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Encyclopedia > Latin Monetary Union

The Latin Monetary Union (LMU) was a 19th century attempt to unify several European currencies into a single currency that could be used in all the member states, at a time when most national currencies were still made out of gold and silver. It was established in 1865 and disbanded in 1927. Alternative meaning: Nineteenth Century (periodical) (18th century — 19th century — 20th century — more centuries) As a means of recording the passage of time, the 19th century was that century which lasted from 1801-1900 in the sense of the Gregorian calendar. ... European integration is the process of political and economic (and in some cases social and cultural) integration of European states into a tighter bloc. ... World map showing the location of Europe. ... In economics, a monetary union is a situation where several countries have agreed to share a single currency among them, for example, the East Caribbean Dollar. ... General Name, Symbol, Number gold, Au, 79 Chemical series transition metals Group, Period, Block 11, 6, d Appearance metallic yellow Standard atomic weight 196. ... General Name, Symbol, Number silver, Ag, 47 Chemical series transition metals Group, Period, Block 11, 5, d Appearance lustrous white metal Standard atomic weight 107. ... 1865 (MDCCCLXV) is a common year starting on Sunday. ... Year 1927 (MCMXXVII) was a common year starting on Saturday (link will display full calendar) of the Gregorian calendar. ...

Contents

History

In 1865; France, Belgium, Italy, and Switzerland joined the union and agreed to change their national currencies to a standard of 4.5 grams of silver or 0.290322 grams of gold (a ratio of 15.5 to 1) and make them freely interchangeable. The agreement came into force in 1866.[1] They were joined later by Spain and Greece in 1868, and Romania, Austria-Hungary, Bulgaria, Venezuela, Serbia, Montenegro, San Marino and the Papal States in 1889. In 1904 the Danish West Indies were also placed on this standard, but did not join the LMU itself. 1865 (MDCCCLXV) is a common year starting on Sunday. ... BIC pen cap, about 1 gram. ... A ratio is a quantity that denotes the proportional amount or magnitude of one quantity relative to another. ... Media:Example. ... Austria-Hungary, also known as the Dual monarchy (or: the k. ... Anthem Serbia() on the European continent() Capital (and largest city) Belgrade Official languages Serbian 1 Recognised regional languages Hungarian, Croatian, Slovak, Romanian, Rusyn 2 Albanian 3 Government Semi-presidential republic  -  President Boris Tadić  -  Prime Minister Vojislav KoÅ¡tunica Establishment  -  Formation 9th century   -  First unified state c. ... Anthem Oj, svijetla majska zoro Oh, Bright Dawn of May Montenegro() on the European continent()  —  [] Capital (and largest city) Podgorica Official languages Serbian (Ijekavian dialect)1 Demonym Montenegrin Government Republic  -  President Filip Vujanović  -  Prime Minister Željko Å turanović Independence due to the dissolution of Serbia and Montenegro   -  Declared June 3, 2006... Coat of arms Map of the Papal States; the reddish area was annexed to the Kingdom of Italy in 1860, the rest (grey) in 1870. ... Year 1889 (MDCCCLXXXIX) was a common year starting on Tuesday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Thursday of the 12-day slower Julian calendar). ... 1904 (MCMIV) was a leap year starting on a Friday (see link for calendar). ... The Danish West Indies or Danish Antilles, (DWI, Dansk Vest Indien) are a former colony of Denmark in the Caribbean, now known as the U.S. Virgin Islands. ...


Giacomo Cardinal Antonelli, the administrator of the Papal Treasury, with the tacit agreement of Napoleon III of France, embarked on an ambitious increase in silver coinage without the prescribed amount of metal.[2] The papal coins quickly became debased and excessively circulated in other Union states, to the profit of the Holy See, but eventually Swiss and French banks rejected papal coins and the Papal States were ejected from the Union.[1] Giacomo Antonelli (April 2, 1806 – November 6, 1876), Italian cardinal, was born at Sonnino. ... Napoléon III, born Charles Louis Napoléon Bonaparte (20 April 1808 – 9 January 1873) was the first President of the French Republic from 1848 to 1851, then from 2 December 1851 to 2 December 1852 the ruler of a dictatorial government, then Emperor of the French under the name... The Zecca (Italian: Istituto Poligrafico e Zecca dello Stato) is a historical papal mint located in Vatican City. ...


By 1873, the decreasing value of silver made it profitable to mint silver in exchange for gold at the union's standard rate of 15.5 ounces to 1. Indeed, in all of 1871 and 1872 the French mint had received 5,000,000 francs of silver for conversion to coin, whereas in 1873 alone 154,000,000 francs were received. Fearing an influx of silver coinage, the member nations of the union agreed in Paris on January 30th of 1874 to limit the free conversion of silver on a temporary basis. By 1878, with no recovery in the silver price in sight, minting of silver coinage was suspended absolutely.[3] From 1873 onwards, the union was on a de facto gold standard. The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. ...


Due to the fluctuations of gold and silver and the political turbulences of the early 20th century, the monetary union faded away in the 1920s though was not until 1927 that the union came to a formal end. (19th century - 20th century - 21st century - more centuries) Decades: 1900s 1910s 1920s 1930s 1940s 1950s 1960s 1970s 1980s 1990s As a means of recording the passage of time, the 20th century was that century which lasted from 1901–2000 in the sense of the Gregorian calendar (1900–1999... The 1920s is a decade that is sometimes referred to as the Jazz Age or the Roaring Twenties, usually applied to America. ... Year 1927 (MCMXXVII) was a common year starting on Saturday (link will display full calendar) of the Gregorian calendar. ...


Non-members

United Kingdom

An interesting parallel can be seen between the discussions in the United Kingdom concerning the possibility of Britain joining the Latin Monetary Union [4], and the current discussions concerning British membership of the euro. “EUR” redirects here. ...


United States

The United States made several steps that could have prepared the country for joining the Latin Monetary Union, but never did so. Its gold coinage was already within one percent of the LMU standard at the rate of 5 LMU francs per U.S. dollar. The Mint Act of 1873 increased the mass of the dime, quarter dollar, and half dollar slightly to 25 grams of .900 fine silver per dollar, putting them on the LMU standard, a standard that was maintained until the minting of U.S. silver coins was halted in 1965. In addition, the United States Mint produced pattern coins called Stellas in 1879 and 1880 that would be worth 4 U.S. dollars or 20 French francs. However, as close as it came, the United States never joined, deciding not to resize its gold coins, and keeping its large silver dollar which was minted using a 16 to 1 ratio for silver to gold. The Fourth Coinage Act was enacted by the United States Congress in 1873 and embraced the gold standard and de-monetized silver. ... 1965 (MCMLXV) was a common year starting on Friday (the link is to a full 1965 calendar). ... Seal of the U.S. Mint The United States Mint primarily produces circulating coinage for the United States to conduct its trade and commerce. ... A pattern coin is a coin produced for the purpose of evaluating a proposed coin design, but which was not approved for general circulation. ... The United States four dollar coin, also offically called a stella, is a unit of currency equaling four United States dollars. ... 1879 (MDCCCLXXIX) was a common year starting on Wednesday (see link for calendar). ... Year 1880 (MDCCCLXXX) was a leap year starting on Thursday (link will display the full calendar) of the Gregorian calendar (or a leap year starting on Tuesday of the 12-day slower Julian calendar). ... The United States dollar is the official currency of the United States. ... ISO 4217 Code FRF User(s) Monaco, Andorra, France except New Caledonia, French Polynesia, and Wallis and Futuna ERM Since 13 March 1979 Fixed rate since 31 December 1998 Replaced by €, non cash 1 January 1999 Replaced by €, cash 1 January 2002 € = 6. ...


Coins

Belows are examples of coins of 5 units.

5 Greek drachmae 1876
George I of Greece Coat of arms of Greece
5 Belgian francs 1868
Leopold II of Belgium Coat of arms of Belgium
5 French francs 1868
Napoleon III of France Coat of arms of the Second Empire
5 Italian lire 1874
Victor Emmanuel II of Italy Coat of arms of the House of Savoy

ISO 4217 Code GRD User(s) Greece Inflation 3. ... 5 drachma 1874 front File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... 5 drachma 1874 back File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... George I, King of the Hellenes (Greek: Γεώργιος A, Βασιλεύς των Ελλήνων) (December 24, 1845 – March 18, 1913) was King of the Hellenes (Greece) from 1863 to 1913. ... The National Emblem of Greece consists of a blue escutcheon with a white cross totally surrounded by two laurel branches. ... ISO 4217 Code BEF User(s) Belgium, Luxembourg ERM Since 13 March 1979 Fixed rate since 31 December 1998 Replaced by €, non cash 1 January 1999 Replaced by €, cash 1 January 2002 € = 40. ... 5 franc Leopold II 1868 front File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... 5 franc Leopold II 1868 back File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Leopold II (Léopold Louis Philippe Marie Victor (French) or Leopold Lodewijk Filips Marie Victor (Dutch) (April 9, 1835 – December 17, 1909) was King of the Belgians. ... Greater coat of arms Belgiums great coat of arms The Coat of Arms of the Kingdom of Belgium contains a pair of lions (called the Belgian Lion, or Leo Belgicus), that are the national symbols of the Belgian nation. ... ISO 4217 Code FRF User(s) Monaco, Andorra, France except New Caledonia, French Polynesia, and Wallis and Futuna ERM Since 13 March 1979 Fixed rate since 31 December 1998 Replaced by €, non cash 1 January 1999 Replaced by €, cash 1 January 2002 € = 6. ... 5 franc Napoleon III 1868 front File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... 5 franc Napoleon III 1868 back File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Napoléon III, born Charles Louis Napoléon Bonaparte (20 April 1808 – 9 January 1873) was the first President of the French Republic from 1848 to 1851, then from 2 December 1851 to 2 December 1852 the ruler of a dictatorial government, then Emperor of the French under the name... The current coat of arms of France has been a symbol of France since 1953, although it does not have any legal status as an official coat of arms. ... Map of the French Second Empire Capital Paris Language(s) French Government Monarchy Emperor  - 1852-1870 Napoleon III Legislature Parliament  - Upper house Senate  - Lower house Corps législatif History  - French coup of 1851 December 2 1851  - Established 1852  - Disestablished September 4, 1870 Currency French Franc The Second French Empire or... ISO 4217 Code ITL User(s) Italy, San Marino, Vatican City, but not Campione dItalia Inflation 2. ... 5 lire Vittorio Emanuele II 1874 front File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... 5 lire Vittorio Emanuele II 1874 back File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... King Victor Emmanuel II of Italy. ... The House of Savoy or in Italian, La Casa di Savoia, or simply Casa Savoia, (or Savoie, French) is a dynasty of nobles who traditionally had their domain in Savoy, a region that includes present-day Piemonte, other parts of Northern Italy, and a smaller region in France. ...

See also

The peseta is the former currency of Spain and, (along with the French Franc), of Andorra. ... ISO 4217 Code VEB User(s) Venezuela Inflation 16% Source The World Factbook, 2005 est. ... Ypres, 1917, in the vicinity of the Battle of Passchendaele. ... The Latin Union is an international organization of nations that use a Romance language. ... In economics, a monetary union is a situation where several countries have agreed to share a single currency among them. ... “EUR” redirects here. ... In economics, bimetallism is a monetary standard in which the value of the monetary unit can be expressed either with a certain amount of gold or with a certain amount of silver: the ratio between the two metals is fixed by law. ...

References

  1. ^ a b Pollard, 2005, p. 39.
  2. ^ Einaudi, 2001, p. 104.
  3. ^ James Laurence Laughlin (1898). "Chapter XI", The History of Bimetallism in the United States. D. Appleton and Co.. 
  4. ^ Einaudi, 2001
  • Einaudi, Luca (2001). European Monetary Unification and the International Gold Standard (1865-1873) (PDF), Oxford University Press. ISBN 0-19-924366-2. Retrieved on 2007-06-02. 
  • Pollard, John F. 2005. Money and the Rise of the Modern Papacy: Financing the Vatican, 1850–1950. Cambridge University Press.

James Laurence Laughlin (April 2, 1850 - November 28, 1933) was a U.S. economist who helped to found the Federal Reserve System. ... Oxford University Press (OUP) is a highly-respected publishing house and a department of the University of Oxford in England. ... Year 2007 (MMVII) is now the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ... is the 153rd day of the year (154th in leap years) in the Gregorian calendar. ...

External links

  • Grand-dad of today's Euro: The Latin Monetary Union (1865-1927)
  • Coins of the Latin Monetary Union: 1865 - 1926

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Latin Monetary Union - Wikipedia, the free encyclopedia (415 words)
The Latin Monetary Union (1865-1927) was a 19th century attempt to unify several European currencies into a single currency that could be used in all the member states, at a time when most national currencies were still made out of gold and silver.
In 1865; France, Belgium, Italy, and Switzerland joined the union and agreed to change their national currencies to a standard of 4.5 grams of silver or 0.290322 grams of gold (a ratio of 15.5 to 1) and make them freely interchangeable.
Due to the fluctuations of gold and silver and the political turbulences of the early 20th Century, the monetary union faded away in the 1920s though was not till 1927 that the union came to an end officially.
  More results at FactBites »

 
 

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