Currency history - History of Greek drachma

Drachma was established on the island of Aegina during the 7 century BC. Depreciation was remarkably slow - about 50% over the following 200 years. Aristophanes (c. 448-380 BC) tells us that in his days one drachma was the average daily wage of a skilled labourer or a hoplite, while a juror earned half a drachma. Eight drachmas would buy a pair of shoes, 20 drachmas a quality tunic and 160 drachmas a slave (child slaves were a bargain at 72 drachmas). A family of four with slave spent 1,000 drachmas a year on living expenses. On the other hand, Xenophon claimed that half a drachma was the minimum required to provide a comfortable subsistence. More recently, some historians and economists estimated that in the 5th century BC a drachma had a rough value of 40 U.S. dollars (2006).
Shortly after the creation of the modern Greek state in 1827, after 400 years of Ottoman rule, a new currency was struck. The coins depicted a phoenix rising from the ashes to mark the kingdom's new-found freedom, under President John Capodistras (1827-31). They were minted on the island of Aegina, which served as the temporary capital of the newly-founded state, where - by coincidence - the first coinage system was introduced more than 2500 years ago!

The phoenix lasted only five years, and was replaced by the traditional drachma, showing the head of the first king of the independent state, Otto. The first coinage consisted of copper denominations of 1, 2, 5 and 10 lepta, silver denominations of 1/4, 1/2, 1 and 5 drachmae and a gold 20 drachmae. The drachma coin weighed 4.5 g and contained 90% silver, with the 20 drachmae coin containing 5.8 g of gold. The drachma of King George I (1863) was made as identical as possible in size and composition to its Attic forebear. The conceit backfired badly, as throughout the 19th century the modern drachma could gain nowhere near the solidity or prestige of the ancient. In 1868, Greece joined the Latin Monetary Union and the drachma became equal in weight and value to the French franc. The new coinage issued consisted of copper 1, 2, 5 and 10 lepta coins (with the 5 lepta coin bearing the name obolos and the 10 lepta, diobolon (two obols), silver coins of 20 and 50 lepta, 1, 2 and 5 drachmae and gold coins of 5, 10 and 20 drachmae. Very small numbers of gold 50 and 100 drachmae coins were also issued.
Overspending and overborrowing precipitated a national bankruptcy in 1893. An English financial specialist, Edward Law, helped to save the drachma from huge depreciation and his labours kept the currency intact for 50 years. In 1894, cupro-nickel 5, 10 and 20 lepta coins were introduced, the 1 and 2 lepta having not been issued since the late 1870s. Silver coins were last issued in 1911 and no coins were issued between 1912 and 1922, during which time the Latin Monetary Union collapsed due to the First World War. By the time the republic was declared in 1924, the number of coins in circulation had dwindled and there was a serious shortage of cash.
It was not until the late 1940s, after almost a decade of war and civil war, that the drachma again inflated with a vengeance. Inflation during World War II was dramatic in the extreme. In January 1941, 1 british pound was worth 1,200 drachma. By October 1944 that had spiralled to 1,219 billion drachmas. As in other countries, it required basketfuls of flimsy notes with a lot of zeros on them to buy basic provisions. A currency reform introduced a new drachma which was worth 50 billion of the old variety but nevertheless inflation continued.

In an effort to halt the inflation, Greece joined the Bretton Woods system in 1953. In 1954 the drachma was revalued for a second time at a rate of 1000 to 1 and the Finance Minister, Spyros Markezinis, dealt with the problem Alexander-fashion by chopping off three zeros. The new currency was pegged at 30 drachmae = 1 US dollar. Artists and writers who settled on the Greek islands in the inflation-free 1960s and early 1970s marvelled at how far the humble drachma - like the olive a symbol of national frugality - could stretch. In 1973, the Bretton Woods System was abolished and over the next 25 years the official exchange rate gradually declined due to growing urbanisation and EU-fuelled prosperity. Renewed inflation resulted in the exchange rate reaching 400 GRD = 1 USD and the situation was brought under control only in 1997, thanks to determined supply-side policies by the Government.

Currency history - history of Brazilian real

Real had been an important currency in the South American continent for a very long time. The currency was first used by the Portuguese explorers who first settled in the new world and also by the Dutch in around mid 17th century when they occupied some part of Brazil.

Currently, real is the official currency of Brazil and that is why it is called the Brazilian real. The currency is denoted with the symbol "R$" and was adopted as country’s official currency in as early as 1690 till 1942 and was re-implemented on July 1, 1994. The Brazilian real has BRL as its currency code and 986 as its numeric code according to the ISO 4217 regulation. Real in plural terms is called "reais" and it replaced the interim currency "cruzeiro". The currency is divided into 100 equal subunits named "centavo" i.e. "centavos" in plural terms.
The history of the Brazilian real dates back to the early 16th century, the time when the new world was discovered courtesy Christopher Columbus and the Europeans started coming and settling on this new land. The concept of real as a currency was a Portuguese concept and later on picked up by the Dutch settlers who made the currency official in 1654. An interesting fact about the currency is at that time real did not have any subdivisions. It was made the official currency of Brazil in 1690 and since then it served as the legal tender in the country till 1942. All this while when Brazil faced huge changes initially being a colony to the various European countries, then as an imperial state and finally when it converted into a republic in 1889, the Brazilian real also underwent many changes.

The major change that affected the currency adversely during its long life span was inflation and due to extreme levels of inflation in real, even its base unit got shifted from 1 real to 1000 réis at once and also to 1 million réis at one time. Finally in 1942, the currency was replaced by "cruzeiro" @ 1000 réis = 1 cruzeiro. Cruzeiro served as the official currency of brazil till 1994 when it was replaced by real again. This time the currency was indirectly pegged to the United States dollar with a value close to it. initially the currency performed well and it even attained a higher value than the dollar at one time. but the appreciation turned out to be a short lived process and in 1995 a gradual depreciation commenced. In 1999, when the country faced a huge financial crises, the currency suffered the maximum devaluation and reached its lowest value i.e. R$ 4 = US$ 1 and as a result the peg to the US dollar was removed. In the current scenario, the currency has improved a bit and has showed signs of recovery.

Currency history - history of Australian dollar

The first officially circulated form of currency was introduced in Australia in the early 1800s - the Holey Dollar and the Dump. These coins were created to resolve the coinage scarcity in the Australian colony of New South Wales. Such was the need for coins that Governor Lachlan Macquarie contributed his personal Spanish dollar collection, which was remodelled into two coins by punching out the centre of the coin: the inner coin or Dump was valued at 15 pence, and the outer Holey Dollar was valued at 5 shillings. By 1813, both designs had Australian currency references such as 'five shillings' stamped on to their surfaces. In 1852, the Government Assay Office issued gold pound coins and sovereigns that were minted by the Sydney and Melbourne mints.

The Commonwealth of Australia was established in 1901 when the British combined the colonies of Tasmania, South Australia, Victoria, Queensland and New South Wales with Western Australia. As a result, the currency adopted by The Commonwealth of Australia comprised of British gold, silver and bronze coins in addition to notes issued by the various national Australian banks. The Queensland Treasury also printed notes, although these were restricted to use in Queensland.

In 1909, the wealth Constitution took control of the Australian currency through the Coinage Act, followed by the Australian Notes Act in 1910. Two years later, the Labour Government of Prime Minister Andrew Fisher prohibited the circulation of State notes and introduced a national currency called the Australian pound, which lead to the printing of the first ever Australian Pound notes. The Australian Pound's value was fixed to the British Pound Sterling and as a result, fluctuations in the British Pound Sterling greatly affected the Australian economy.

After years of planning, the Australian dollar was finally introduced on February 14, 1966 as the new decimal currency. All coins portray Queen Elizabeth II on the obverse and are produced by the Royal Australian Mint.
In 1967 the Australian dollar effectively left sterling for the first time. When sterling devalued in 67 against the USA dollar, the new Australian dollar did not follow. It maintained its peg to the USA dollar at the same rate. For much of its history, Australia maintained a peg to the British pound reflecting historical ties as well as views about the stability of the British pound. From 46 to 71 Australia maintained a peg to the USA dollar under the Bretton Woods system, but it was effectively pegged to sterling until 67. With the breakdown of the Bretton Woods system in 71, Australia converted the mostly fixed peg to a moving peg against the USA dollar. In September 74 Australia moved to a peg against a basket of currencies called the TWI, trade weighted index, in an effort to reduce fluctuations associated with its dollar. The peg to the TWI was changed to a moving peg in November 76, causing the actual value of the peg to be periodically adjusted. In December 83, the Australian Labor government led by Prime Minister Bob Hawke and Treasurer Paul Keating "floated" the Australian dollar. From that point movements in the Australian dollar continued to reflect the strength of its terms of trade.

The Reserve Bank of Australia (RBA) is responsible for formulating and implementing monetary policy. The Board's obligations with respect to monetary policy are laid out in the Reserve Bank Act. Section 10(2) of the Act, referred to as the Bank's 'charter', says: "It is the duty of the Reserve Bank Board, within the limits of its powers, to ensure the monetary and banking policy of the Bank is directed to the greatest advantage of the people of Australia and that the powers of the Bank ... are exercised in such a manner as, in the opinion of the Reserve Bank Board, will best contribute to: (a) the stability of the currency of Australia; (b) the maintenance of full employment in Australia; and (c) the economic prosperity and welfare of the people of Australia."

Since 1993, these objectives have found practical expression in a target for consumer price inflation, of 2-3 per cent per annum. Monetary policy aims to achieve this over the medium term and, subject to that, to encourage the strong and sustainable growth in the economy. Controlling inflation preserves the value of money. In the long run, this is the principal way in which monetary policy can help to form a sound basis for long-term growth in the economy.
Australian dollar is in the top six of Most traded currencies. The other currencies in this prestigious top are United States dollar USD $, Eurozone euro EUR €, Japanese yen JPY ¥, British pound sterling GBP £ and Swiss franc CHF.

What is a Eurodollar?

A Eurodollar is a dollar denominated deposit held in a bank outside of the United States.

Being located outside the US, Eurodollars are not subject to regulation by the Federal Reserve Board. Being outside the jurisdiction of the Federal Reserve the deposits are subject to fewer regulations than withing the US, allowing for higher margins.

The name is derived from the fact that originally, these deposits were mostly held in Europe. Such deposits are held in many countries across the globe, but they are still referred to as Eurodollars.

The term Eurodollar also refers to the financial futures contract traded at the Chicago Mercantile Exchange. It is one of the most actively traded futures contracts in the world, making it a highly liquid market.

History of the Euro Currency

History of Euro The euro was launched (or better said "introduced" as an accounting currency) on 1 January 1999 in accordance with the Maastricht Treaty.

In 1999, several European nations adopted a single currency called the euro to strengthen and stabilize the continent's economy. While some goals of the euro have been realized, some remain out of reach.


History of Euro The euro was launched (or better said "introduced" as an accounting currency) on 1 January 1999 in accordance with the Maastricht Treaty.

First, participating countries fixed their domestic currencies to the euro. This means that their currencies were not allowed to fluctuate against the euro or against each other. In its history, euro was launched as an electronic and cash currency and became legal tender on 1 January 2002.

On July 1, 2002, the German Mark, French Franc, Italian Lira and other currencies ceased to exist, and on the same day, also the European Central Bank begun running the monetary policy of the countries which were using the common currency.

When looking at the history of euro, we can see that attempts to create a single currency go back some 20 years. The chart below shows the value of the euro against the US dollar. Before 1999, history of euro is shown as a basket of the 11 legacy currencies.

Per history of euro, originally twelve (12) of the 15 EU countries (Germany, France, Austria, Spain, Portugal, Italy, Belgium, Luxembourg, the Netherlands, Finland, Greece and Ireland) were members of the so-called Eurozone. Euro history tells us that these states were joined later by Slovenia (2007), Cyprus (2008), Malta (2008), and Slovakia (2009).

The history of euro is that on 1 January 2002 the euro replaces the old national currencies. We can see in the history of euro chart above that European currencies have always fluctuated against the dollar, even as debates have raged about the euro. The euro became the single currency of 12 European states in 2002.

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Spanish peseta

The peseta was introduced in 1869 after Spain joined the Latin Monetary Union in 1868. The Spanish Law of June 26, 1864 decreed that in preparation for joining the Latin Monetary Union (set up in 1865), the peseta became a subdivision of the peso with 1 peso duro = 5 pesetas. The peseta replaced the escudo at a rate of 5 pesetas = 1 peso duro = 2 escudos.

The peseta was equal to 4.5 grams of silver, or 0.290322 gram of gold, the standard used by all the currencies of the Latin Monetary Union. From 1873, only the gold standard applied.

The political turbulence of the early twentieth century caused the monetary union to break up, although it was not until 1927 that it officially ended.

In 1959, Spain became part of the Bretton Woods System, pegging the peseta at a value of 60 pesetas = 1 U.S. dollar. In 1967, the peseta followed the devaluation of the British pound, maintaining the exchange rate of 168 pesetas = 1 pound and establishing a new rate of 70 pesetas = 1 U.S. dollar.

The peseta was replaced by the euro in 2002, following the establishment of the euro in 1999. The exchange rate was 1 euro = 166.386 pesetas.

Traditionally, there was never a single symbol nor special character for the Spanish peseta. Common abbreviations were "Pt", "Pta", "Pts" and "Ptas", and even using superior letters: "Ptas".

Common earlier Spanish models of mechanic typewriters had the expression "Pts" in a single type (₧), as a shorthand intended to fill a single type space (₧) in tables instead of three (Pts).

Later, Spanish models of IBM electric typewriters also included the same type in its repertoire.

In 1869 and 1870, coins were introduced in denominations of 1, 2, 5, 10 & 50 céntimos, 1, 2 and 5 pesetas. The lowest 4 denominations were struck in copper (replaced by bronze from 1877), with the 50 céntimos, 1 & 2 pesetas struck in .835 silver & the 5 pesetas struck in .900 silver. Gold 25 pesetas coins were introduced in 1876, followed by 20 pesetas in 1878. In 1889, 20 pesetas coins were introduced, with production of the 25 pesetas ceasing. In 1897, a single issue of gold 100 pesetas was made. Production of gold coins ceased in 1904, followed by that of silver coins in 1910. The last bronze coins were issued in 1912.


In 1874, the Banco de España introduced notes for 25, 50, 100, 500 and 1000 pesetas. Except for the 250 pesetas notes only issued in 1878, the denominations produced by the Banco de España did not change until the Civil War, when both the Republicans and Nationalists issued Banco de España notes.

In 1936, the Republicans issued 5 and 10 pesetas notes. The Ministry of Finance (Ministerio de Hacienda) introduced notes for 50 céntimos, 1 and 2 pesetas in 1938, as well as issuing stamp money (consisting of postage or revenue stamps affixed to cardboard disks) in denominations of 5, 10, 15, 20, 25, 30, 40, 45, 50 and 60 céntimos.