C. France. - As has been previously noted, the unit of value in France at the present time is the franc, divided into one hundred centimes. The gold coins authorized by law are one-hundred-, fifty-, twenty-, ten-, and five-franc pieces. Of these the twenty- and ten-franc pieces are the only ones in ordinary use. The ten-franc piece consists of 49.78 grains of standard gold, nine-tenths fine, or of 44.802 grains of pure gold. The weight of the French unit in pure gold is, therefore, 4.4802 grains. All gold coins are legal-tender in unlimited amounts, and are minted for private individuals at a charge of six and seven-tenths francs per kilogram of gold.*

The silver coins are five-, two-, and one-franc, fifty-centime and twenty-centime pieces. The five-franc piece consists of 385.8 grains of standard silver, nine-tenths fine, or 347.22 grains of pure metal, and has had a history in some respects similar to that of the silver dollar of the United States. From 1865 to 1874 they were coined in unlimited amounts at a charge of one and two-thirds francs per kilogram, but after the latter date they were issued for government account only, and since 1878 their coinage has been completely suspended. The obligation of the government to redeem them in gold is now recognized, and they must, therefore, be regarded as a part of the subsidiary currency of the country, though their metallic value is higher than that of the other coins of this class.

The two- and one-franc, fifty-centime and twenty-centime pieces have been subsidiary coins since 1865. The franc piece, which is the unit coin, contains 77.16 grains of standard silver .835 fine, its content in pure metal being, therefore, 64.428 grains, or 5.016 grains less than one-fifth of the metallic content of the five-franc piece. The two-franc, fifty-centime, and twenty-centime pieces are proportionate in weight and of the same fineness as the franc piece, and with it are legal-tender to the amount of fifty francs in payments among individuals and to the amount of one hundred francs in payments to the states of the Latin Union. The aggregate of this subsidiary coinage is limited to six francs per capita.

The minor coins of France consist of ten-, five-, two-, and one-centime pieces, made of ninety-five parts copper, four parts tin, and one part zinc. The one-centime piece weighs one gram or 15.432 grains, and the other pieces proportionate amounts. These coins are legal-tender to the amount of five francs only.

* The kilogram equals 1000 grams, and the gram, 15.432 grains.

D. Italy, Belgium, Switzerland. - On December 22, 1865, these three states formed with France the so-called Latin Monetary Union, in accordance with the terms of which their coinage systems were made substantially the same. It is, therefore, only necessary here to note a few peculiarities which were not removed by the treaty arrangements between the different states.

In Italy the unit of value is called the lire, and its subdivisions centesimi. They are the exact equivalents, however, of the French franc and centimes. The denominations of her gold and silver coins are precisely the same as those of France, the name lire being in each case substituted for that of franc. The minor coins of Italy happen also to be of precisely the same denominations as those of France, although this is not required by the treaty arrangements between the two countries. In Belgium the denominations and the names of the coins are precisely the same as in France, the only peculiarity consisting in the fact that her twenty-, ten-, and five-centime pieces are made of nickel instead of silver and copper. In Switzerland the same coins and names are employed as in France and Belgium, the only peculiarity here being a minor coinage consisting of a nickel piece of five centimes and a copper piece of one centime.

E. Germany. - The present coinage system of Germany dates back to the foundation of the empire in 1871. By laws passed in that year and in 1873 a common system based on the gold standard was established for all the states, several different systems having previously existed side by side. At the present time the unit is the gold mark, divided into one hundred pfennige, and consisting of 5.1457 grains of gold, nine-tenths fine. Twenty-, ten-, and five-mark pieces of full legal-tender power are coined at a charge of three marks per pound of pure metal.

All silver coins in Germany are subsidiary. They are five-, two-, and one-mark, fifty- and twenty-pfennig pieces. The mark contains 77.16 grains of pure silver or 85.733 grains of standard silver nine-tenths fine. These coins are legal-tender to the extent of twenty marks only, and the amount is limited to ten marks per capita. They are redeemable in gold at the public treasury. The German minor coins are ten- and five-pfennig nickel pieces, and two- and one-pfennig copper pieces.

There are still in circulation in Germany about 150,000,000 of the silver thalers which were coined by the separate states before the Union. The complete retirement of these coins was contemplated at the time of the reform in the early seventies, but for various reasons this part of the programme has not been carried out. These coins pass at the value of three marks each, and are legal-tender to any amount.

F. Austria-Hungary. - The present coinage system of the Austro-Hungarian monarchy is somewhat confusing to the foreigner, owing to the fact that it is still in a transition state. In 1892 a law was passed having for its object the reform of the coinage system and the ultimate resumption of specie payments. For half a century or more previous to that date the currency had consisted almost exclusively of depreciated government notes. The new coinage system authorized by the act of 1892 established the gold krone, divided into one hundred heller, as the unit of value. The weight of the new unit was fixed at 33875338 grams or 5.23774215016 grains of standard gold nine-tenths fine. Twenty- and ten-krone gold coins were authorized and regulations for the exchange of the new coins for the old established.