The History of Currency, 1252 to 1896Shaw, William Arthur
History
The History of Currency, 1252 to 1896
Shaw, William Arthur
Money -- History
In 1667 Hamburg freely joined the _Zinnaische_ standard, according to
which the mark of fine silver was coined into 10-1/2 thalers (= 31
marks 8 schillingen, _Hamburger courant_). She, however, hesitated to
follow the German system in its change over to the Leipzig standard in
1690, and after an interim period of weltering disorder, during which
the standard varied from 30 marks to 34 marks 8 schillingen per mark
fine of silver, the State adopted in 1725 the so-called Lübeck standard
(1 mark fine = 34 marks), as the Hamburger courant.
This standard had existed in Holstein from 1693. In 1788 and 1789 long
and serious debates were held in Hamburg on the question of the
substitution of a lighter (or lower) standard. And seventy years later a
change in such direction had practically effected itself, although not
legislatively recognised. By 1850 the actual currency of the state
consisted mostly of silver coins of the Prussian (or 14-thaler)
standard, circulating at an equivalence of 1 thaler = 2-1/2 marks
Hamburger courant (= 40 schillingen), an equivalence implying a standard
of 35 marks courant to the mark of fine silver.
Legally, however, the 34-marks standard remained in force until the
coalescence of the free state of Hamburg with the new imperial German
system in our own days.
The question of the agio of the _Hamburg banco_ system belongs rather to
the history of banking.
German Standards: Silver.
In brief résumé, the historic standards of the German monetary system
have been as follows:--Nos. 4, 5, 7, 9, 11, 12, 13 representing the
systems in existence at the time of the projection of the great currency
reform of 1871:--
1. Old imperial standard of 1559, based on the Reichs Münz ordnung of
Ferdinand I., mark of fine silver = 8 thalers. Altered in 1622, so that
9 thalers 2 grs. = 1 mark fine silver.
2. The _Zinnaische_ standard, agreed upon by Saxony and Brandenburg at
Zinna, 1667, 1 mark fine silver = 10-1/2 thaler = 15-3/4 guldens.
3. Leipzig standard or Torgau standard (see text, p. 200), mark fine
silver = 18 gulden.
4. The Prussian standard, 14 thalers or 21 guldens = 1 mark fine silver
(see above, p. 379).
5. Convention standard or Austrian standard, mark fine silver = 20
gulden (see above, p. 375).
6. The 24-gulden standard or new imperial standard of 1766 (see above,
p. 377), 1 mark fine silver = 24 guldens.
7. The 24-1/2, or South German standard (see above, p. 378), 1 mark fine
silver = 24-1/2 guldens.
8. The kronen-thaler standard, existing more or less between 1808 and
1837 in such of the states of the South as had adopted the minting of
the Brabant or crown thaler-piece, 9.18 to a mark fine, and issued at 2
guldens 42 kreutzers, representing a 24-4/5-gulden standard. It was this
system which called into being the 24-1/2-gulden standard, by the
evolution of which it was itself completely superseded.
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