Page:EB1911 - Volume 19.djvu/947

PRESENT DAY COINS] the standard was gold. The denominations are, in gold, the 20, 10 and 5 kroner; in silver, the 2 and 1 krone, and 50, 25 and 10 öre; and in bronze, the 5, 2 and 1 ör. The gold and silver money of Sweden and Norway to the 50 öre bears the head of the king and the royal shield; the silver of smaller denominations and the bronze, the monogram of the king and the mark of value. Since the separation of the two kingdoms in 1906, Norway has a coinage of its own in the name of Haakon VII. In Denmark the gold and silver have the head of the king, and, for reverse type, a figure of Denmark, a shield, or the mark of value. The bronze coins are similar to those of Norway and Sweden.

Russia.—The Russian coinage previous to 1885 was based on the silver rouble of 278 grains of pure metal; but during the greater part of the reign of Alexander II. (1855–1881) the currency consisted almost entirely of paper money. In 1885 Alexander III. determined to place the coinage on a proper footing, and introduced the rouble of 100 copeks as the unit of account, with a relative value of gold and silver of 1 to 15%. The coins issued were, in gold, the imperial of 10 roubles, and the half-imperial; in silver, the rouble, and the 50, 25, 20, 15, 10 and 5 copeks; and in copper, the 5, 3, 2, 1, and  copek. In 1897 the relative value of gold and silver was advanced to 1 to 23, thus raising the current value of the imperial to 15 roubles; but no change was made in the weights of the coins, and the silver rouble remained the unit of account. In the same year a piece of 5 roubles, called the one-third imperial, was added to the gold coins. The general types of the gold and silver show the head of the emperor and the imperial eagle; and of the copper, the imperial eagle and mark of value.

Georgia, Poland and Finland.—The separate issues of Georgia and Poland were suppressed in 1853 and 1847 respectively; but Finland in 1878 established a decimal coinage of gold, silver and bronze on the principles of the Latin Monetary Union, having the markhaa (＝1 franc) as its unit of value.

Turkey.—There has been practically no change in the money of the Ottoman empire since the reforms of Abdul-Medjid in 1844, when the piastre, or 40-para piece, of the current value of 2d., was made the unit of the coinage; 100 piastres go to the gold medjidieh or pound. The denominations are, in gold, the 500, 250, 100, 50 and 25 piastres; in silver, the 20, 10, 5, 2, 1 and piastre; and in copper, the 40, 20, 10, 5 and 1 para. The type in all metals is, on the obverse, the Sultan’s tughra, or cipher, and on the reverse, a wreath, and the name of the mint, date, &c.

Balkan States.—Since the dismemberment of the Ottoman empire the kingdoms of Rumania and Servia, and the principality of Bulgaria, have each adopted the decimal system of the Latin Monetary Union. In Rumania the unit of account is the leu of 100 bani; in Servia, the dinar or 100 paras; and in Bulgaria, the lev of 100 stotinki—each of these units being the equivalent of the franc. In all these states gold, silver, bronze and nickel is current money.

United States.—In America the most important event connected with the coinage was a change of standard. (See ). Previous to 1873 the standard was silver, having for its unit the dollar of 412 grains of fine; but in that year a gold standard was adopted, the gold dollar of 25·8 grains and fine being the sole unit of value. This change of standard was accompanied by a slight modification of the denominations, which became, in gold, the double-eagle, eagle, half and quarter eagle, three dollars and dollar; in silver, the half and quarter dollar, 20 cents and dime; in nickel, the 5 and 3 cents; and in bronze, the cent. In addition to these a silver piece called the “trade dollar” of 420 grains was struck, not for circulation in the States, but for export to China. The following changes have since occurred:

In 1878 the silver dollar of 412 grains was resumed, and the 20 cents discontinued; in 1887 the issue of the “trade dollar” was suspended; and in 1890 the same fate befell the three dollars and dollar in gold, and the three cents in nickel. The types are—gold, head of Liberty and eagle; silver, head of Liberty, or Liberty seated, and eagle, except the dime, which has the mark of value; nickel, shield (5 cents) and head of Liberty; bronze, head of an Indian, and (1910) bust of Lincoln; with reverse types for either metal, the mark of value.

Canada, &c.—The currency for the Dominion of Canada, which includes Nova Scotia, New Brunswick and British Columbia, is of silver and bronze, based on the system of the United States. The denominations are 50, 25, 20, 10 and 5 cents in silver, and the cent in bronze; and they also have a uniform type of the sovereign’s head and mark of value. The same system prevails in Newfoundland, which also issues the double dollar in gold: this is the only gold coin issued in a British colony whose standard is not the same as that of the mother country. There is a separate coinage for Jamaica, but of nickel only, and consisting of the penny, halfpenny and farthing.

Mexico, &c.—We need not give any detailed account of the coins of Mexico, and of the various states of Central and South America, in nearly all of which there have been radical changes since 1870. Most of them have adopted the decimal system, with a gold, silver or bi-metallic standard; the unit of value in the gold standard being generally the peso of 3·225 grammes, and in the silver also the peso, but of silver of 20, 25 or 27 grammes.

India.—As to the coins of the East and Far East, we will limit our remarks to the more important countries. In British India the rupee of silver of 150 grains is still the unit of value. In 1893 the mints were closed to the unrestricted coinage of silver for the public. In 1899 they were opened to the free coinage of gold, the sovereign being declared legal tender. At present £1＝15 rupees of 1s. 4d.; 1 rupee＝6 annas; 1 anna＝4 pice; 1 pice＝3 pie＝1 farthing.

Persia.—In Persia since 1879 a decimal system in conformity with the principles of the Latin Monetary Union has been adopted, having for its unit the krān weighing 78 grs., thus being equivalent to the franc, but since reduced to 71 grs. or even less. The denominations are: in gold, the 10, 5, 2, 1, and  toman (the toman＝10 krāns); in silver, the 5, 2 and 1 krān (＝20 shahis), and the 10 and 5 shahis; and in copper, the 4, 2 and 1 shahi (＝2 pals), and the pal.

Japan.—Since 1870 Japan has formed its coinage on the European decimal system in place of the ancient national coins, the obangs and itsibus, the unit being the yen of 100 sen. The standard was bimetallic, and the relation of gold and silver stood at 1–16·17. In 1898 a gold standard was adopted, the issue of the silver yen was suspended, and the weight of the gold money was reduced by one-half. The coins issued since that date are, in gold, the 20, 10 and 5 yen; in silver, the 50, 20 and 10 sen; in nickel, the 5 sen; and in bronze, the sen and half-sen. There is one general type for all the silver, nickel and bronze coins, being the dragon on the obverse and a wreath of flowers with mark of value on the reverse. The gold varies in having flags and flowers on the reverse. On the silver and bronze coins the legends are in English as well as in Japanese.

China.—In 1890 China followed the example of Japan, but only to a limited extent, and instituted a silver coinage having as its unit a dollar of the same value as the United States silver dollar and the Japanese yen. It is calculated in fractions of the tael, a money of account of the value of 2s. 11d. The coins are the dollar, and the 50, 25, 10 and 5 cents, with the Chinese dragon and inscriptions, mint and mark of value in English on the obverse, and on the reverse the mark of value in Chinese and Manchu. They were first struck at Canton and Wei-Chang, but later other mints have been established. These are not, strictly speaking, imperial money, the sole official coinage and monetary unit being the copper cash. A decree of the 20th of November 1905 proposed to establish an official dollar on the basis of the Kuping tael. An edict of May 1910 provides for a standard currency dollar of 72 candareens, with a subsidiary decimal coinage in silver, nickel and copper, for circulation throughout the empire.

Korea has had since 1905 a new coinage on the Japanese system, but with the Korean date.

Hong Kong.—The only other Asiatic coinage we shall note is that of Hong Kong, where in 1866 was established a coinage, which was also based on the United States standard, having the silver dollar as its unit. The denominations are the dollar and 50, 20 and 5 cents in silver, and the cent and mill in bronze; and, with the exception of the mill, they all have for type the sovereign’s head and the mark of value. In connexion with this coinage there was issued in 1895 a “trade dollar” for special currency in the Straits Settlements and Hong Kong in lieu of the Mexican dollar, the scarcity of which was a considerable hindrance of trade. This coin, which was struck at the Bombay mint, shows on the obverse Britannia holding a