the central banks to control inflation have been counterproductive. Economic growth can be enhanced by investment such as more or better machinery. A low interest rate implies that firms can borrow money to invest in their capital stock and pay less interest for it. Lowering the interest is therefore considered to encourage economic growth and is used to alleviate times of low economic growth. On the other hand, raising the interest rate is used in times of high economic growth as a contra-cyclical device to keep the economy from overheating and avoid market bubbles. Further goals of monetary policy are stability of interest rates, of the financial market, of the foreign exchange market. Goals cannot be separated fr
Viktor Andriyovych Yushchenko is a Ukrainian politician, the third President of Ukraine from 23 January 2005 to 25 February 2010. As an informal leader of the Ukrainian opposition coalition, he was one of the two main candidates in the 2004 Ukrainian presidential election. Yushchenko won the presidency through a repeat runoff election between him and Prime Minister Viktor Yanukovych; the Ukrainian Supreme Court called for the runoff election to be repeated because of widespread electoral fraud in favor of Viktor Yanukovych in the original vote. Yushchenko won in the revote. Public protests prompted by the electoral fraud played a major role in that presidential election and led to Ukraine's Orange Revolution. Following an assassination attempt in late 2004 during his election campaign, Yushchenko was confirmed to have ingested hazardous amounts of TCDD, the most potent dioxin and a contaminant in Agent Orange, he has since made a full physical recovery. Before his election as president, Yushchenko had a career in Ukrainian politics.
In 1993, he became governor of the National Bank of Ukraine. From 1999 to 2001 he was prime minister. After his dismissal as prime minister, Yushchenko went into opposition to President Leonid Kuchma and he founded the Our Ukraine bloc, which at the 2002 parliamentary election became Ukraine's most popular political force, with 23.57% of the votes. After Yushchenko's election in 2004 to the presidency, this alliance was unable to continue this success, garnering only 13.95% of the votes in 2006 and 14.15% of the votes in the 2007 parliamentary election. Yushchenko failed to secure a run-off spot during the 2010 Ukrainian presidential election. During the 2012 Ukrainian parliamentary elections, Yushchenko headed the election list of Our Ukraine; the party won 1.11% of the national votes and no constituencies, thus failed to win parliamentary representation. Viktor Andriyovych Yushchenko was born on 23 February 1954, in Khoruzhivka, Sumy Oblast, Ukrainian SSR, Soviet Union, into a family of teachers.
His father, Andriy Andriyovych Yushchenko, fought in the Second World War, was captured by German forces and imprisoned as a POW in a series of concentration camps in the German Reich, including Auschwitz-Birkenau. He survived the ordeal, after returning home, taught English at a local school. Viktor's mother, Varvara Tymofiyovna Yushchenko, taught mathematics at the same school; the Sumy Oblast region where he was born is predominantly Ukrainian-speaking, this differentiated him in life from his political counterparts, for whom Russian was the mother tongue. Viktor Yushchenko graduated from the Ternopil Finance and Economics Institute in 1975 and began work as an accountant, as a deputy to the chief accountant in a kolkhoz. From 1975 to 1976, he served as a conscript in the Transcaucasian Military District on the Soviet–Turkish border. In 1976 Yushchenko began a career in banking. In 1983, he became the Deputy Director for Agricultural Credit at the Ukrainian Republican Office of the Soviet Union State Bank.
From 1990 to 1993, he worked as vice-chairman and first vice-chairman of the JSC Agroindustrial Bank Ukraina. In 1993, he was appointed Governor of the National Bank of Ukraine. In 1997, Verkhovna Rada, the parliament of Ukraine, re-appointed him; as a central banker, Yushchenko played an important part in the creation of Ukraine's national currency, the hryvnia, the establishment of a modern regulatory system for commercial banking. He successfully overcame a debilitating wave of hyper-inflation that hit the country—he brought inflation down from more than 10,000 percent to less than 10 percent—and managed to defend the value of the currency following the 1998 Russian financial crisis. In 1998, he wrote a thesis entitled "The Development of Supply and Demand of Money in Ukraine" and defended it in the Ukrainian Academy of Banking, he thereby earned a doctorate in economics. In December 1999, Ukrainian President Leonid Kuchma unexpectedly nominated Yushchenko to be the prime minister after the parliament failed by one vote to ratify the previous candidate, Valeriy Pustovoytenko.
Ukraine's economy improved during Yushchenko's cabinet service. However, his government Deputy Prime Minister Yulia Tymoshenko, soon became embroiled in a confrontation with influential leaders of the coal mining and natural gas industries; the conflict resulted in a 2001 no-confidence vote by the parliament, orchestrated by the Communists, who opposed Yushchenko's economic policies, by centrist groups associated with the country's powerful "oligarchs." The vote resulted in Yushchenko's removal from office. In 2002, Yushchenko became the leader of the Our Ukraine political coalition, which received a plurality of seats in the year's parliamentary election. However, the number of seats won was not a majority, efforts to form a majority coalition with other opposition parties failed. Since Yushchenko has remained the leader and public face of the Our Ukraine parliamentary faction. In 2001, both Yushchenko and Yulia Tymoshenko broached at creating a broad opposition bloc against the incumbent President Leonid Kuchma in order to win the Ukrainian presidential election 2004.
In late 2002 Yushchenko, Oleksandr Moroz, Petro Symonenko and Yulia Tymoshenko issued a joint statement concerning "the beginning of a state revolution in Ukraine". Though the communists stepped out of the alliance and though Symonenko opposed having one singl
Grivna was a currency as well as a measure of weight used in Kievan Rus' and other East Slavic countries since the 11th century. The word grivna is derived from Proto-Slavic *grivĭna'necklace' from Proto-Slavic *griva'neck, mane'. In Old East Slavic it had the form гривьна grivĭna. In modern East Slavic languages it has such forms: Russian: гри́вна grivna, Ukrainian: гри́вня hryvnia, Belarusian: гры́ўня hryŭnia; the name of the contemporary currency of Ukraine, hryvnia, is derived from the ancient grivna. As its etymology implies the word meant a necklace or a torque, however the reason why it has taken the meaning of a unit of weight is unclear; the grivnas that have been found at various archaeological sites are not necklaces but bullions of precious metals silver. The weight and the shape of grivnas were not varied by region; the grivnas of Novgorod and Pskov were thin long round-edged or three-edged ingots, while Kievan grivnas has rather the shape of a prolonged rhombus. The material was either gold or silver.
The weight of a grivna was close to the Roman or Byzantine pound. The weight of the Kievan grivna was around 140–165 g; the Novgorod grivna had the weight 204 grams and became the basis for monetary systems of North-Eastern Russian principalities and the emerging Russian state. Along the "grivna of silver" there were the account "grivna of kuna"; the latter signified a certain amount of marten furs. Since the 12th century the "grivna of kuna" became another unit of weight, but smaller, signified as well a certain amount of silver coins: 2.5-gram nogata and rezan. 1 grivna of silver = 4 grivnas of kuna = 80 nogata coins = 100 kunas = 200 rezans = 400–600 vekshas Since the 14th century, when coins started to be minted in North-Eastern Rus, the currency system of silver bullions and furs was becoming obsolete. The grivna became to mean not a weight but rather a partucular number of silver coins called denga. At the same time as early as the 13th century the word ruble started to be used alongside the word grivna to mean a certain amount of either silver or silver coins.
Thus one account ruble was equal to 216 denga coins. The grivna of kuna became grivna and was equal to 14 dengas, thus one ruble was equal to 6 denga coins. The weight of a denga coin in Moscow and Novgorod was different. In the 15th century the Moscow denga fell as low as 0.4 gram, while the Novgorod denga remained the same. When in Moscow one ruble had been revalued to 200 denga coins, the exchange rate between Moscow and Novgorod denga coins was set to 2 to 1, thus since the 15th – the early 16th centuries one account ruble was equal to 100 Novgorod dengas or to 200 Moscow dengas. In this system one grivna was equal to 20 dengas; this last meaning survived into the 18th–20th centuries when one grivennik or grivenka meant a 10-kopek coin. The grivna as a silver bullion currency did not survive, but its meaning as a unit of weight became predominant. In 15th–17th centuries there were two weight grivnas: the "lesser grivna" of 204.756 g and the "greater grivna" of 409.512 g. Since the middle of the 17th century the latter became known as the Russian pound.
40 Russian pounds or 80 lesser grivnas are equal to one pood. Obsolete Russian units of measurement Manilla Spassky, Ivan; the Russian Monetary System: A Historico-numismatic Survey. Argonaut. Kamentseva, E.. Russkaya metrologiya Русская метрология
The yen is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the euro, it is widely used as a reserve currency after the U. S. dollar, the euro, the pound sterling. The concept of the yen was a component of the Meiji government's modernization program of Japan's economy. Before the Meiji Restoration, Japan's feudal fiefs all issued their own money, hansatsu, in an array of incompatible denominations; the New Currency Act of 1871 did away with these and established the yen, defined as 1.5 g of gold, or 24.26 g of silver, as the new decimal currency. The former han became prefectures and their mints private chartered banks, which retained the right to print money. To bring an end to this situation the Bank of Japan was founded in 1882 and given a monopoly on controlling the money supply. Following World War II the yen lost much of its prewar value. To stabilize the Japanese economy the exchange rate of the yen was fixed at ¥360 per $1 as part of the Bretton Woods system.
When that system was abandoned in 1971, the yen was allowed to float. The yen had appreciated to a peak of ¥271 per $1 in 1973 underwent periods of depreciation and appreciation due to the 1973 oil crisis, arriving at a value of ¥227 per $1 by 1980. Since 1973, the Japanese government has maintained a policy of currency intervention, the yen is therefore under a "dirty float" regime; this intervention continues to this day. The Japanese government focuses on a competitive export market, tries to ensure a low yen value through a trade surplus; the Plaza Accord of 1985 temporarily changed this situation from its average of ¥239 per US$1 in 1985 to ¥128 in 1988 and led to a peak value of ¥80 against the U. S. dollar in 1995 increasing the value of Japan’s GDP to that of the United States. Since that time, the yen has decreased in value; the Bank of Japan maintains a policy of zero to near-zero interest rates and the Japanese government has had a strict anti-inflation policy. Yen derives from the Japanese word 圓, which borrows its phonetic reading from Chinese yuan, similar to North Korean won and South Korean won.
The Chinese had traded silver in mass called sycees and when Spanish and Mexican silver coins arrived, the Chinese called them "silver rounds" for their circular shapes. The coins and the name appeared in Japan. While the Chinese replaced 圓 with 元, the Japanese continued to use the same word, given the shinjitai form 円 in reforms at the end of World War II; the spelling and pronunciation "yen" is standard in English. This is because when Japan was first encountered by Europeans around the 16th century, Japanese /e/ and /we/ both had been pronounced and Portuguese missionaries had spelled them "ye"; some time thereafter, by the middle of the 18th century, /e/ and /we/ came to be pronounced as in modern Japanese, although some regions retain the pronunciation. Walter Henry Medhurst, who had neither been to Japan nor met any Japanese, having consulted a Japanese-Dutch dictionary, spelled some "e"s as "ye" in his An English and Japanese, Japanese and English Vocabulary. In the early Meiji era, James Curtis Hepburn, following Medhurst, spelled all "e"s as "ye" in his A Japanese and English dictionary.
That was the first full-scale Japanese-English/English-Japanese dictionary, which had a strong influence on Westerners in Japan and prompted the spelling "yen". Hepburn revised most "ye"s to "e" in the 3rd edition in order to mirror the contemporary pronunciation, except "yen"; this was already fixed and has remained so since. In the 19th century, silver Spanish dollar coins were common throughout Southeast Asia, the China coast, Japan; these coins had been introduced through Manila over a period of two hundred and fifty years, arriving on ships from Acapulco in Mexico. These ships were known as the Manila galleons; until the 19th century, these silver dollar coins were actual Spanish dollars minted in the new world at Mexico City. But from the 1840s, they were replaced by silver dollars of the new Latin American republics. In the half of the 19th century, some local coins in the region were made in the resemblance of the Mexican peso; the first of these local silver coins was the Hong Kong silver dollar coin, minted in Hong Kong between the years 1866 and 1869.
The Chinese were slow to accept unfamiliar coinage and preferred the familiar Mexican dollars, so the Hong Kong government ceased minting these coins and sold the mint machinery to Japan. The Japanese decided to adopt a silver dollar coinage under the name of'yen', meaning'a round object'; the yen was adopted by the Meiji government in an Act signed on June 27, 1871. The new currency was introduced beginning from July of that year; the yen was therefore a dollar unit, like all dollars, descended from the Spanish Pieces of eight, up until the year 1873, all the dollars in the world had more or less the same value. The yen replaced a complex monetary system of the Edo period based on the mon.. The New Currency Act of 1871, stipulated the adoption of the decimal accounting system of yen and rin, with the coins being round and manufactured using Western machinery; the yen