France, 1 franc minted by Napoleon I in Paris, 1810

Due to its decimal structure the franc can only be a creation of the French Revolution. One of the fathers of the new coin is the gentleman shown here: Napoleon Bonaparte - general, emperor and, at the end of his life, an exile on the island of St. Helena. The French currency had been weakened by inflation and the constant degradation of the metals used for centuries. At the beginning of the French Revolution the inflation increased and saved assets continued losing value. People took their gold and silver abroad to save them. As a result emergency currencies and paper bills were issued. In 1794 the leaders decided in Paris that the French monetary system had to be reorganised and reformed. One year later, in 1795, the new currency, the franc based on 5 grams of silver was officially issued. This is fine but it does make one ask the following question: Where did the finances come from to enable this reform? This is where the little man from the island of Corsica comes in. The French finances vastly profited from Napoleon's victorious military campaigns and wars. In 1797 the French treasury received over 50 million francs only from the booty of Napoleon's Italian campaign.

Republic of the Seven United Netherlands, Rijder 1763, Dordrecht

Holland was the most important of the seven provinces of the northern Netherlands. Its economic focus was the city of Amsterdam – also known as the Venice of the North, because it was built on piles and traversed by canals. In 1622, it already numbered 100,000 inhabitants. Amsterdam made thriving progress, principally in the 17th century, through world trade, and grew to be the pre-eminent trade metropolis of Europe. The Dutch East India and West India trading companies both had their headquarters here. The rijder, which owes its name to its obverse design, was added to the circulating ducat in 1606 as a second, larger gold denomination. In its standard it was modeled on the unite, which had been introduced a few years before by the English king James I (1603-1625). Between 1640 and 1650, the production of rijders was halted, but 100 years later the provinces took up its issue again, as shown by our example of 1763. That was for withdrawing the worn and clipped Netherlands ducats, which were flowing back into the country, from circulation. Unlike the ducats, which were traded on daily gold prices, the rijider had a fixed price, which between 1748 and 1765 was established at 14 guilders.

History of U.S. Currency - more

Franklin's Unique Counterfeit Deterrent
1739

Benjamin Franklin's printing firm in Philadelphia printed colonial notes with nature prints---unique raised impressions of patterns cast from actual leaves. This process added an innovative and effective counterfeit deterrent to notes, not completely understood until centuries later.

British Ban
1764

Following years of restrictions on colonial paper currency, Britain finally ordered a complete ban on the issuance of paper money by the Colonies.

Paper Currency With Background Color
1905

The last U.S. paper currency printed with background color was the $20 Gold Certificate, Series 1905, which had a golden tint and a red seal and serial number.

The first $10 Federal Reserve Notes
1914

The first $10 Federal Reserve notes were issued. These notes were larger than today’s notes and featured a portrait of President Andrew Jackson on the face.

Currency Redesign
1996

In the first significant design change in 67 years, U.S. currency was redesigned to incorporate a series of new counterfeit deterrents. The new notes were issued beginning with the $100 note in 1996, followed by the $50 in 1997, the $20 in 1998 and the $10 and $5 notes in 2000. The Bureau of Engraving and Printing announced that new designs would be undertaken every 7-10 years to stay ahead of currency counterfeiters.

Secret Service Integrated Into Homeland Security Department
2003

Protecting the security of the dollar against counterfeiting takes its place side-by-side with other homeland security efforts, as the U.S. Secret Service is integrated into the new U.S. Department of Homeland Security.

The New Color of Money: Safer. Smarter. More Secure.
The New $20 Note
2003

To stay ahead of currency counterfeiters, the U.S. government announced the new Series 2004 designs to be issued. For the first time since the Series 1905 $20 Gold Certificate, the new currency featured subtle background colors, beginning with the new $20 note on October 9, 2003. In this series, different colors are used for different denominations. This will help everyone – particularly those who are visually impaired – to tell denominations apart. The $20 note features subtle background colors of green, peach and blue, as well as symbols of freedom representing icons of Americana – in the case of the $20 note, images of the American eagle.

The New $50 Note
2004

A redesigned $50 note was issued on September 28, 2004. Similar to the redesigned $20 note, the new $50 note also featured subtle background colors and historical symbols of Americana – specific to the $50 note are subtle background colors of blue and red, and images of a waving American flag and a small metallic silver-blue star.

The New $10 Note
2006

The currency redesigns continue with the $10 note as the Series 2004A, which was issued on March 2, 2006. The “A” in the series designation indicates a change in some feature of the note, in this case, a change in the Treasurer’s signature. Like the new $20 and $50 notes, the redesigned $10 note features subtle shades of color and Symbols of Freedom – specific to the $10 note are background colors of orange, yellow and red along with images of the Statue of Liberty’s torch and the words “We the People” from the United States Constitution.

Viceroyalty of New Spain, Philip V (1724-1746), Real de a ocho (Peso) 1738, Mexico City

"VTRAQUE VNUM" (Together they are one), this inscription reflected the worldwide power of the Spanish crown as well as the motif on the coin: the two columns of Heracles enclose the world hemispheres and connect the Old World with the New. A Spanish crown holds the two hemispheres together.

Such pieces of 8 reales (Spanish: real de a ochos, so-called pesos) depicting the pillars of Heracles were minted in Mexico from local silver ores for the first time in 1732. They rapidly became an internationally accepted currency. After 1750, other Spanish-American mints such as Lima, Santa Fé and Potosí thus changed their motifs and started minting pesos as well.

Most of the coins minted in the Spanish colonies were made from silver, and only about 4 per cent were gold or bronze coins. In the years between 1537 and 1888, the Mexican mints struck approximately about 3 billion pesos. These coins, known as Spanish milled dollars, or – referring to their picture – as pillar dollars, circulated in North America until the middle of the 19th century.

Holy Roman Empire, Maria Theresia (1740-1780), Taler 1780 (Continued Coinage), Günzburg

From 1751 on, talers showing the bust of the Habsburg empress Maria Theresia were struck in a new weight standard, the so-called 20-gulden standard. Coins in this standard were called convention talers. Through coffee trade, the Maria Theresia taler spread quickly to the Ottoman Empire and Abissinia. The coin was so appreciated in the Orient that its minting continued even after Maria Theresia's death in 1780 whereas the dies dated 1780 were still used after that, making those talers a numismatic curiosity. In Eritrea and Ethiopia, Maria Theresia talers were minted until the mid 20th century – all of them dated 1780. Today, those talers can be seen as necklaces on African women, as jewelry and lucky charms.

Technorati Profile

France, 2nd Empire, Napoleon III (1852-1870), 100 Francs 1869

The franc was introduced as a currency during the French revolution in 1795, replacing the French livre as a basis for weighing and calculating. During the 19th century the franc became one of the world's leading currencies.
Because of its decimal structure the franc was adopted by Belgium in 1832 and later, by Switzerland in 1850.
Even the German mark was strongly influenced by the franc. The coin shown here is worth 100 francs. It was struck under Napoleon III (1852 - 1870).
Coins of such high value could only be minted after the Californian gold rush in 1849, explaining the comparatively low price of gold.

United Kingdom, George III (1760-1820), Sovereign 1817

In 1816, Great Britain enacted a coinage reform with momentous impact. The monetary politic of the first economic world power underwent a radical change and demonstrated to all other nations, how bimetallism could be given up in favor of pure gold standard. For after long years of shortage – first of silver, and then of gold – the British government recognized, that the stability of currency could only be guaranteed if rated after one single base metal. The rest of the currency became loan money and thus was underweighted.

The weigh of the new gold coin corresponded to one pound sterling. This gave the sovereign the form in which – on account of the leading role played by Britain in the world economy – it became the most important world coin up to World War I.

The new sovereign was minted in huge quantities. Its value equaled the earlier unit of account, the pound. The coin's device, a picture of St George slaying the dragon, is the work of the coin engraver Benedetto Pistrucci (*1784, †1855), who was highly respected at the court in London. The depiction of St George enjoys great popularity in England up to this day and appears on many recent gold coins as well as on the silver crowns.

Chinese Currency History – from Cowrie to Cash

In contrast to the early European coins, the Chinese coins were not used for propoganda, but for trade – that is visibly shown by their composition and layout. No royal portraits in gold and silver, but objects for daily use in copper dominate. At the early stage, it is the cowry shell: it serves as jewelry, as unit of account and as money. At the later stage, it is the equipment money, such as spade- and knife-money used in barter trade. The oldest round and stamped coins are regularly used in China only shortly later than in Europe; but a mutual induction is unlikely.

Coins in China are mass produced: until modern times, coins are cast – a prodecure which easily allows a mass production. An artistic layout is not strived for. For that reason, Chinese coins are not subject to fashion. That is one of the main reasons for their constancy over time.

China, Shang dynasty (1530-1100 BC), cowrie shell Cypraea Annulus, value 3 shu

The cowrie shell has been regarded as an origin of the divine in China from the earliest time. To protect against evil, one carried it as an amulet and put it into the grave of deceased. When queen Fu Hao, wife of powerful king Wu Ting, died around 1300 BC, 6880 kauri mussels were put into her gave. In addition, over 200 valuable bronze vessels, 6000 small sculptures made of jade and 16 people, probably from her own staff, were found.

Over time, the function of the cowrie sea shell expanded - after 1530 BC, documents show that Kauri sea shells are used as a reward, too. The cowrie shown here dates approximately from this time.

No money form lasts longer in the Chinese empire: cowrie are known and used since the Zhang dynasty (1500-1045 BC; the Zhang dynasty founded the first period of a uniform culture and sovereign territory in China, writing art and bronze processing flourished) up

to their demonetization in 1578 AC. Regionally, they are used even until the 20th century.

Netherlands, Duchy of Gelderland, Philip II. of Spanin 1555-1581, Philippstaler 1557

Did you know you were looking at the coin that anticipated the American dollar and actually gave it its name? So the Dutch philippusdaalder was the forerunner of the dollar? But the Netherlands weren’t that important overseas!

Quite right, but since 1482 Holland was ruled by the Habsburg dynasty and that included Emperor Charles V and his son Philip II. The latter ruled the Netherlands as from 1555 and also acceded to the Spanish throne a year later. In short: Philip of Spain was the most powerful man of the Old and New Worlds. In the Netherlands Philip introduced the philippusdaalder or the Philip taler worth 35 stuiver. And, you may well ask, what has that got to do with the dollar?

The Dutch used the term, daalder (taler) for the Philip taler and for the Spanish 8 real coin (Real de a ocho) which provided them with the silver for striking the coins. The term, daalder returned to the American colonies via the 8 real coin. There the Spanish colonialists called it the ‘dollaro’. So daalder gave ‘dolaro’ and etymologically seen it’s only a tiny step to the dollar. However, it needed quite some patience to wait until the first dollar piece saw the light of day in the United States of America. The first US dollar to leave the mint was in 1794.

History of Greek coins

Ever wonder why our coins today look the way they do? How the basis for the decoration of coins developed? Today, most bills and coins alike share the common pattern of depicting the profile or bust of a ruler on the obverse, while the reverse bears the image of an important civic symbol - be it a building or an animal. This tradition began with the ancient Greeks.

The historical portraits on early Greek coins are a significant contribution to the history of art. Within them they reflect the highest ideals of the traditional art of the day, as well as provide exact replicas of images of many sacred and important buildings and temples, making their historical importance incalculable. From their very beginnings, coins were not merely chunks of metal to be used in commerce, but important tools for the expression of art and the communication of religious devotion and civic pride.

The pre-Numismatic Age

In order to facilitate trade and business transaction, various metallics (diverse in weight and shape) circulated among the then known world in the pre-numismatic age. "Tripodes", "axes", "skewers" are among the names given to the above mentioned objects. The world's first coins appeared simultaneously in two places - China and the kingdom of Lydia in what is now western Turkey at the end of the seventh century BC.

The father of History, Herodotus, vaguely referred to the fact that the Lydians were the first, to mint coins around 600 B.C. No-one knows what the Lydians called their coins, but not long after the Lydian ruler Croesus was minting his legendary fortune. Around one hundred and fifty years later, increased commerce and civic pride had facilitated the spread of this currency around the Greek city-states.

The Coinage system

The Athenians of that era employed the obol as a currency, which was nothing more than a small iron rod. About six obols could fit into the average adult grasp, and therefore six obols became the drachma by a rule of grammar. The word derives quite logically from the Greek verb dratto - to grasp. Thus drachma in old Greek really means "the graspable" (or a handful).

Pheidon, who was the Head of the Amphyctiony (the confederation of the 7 Doric Greek city-States) Aegina included, was also at that period the president of the Olympic Games. He was the first to determine weights and measures for both liquids and dry goods. On the island of Aegina he minted the first silver coins, whose shapes were either elongated or round. The "turtles" the emplem of the city was impressed on one side and on the reverse was a square depression. In his reign coins representing the sea-wolf were also minted and with the passing of time the coinage system became universal.

Numismatic System of Aegina

Pheidon applied his own coinage system known as the Aeginitian numismatic system which is as follows:

• 1 Talent = 60 Mnas
• 1 Mna = 100 Drachmas
• 1 Drachma = 6 Obols

Pheidon preserved the ancient names of the Pre-coinage, the names of obol, Drachma and homeric Talent. The talent was only a conventional standard. Its standard weight, together with its value, varied from place to place. Another standard was also in existence, known as the semitalent. The talents were gold, silver and bronze. When not otherwise specified, the ancients reffered to the silver talent.

One of Pheidon's actions, in accordance with the religious believes of those days, was his offering to the goddess Hera (at the temple in Argos). It was a collection of various small metal objects used in the pre-coinage times, but he also offered, as a symbol of the new "numismatic" period which begins with his reign, one of the first coins minted in Aegina. This offering was discovered in 1906 during the excavations of the Argive Heraeum and is now held at the Numismatic Museum in Athens.

By 600BC, well before Pericles, the distinctive Attic drachma with the owl's head stamped on it had become established as Athens's unshakeable currency. It was made of 96% pure Laurion silver and weighed a little over 4 grams. Before long drachmas were being minted at Greek settlements in southern Italy, with the result that the Romans switched from using bronze bars to coins in about 300 BC. And at roughly the same time Philip of Macedonia and his son Alexander the Great were producing huge quantities of coins to finance their military conquests.

Interesting and Amusing

Americans Required to Hand Over All Gold Certificates and Gold Coin
Imagine waiting in a bank line for hours--to turn in all of your money. This was the scene in many American cities in March 1933 when United States residents were required to exchange gold certificates and gold coin for Federal Reserve notes. Americans who refused to hand over all gold currency and coin could be fined up to $10,000 or imprisoned for up to 10 years. An exception was made for gold jewelry and rare coins. As part of the Emergency Banking Act, the exchange of gold for Federal Reserve notes took place to stop the public's hoarding of gold bullion. The Great Depression had caused an international shortage of gold, resulting in a worldwide abandonment of the gold standard. The United States remained on a modified gold standard until President Nixon suspended the dollar's link to gold in 1971. In 1974, President Ford restored Americans' right to hold gold bullion.

Many investors predicted a substantial increase in the demand for gold as soon as the restrictions were eased. In 1974, dealers began stocking up on gold coins in anticipation of consumer buying sprees. Surprisingly, consumers did not purchase anything close to the predicted quantity of gold, even when dealers offered discounts as high as 10 percent. Many consumers who had grown accustomed to stable gold prices from 1933 to 1970 were not willing to pay the new higher prices of gold. From 1933 to 1970, the price of gold hovered at about $35 an ounce. The price of gold had remained constant for almost 40 years, while inflation had increased over three times during the same period. In 1974, the average price of gold had increased to over $150 per ounce. During most of the 1980s the price of gold continued to increase and reached an all-time high of $850 per ounce on January 21, 1980. Since then, the price of gold has largely remained in the $300 to $400 range. Most central banks store gold bars that weigh 400 onces each and are valued in excess of one hundred thousand dollars.

America Currency History

The History of U.S. Paper Money - In the early days of the nation, before and just after the revolution, Americans used English, Spanish, and French money.

1690 Colonial Notes
The Massachusetts Bay Colony issued the first paper money in the colonies which would later form the United States.

1775 Continental Currency
American colonists issued paper currency for the Continental Congress to finance the Revolutionary War. The notes were backed by the "anticipation" of tax revenues. Without solid backing and easily counterfeited, the notes quickly became devalued, giving rise to the phrase "not worth a Continental."

1781 Nation's First Bank
Also to support the Revolutionary War, the continental Congress chartered the Bank of North America in Philadelphia as the nation's first "real" bank.

1785 The Dollar
The Continental Congress determined that the official monetary system would be based on the dollar, but the first coin representing the start of this system would not be struck for several years.

1791 First U.S. Bank
After adoption of the Constitution in 1789, Congress chartered the First Bank of the United States untill 1811 and authorized it to issue paper bank notes to eliminate confusion and simplify trade. The bank served as the U.S. Treasury's fiscal agent, thus performing the first central bank functions.

1792 Monetary System
The federal monetary system was established with the creation of the U.S. Mint in Philadelphia. The first American coins were struck in 1793.

1816 Second U.S. Bank
The second Bank of the United States was chartered for 20 years until 1836.

1836 State Bank Notes
With minimum regulation, a proliferation of 1,600 local state-chartered, private banks now issued paper money. State bank notes, with over 30,000 varieties of color and design, were easily counterfeited. That, along with bank failures, caused confusion and circulation problems.

1861 Civil War
On the brink of bankruptcy and pressed to finance the Civil War, Congress authorized the United States Treasury to issue paper money for the first time in the form of non-interest bearing Treasury Notes called Demand Notes.

1862 Greenbacks
Demand Notes were replaced by United States Notes. Commonly called "Greenbacks," they were last issued in 1971. The Secretary of the Treasury was empowered by Congress to have notes engraved and printed, which was done by private banknote companies.

1863 The Design
The design of U.S. currency incorporated a Treasury seal, the fine line engraving necessary for the difficult-to-counterfeit itaglio printing, intricate geometric lathe work patterns, and distinctive linen paper with embedded red and blue fibers.

1865 Gold Certificates
Gold Certificates were issued by the Department of the Treasury against gold coin and buillion deposits and were circulated until 1933.

1865 Secret Service
The Department of the Treasury established the United States Secret Service to control counterfeits, at that time amounting to one-third of circulated currency.

1866 National Bank Notes
National Bank Notes, backed by U.S. government securities, became predominant. By this time, 75 percent of bank deposits were held by nationally chartered banks. As State Bank Notes were replaced, the value of currency stabilized for a time.

1877 Bureau of Engraving and Printing
The Department of the Treasury's bureau of Engraving and Printing started printing all U.S. currency, although other steps were done outside.

1878 Silver Certificates
The Department of the Treasury was authorized to issue Silver Certificates in exchange for silver dollars. The last issue was in the Series of 1957.

1910 Currency Production Consolidated
The Department of the Treasury's Bureau of Engraving and Printing assumed all currency production functions, including engraving, printing, and processing.

1913 Federal Reserve Act
After 1893 and 1907 financial panics, the Federal Reserve Act of 1913 was passed. It created the Federal Reserve System as the nation's central bank to regulate the flow of money and credit for economic stability and growth. The system was authorized to issue Federal Reserve Notes, now the only U.S. currency produced and 99 percent of all currency in circulation.

1929 Standardized Design
Currency was reduced in size by 25 percent and standardized with uniform portraits on the faces and emblems and monuments on the backs.

1957 In God We Trust
Paper currency was first issued with "In God We Trust" as required by Congress in 1955. The inscription appears on all currency Series 1963 and beyond.

1990 Security Thread and Microprinting
A security thread and microprinting were introduced, first in $50 and $100 notes, to deter counterfeiting by advanced copiers and printers.