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What was the name of the monetary union

topstuftopstuf Posts: 14,803 ✭✭✭✭✭
in Precious Metals
that standardized gold coins back in the late 19th and early 20th century?
I know it, but can't dredge it up from the memory bank.
When all the common bullion coins were minted in roughly sovereign size and made all the odd denominations of gold coins for trade in that union?

Thanks in advance.

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    keepdachangekeepdachange Posts: 1,374
    there was the Latin Monetary Union in 1865 for some European countries
    "If you hit a midget on the head with a stick, he turns into 40 gold coins." - Patty Oswalt
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    CaptHenwayCaptHenway Posts: 31,597 ✭✭✭✭✭
    Was based on the French 20 Francs. Most countries just copied the number such as 20 Lire or 20 Pesetas or 20 Drachmae, while Austria issued an 8 Florins/20 Francs. Russia had a 5 Rouble equivalent, but after devaluation had to issue a 7-1/2 Rubles to stay in. They also did a 15 Rubles to equal the lesser-seen 40 Francs coin.

    Wasn't limited to Europe. Venezuela had a 20 Bolivars on the system.

    TD
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
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    mhammermanmhammerman Posts: 3,769 ✭✭✭
    Refer to an article in The Numismast magazine for this month...you can get it online if you're a member. The article is called the "Coinage of Commerce". It talks about the Spanish and Portuguese and how their gold coinage dominated early until the onzas (ounce) and pistoles came into vogue for commerce. This article does not actually call out a monetary union but it does talk about how gold coinage worked in the market place and who was minting it. Interesting note is that gold was so valuable that it didn't really circulate on the street, it was mostly used in business.
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