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Encyclopedia > Decimalisation

In the management of currencies, decimalisation (or decimalization) is the process of converting from traditional denominations to a "decimal" system, usually with two units differing by a factor of one hundred. The Dewey Decimal Classification (DDC, also called the Dewey Decimal System) is a system of library classification developed by Melvil Dewey in 1876, and since greatly modified and expanded in the course of the twenty-two major revisions, the most recent in 2004. ... Wikipedia does not have an article with this exact name. ... Decimal currency is the term used to describe any currency for which the ratio between the basic unit of currency and its sub-unit is a power of 10. ... The decimal (base ten or occasionally denary) numeral system has ten as its base. ...


The logical appeal of decimalisation in general has generally been effective much sooner as to currency than as to physical measurements, and few countries have coupled the two processes. Decimalization process refers to the conversion of measurements to a decimal system, i. ...


All countries that had non-decimal currencies have decimalised, at least in practice.

Contents

Formal decimalisations

Russia

Russia was the first country to convert to a decimal currency. In 1710, Peter the Great set the ruble equal to 100 kopecks in a series of reforms to modernise Russia. Peter I Emperor and Autocrat of All Russia Peter I (Pyotr Alekseyvich) (9 June 1672–8 February 1725 [30 May 1672–28 January 1725 O.S.1]) ruled Russia from 7 May (27 April O.S.) 1682 until his death. ... ISO 4217 Code RUB User(s) Russia and self-proclaimed Abkhazia and South Ossetia Inflation 7% Source Rosstat, 2007 Subunit 1/100 kopek (копейка) Symbol руб kopek (копейка) к Plural The language(s) of this currency is of the Slavic languages. ... ISO 4217 Code RUB User(s) Russia and self-proclaimed Abkhazia and South Ossetia Inflation 7% Source Rosstat, 2007 Subunit 1/100 kopek (копейка) Symbol руб kopek (копейка) к Plural The language(s) of this currency is of the Slavic languages. ...


The United States

The United States introduced decimal currency with the dollar in 1792 (adopting only the currency aspects of a more comprehensive decimal system of measurement proposed by Thomas Jefferson). ISO 4217 Code USD User(s) the United States, the British Indian Ocean Territory,[1] the British Virgin Islands, East Timor, Ecuador, El Salvador, the Marshall Islands, Micronesia, Palau, Panama, Turks and Caicos Islands, and the insular areas of the United States Inflation 2. ... The Plan for Establishing Uniformity in the Coinage, Weights, and Measures of the United States was a report submitted to the U.S. House of Representatives on July 13, 1790 by Secretary of State Thomas Jefferson. ... Thomas Jefferson (13 April 1743 N.S.–4 July 1826) was the third President of the United States (1801–09), the principal author of the Declaration of Independence (1776), and one of the most influential Founding Fathers for his promotion of the ideals of Republicanism in the United States. ...


France

In France, decimalisation of the coinage was accompanied by metrication of other measures, introducing the franc in 1803 to replace the Livre tournois, abolished during the Revolution. Metrication or metrification refers to the introduction of the SI metric system as the international standard for physical measurements—a long-term series of independent and systematic conversions from the various separate local systems of weights and measures. ... The livre tournois (or Tournoise pound) was a currency used in France, named after the town of Tours, in which it was minted. ... The French Revolution (1789–1815) was a period of political and social upheaval in the political history of France and Europe as a whole, during which the French governmental structure, previously an absolute monarchy with feudal privileges for the aristocracy and Catholic clergy, underwent radical change to forms based on...


France introduced decimalisation on a number of countries that it occupied during the Napoleonic period.


Canada

Later in the century, Canada converted to decimal coinage in 1859.


Sri Lanka

Sri Lanka (known in the West as Ceylon at that time) decimalised in 1869.


India

India changed from the rupee, anna, pie system to decimal currency on 1 April 1957. Pakistan followed in 1961. It has been suggested that History of the rupee be merged into this article or section. ... An Anna (Hindustani ana) was a currency unit formerly used in India, equal to 1/16 rupee. ... A Pie was a monetary unit formerly used in India. ... is the 91st day of the year (92nd in leap years) in the Gregorian calendar. ... Year 1957 (MCMLVII) was a common year starting on Tuesday (link displays the 1957 Gregorian calendar). ...


South Africa

South Africa decimalised in 1961, introducing the rand as the new unit of currency. When Australia decimalised in 1966, the new Australian dollar was fixed at ten shillings (i.e. half an Australian pound). A similar strategy was followed in New Zealand in 1967, with the introduction of the New Zealand dollar. ISO 4217 Code ZAR User(s) Common Monetary Area: Lesotho, Namibia, South Africa, and Swaziland Inflation 5. ... ISO 4217 Code AUD User(s) Australia, Kiribati, Nauru, Tuvalu, Christmas Island, Cocos (Keeling) Islands, and Norfolk Island Inflation 3. ... The Australian pound was Australias currency from 1910 to 1966. ... ISO 4217 Code NZD User(s) New Zealand, Cook Islands, Niue, Pitcairn Islands, Tokelau Inflation 2. ...


The UK pound

The United Kingdom and the Republic of Ireland decimalised the pound sterling and the Irish pound on Decimal Day, 15 February 1971. ISO 4217 Code GBP User(s) United Kingdom, Crown Dependencies Inflation 2. ... ISO 4217 Code IEP User(s) Ireland ERM Since 13 March 1979 Fixed rate since 31 December 1998 Replaced by €, non cash 1 January 1999 Replaced by €, cash 1 January 2002 € = £0. ... This article does not adequately cite its references or sources. ... is the 46th day of the year in the Gregorian calendar. ... Year 1971 (MCMLXXI) was a common year starting on Friday (link will display full calendar) of the 1971 Gregorian calendar. ...


Malta

Malta decimalised its currency in 1972.


Non Currency Cases

In the special context of stating the prices of stocks, traded almost always in blocks of one hundred or more shares and usually in blocks of many thousands, stock exchanges in the U.S. used eighths or sixteenths of dollars, until converting to decimals between 2000 and 2001. This article or section does not adequately cite its references or sources. ...


£sd conversion

In places where the £sd was used, the decimalisation process either defines 1 new penny = 1100 pound, where the main unit pound is not changed; or a new main unit, dollar, is introduced as half pound, and 1 cent = 1100 dollar. The following table shows the conversion of common denominations of coins of the £sd system. £sd (pronounced, and sometimes written, LSD) was the popular name for the pre-decimal currencies used in the United Kingdom, and in most of its Empire and colonies. ...

Common name Amount New £p
Farthing 14d. 548p ≈ 0.104p 524¢ ≈ 0.208¢
Halfpenny 12d. 524p ≈ 0.208p 512¢ ≈ 0.417¢
Penny 1d. 512p ≈ 0.417p 56¢ ≈ 0.833¢
Threepence 3d. 1+14p 2+12¢
Sixpence 6d. 2+12p
Shilling 1/- 5p 10¢
Florin 2/- 10p 20¢
Half crown 2/6 12+12p 25¢
Crown 5/- 25p 50¢
Half sovereign 10/6 52 1/2p $1
Sovereign £1. 1/- £1.5p $2

Rupee-anna-paisa-pie conversion

In India, Pakistan, and other places where a system of 1 rupee = 16 annas = 64 paise = 192 pies was used, the decimalisation process defines 1 new paisa = 1100 rupee. The following table shows the conversion of common denominations of coins issued in modern India and Pakistan. Bold denotes the actual denomination written on the coins

Rupee Anna Paisa Pie New paisa
1192 112 13 1 2548 ≈ 0.5208
1128 18 12 1+12 2532 = 0.78125
164 14 1 3 1+916 = 1.5625
132 12 2 6 3+18 = 3.125
116 1 4 12 6+14 = 6.25
18 2 8 24 12+12 = 12.5
14 4 16 48 25
12 8 32 96 50
1 16 64 192 100

De facto decimalisation

Mauritania and Madagascar theoretically retain currencies with units whose values are in the ratio five to one: the Mauritanian ouguiya (MRO) is equivalent to five khoums, and the Malagasy ariary (MGA) to five iriambilanja. 2000 MRO issued in 2004 The ouguiya (Arabic: أوقية; ISO 4217: MRO) is the currency of Mauritania. ... MRO is an acronym for Maintenance, Repair and Operations. ... The Malagasy ariary (currency code MGA) is the currency of Madagascar. ... MGA can be an abbreviation of: Malaysian Golf Association Massachusetts Golf Association Matrox Electronic Systems Ltd Melengestrol Acetate - a contraceptive used on cattle Metal Gear Acid - a PlayStation Portable video game by Konami Metropolitan Golf Association of New York Minnesota Golf Association Minnesota Grocers Association Mounted Games Association Myasthenia Gravis...


In practice, however, the value of each of these four units is quite small: as of 2005, the MRO is traded against the euro at about 330 to one, and the MGA at about 2300 to one. In each of these countries, the smaller denomination has fallen out of use. 2005 is a common year starting on Saturday of the Gregorian calendar. ... “EUR” redirects here. ...


Decimalisation experience and introduction of the euro

Before the introduction of physical euro notes and coins on 1 January 2002, the plans and experiences of various decimalisations, particularly decimalisation in the United Kingdom in 1971, were studied by the European Central Bank because many of the lessons could be learnt and applied to the introduction of the euro. For example, on how to educate the public (particularly the elderly), how long the transition was likely to take, the likely speed of uptake of the new currency, the likely effects on inflation for those currencies where one cent was greater in value than the smallest coin in circulation before the transition and the likely criminal activities which might be attempted during the transition period. “EUR” redirects here. ... is the 1st day of the year in the Gregorian calendar. ... For album titles with the same name, see 2002 (album). ... Headquarters Frankfurt, Germany Established 1 January 1998 President Jean-Claude Trichet Central Bank of Austria, Belgium, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain Currency Euro -ISO 4217 Code EUR Reserves >€4 billion Base borrowing rate 4. ...


See also

This article concerns British coinage, the coinage of the United Kingdom. ... Today, only two countries in the world use currencies which have subdivisions that are a non-decimal fraction of their main unit. ...

External links

  • Plan for establishing uniformity in the Coinage, Weights, and Measures of the United States: text of a report to the U.S. House of Representatives by Thomas Jefferson.

  Results from FactBites:
 
Pound sterling - Wikipedia, the free encyclopedia (3479 words)
Since decimalisation in 1971, the pound has been divided into 100 pence (singular "penny").
Prior to decimalisation, the pound was divided into twenty shillings, with each shilling equal to twelve pence, making a total of 240 pence to the pound.
At the time of decimalisation, the smallest unit was the penny, although smaller value coins had been minted in years past.
  More results at FactBites »

 
 

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