is the drachm of 100 lepta, which, like the lira, is equivalent to the franc. The denominations are—in gold, the 100, 50, 20, 10 and 5 drachms; in silver, the 5, 2 and 1 drachm, and 50 and 20 lepta; and in bronze, the 10, 5, 2 and 1 lepton. In 1893 nickel was substituted for bronze, and coins of the value of 20, 10 and 5 lepta were issued in this metal. The types of the coins of Greece are similar to those of Italy. Crete has had since 1900 a coinage of its own similar to the Greek (silver of 5, 2 drachmae, 1 and 12 drachma; bronze and nickel of 20, 10, 5, 2 lepta and 1 lepton).
Germany.—Since 1871 the coinage of the German empire
has been entirely remodelled. By a convention in 1857 between
the states of Germany, north and south, and Austria a general
coinage of a silver standard was established on the basis of the
new pound of 500 grammes as sanctioned by the Zollverein. The
contracting countries were divided into three sections, North
Germany, South Germany and Austria. From the pound of
line silver of 500 grammes the Northern States struck 30 thalers,
Austria 45 florins and the Southern States 5212 florins; their
relation being 1 North German thaler＝112 Austrian florins＝134
South German florins. The free towns of Hamburg, Lübeck
Fig. 7.—Twenty Marks (gold), Germany.
and Bremen did not join the convention. The first reform in
the coinage of the German empire occurred in 1871, when a new
gold money was introduced, which had for its unit the silver
mark (a money of account) of 100 pfennigs weighing 5·555
grammes. The new gold pieces were of the value of 10 and 20 marks,
called crowns and double crowns, and the fineness was
910 pure to 110 alloy. This new issue necessitated a readjustment
of the current values of the various silver coinages in circulation.
In 1873 a further step was made by the introduction of an
entirely new silver coinage throughout the empire, which was
also based on the silver mark, and of a new base metal coinage
in nickel and bronze. The silver coins were the 5, 2 and 1 mark
and 50 and 20 pfennigs; those in nickel the 10 and 5 pfennigs,
and in bronze the 2 and 1 pfennig. The silver coins were, like
the gold, 910 fine, so that 90 marks were struck to the pound of
pure metal. The gold 5 marks was struck in 1877 and 1878,
and the 20 pfennigs in silver was replaced by a coin of the same
value in nickel in 1886. The reverse type for all the coins is
the imperial eagle, but that of the obverse varies; the gold and
silver showing the portrait of the reigning king or prince, but
the mark, and all lesser
denominations, the current
value. An exception was
made in the case of the
coinage of the Free Towns
struck at Hamburg, which
has the arms of the city
instead of a portrait. Each
state retained its full rights
of coinage, and the various
mints throughout the empire with their special marks
are: Berlin, A; Hanover, B; Frankfort, C; Munich, D;
Dresden (removed since 1877 to Müldner-Hütte), E; Stuttgart,
F; Karlsruhe, G; Darmstadt, H; and Hamburg, J. In
1876 a gold standard was proclaimed, and henceforth no person
was legally bound to accept in payment more than 20 marks
in silver and the value of 1 mark in nickel or bronze. The old
thalers (worth 3 marks) still circulate.
Austria-Hungary.—After the convention of 1857 with Germany
(see above), when Austria based her coinage on the silver standard
of the florin, two series were issued—(i.) Vereinsmünzen (money
Fig. 8.—Florin (silver), Austria-Hungary.
of the union), in gold, the crown and half-crown; in silver, the
double thaler (＝3 florins) and thaler; (ii.) Landesmünzen
(money of the state), in gold, the 4 and 1 ducat; in silver, the
double florin and florin; in billon, the 20, 10 and 5 kreuzers;
and in copper, the 4, 3, 1 and 12 kreuzer. In 1868 Austria abandoned
the convention, but made no change in her money;
and in the same year the coinage of Hungary was made uniform
with that of the empire, both in standard and denominations.
In 1570 the Vereinsmünzen crown and half-crown were discontinued,
and their place was taken by 8- and 4-florin pieces
which were of the current value of 20 and 10 francs. In 1892
the monetary system of Austria-Hungary was entirely reformed
on a gold standard, the unit of account being the crown of 100
hellers. This is a decimal coinage, and the denominations are,
in gold, the 20 crowns (of 164 from the kilogramme of fine gold),
10 crowns and ducat (＝9 silver crowns 60 hellers); in silver,
the crown (＝10d.) and half-crown; in nickel, the 20 and 10
hellers; and in bronze, the 2 and 1 heller. The gold ducat was
a trade-money (Handelsmünze) of the current value of 10 francs
and it displaced the 8- and 4-florin pieces of 1870. The types of
the Austrian
and Hungarian
coins somewhat
vary. The Austrian
gold coins
show the head
of the emperor
and the two-headed
eagle,
but those of
Hungary a full-length
figure of the emperor and the national shield surmounted
by the crown of St Stephen held by angels. The silver coins of
both series have the head of the emperor and the mark of value
under the imperial or royal crown. The nickel and bronze
money of Austria displays the imperial eagle on the obverse,
whilst that of Hungary has the crown of St Stephen. The
legends are respectively in Latin and Magyar.
 |
| Fig. 9.—Peseta (silver), Spain. |
Spain.—The unit of the Spanish coinage from 1864 to 1868 was the silver escudo of 200 grains divisible into 10 reals. On the dethronement of Isabella in 1868 the provisional government adopted the principles of the Latin Monetary Union and made the peseta the unit of account, this coin being equivalent to the franc. The coins struck during 1869–1870 were, in gold, the 100 pesetas; in silver, the 5, 2 and 1 peseta, and the 50 and 20 centimos; and in bronze, the 10, 5, 2 and 1 centimo. The obverse type of each metal varied; on the gold Spain is standing; on the silver she is reclining; and on the bronze she is seated. During his short reign (1870–1873) Amadeus I. struck only gold coins of 100 and 25 pesetas and silver of 5 pesetas, and there was practically no money issued during the republic which followed his abdication. Don Carlos during the insurrection of 1874–1875 struck 5 pesetas in silver and 10 and 5 centimos in bronze bearing his portrait and title “Carolus VII.” After the restoration of Alphonso XII. the coinage consisted of 25 and 10 pesetas in gold; 5, 2 and 1 peseta and 50 centimos in silver; and 10 and 5 centimos in bronze This coinage was continued under Alphonso XIII., but in 1887 the 20 pesetas in gold was substituted for the 25 pesetas, and in 1897 large coins were struck of 100 pesetas. The types show the head of the king on the obverse and the shield with or without the pillars of Hercules on the reverse.
Portugal.—A gold standard was adopted by Portugal in 1854, the unit of value being the milreis of 1000 reis. The coins are, in gold, the crown or 10 milreis and the half, fifth and tenth crown or milreis; in silver, the 10, 5 and 2 testoon; in nickel, the 100 and 50 reis; and in bronze, the 20, 10 and 5 reis. The general type of the gold and silver is the head or bust of the king and the royal shield; but the bronze varies in having on the obverse a shield and on the reverse the mark of value.
Denmark, Sweden and Norway.—Previous to 1872 in Denmark the unit of value was the silver rigsbankdaler of 96 skillings; in Sweden, the rigsdaler of 100 öre; and in Norway, the species-thaler of 120 skillings; but in that year a monetary convention was concluded between these countries establishing a decimal coinage, which had for its unit the krone of 100 öre, and of which
