The silver coins are subsidiary and consist of krone, half-krone, and fifty-heller pieces. The krone is the exact equivalent of the French franc and weighs accord-ingly 5 grams or 77.16 grains of standard silver .835 fine. These coins are legal-tender only to the extent of fifty kronen and the amount issued is limited to 200,000,000 kronen, of which 60,000,000 are assigned to Hungary. They are accepted in unlimited amounts by the government.

Previous to 1892 the Austrian unit was the silver florin of one hundred kreutzers, containing 11.111 grams or 171.464952 grains of fine silver, or 12.345 grams or 190.50804 grains of standard silver nine-tenths fine. Two-and one-florin silver pieces were minted and were legal-tender in unlimited amounts. There were also coined eight- and four-florin gold pieces, the former weighing 6.452 grams or 99.567264 grains of standard gold nine-tenths fine, and the latter one-half that amount.

In the substitution of the new system for the old many difficulties have been met, and its complete accomplishment will probably require considerable time. The act of 1892 made two kronen of the new coinage equal to a florin of the old for general commercial purposes and in the redemption of the old silver coins, but, on account of the fact that the relative amounts of pure metal in the old and new gold coins did not correspond to this ratio, special and more complicated arrangements were necessary for the retirement of the old eight- and four-florin pieces. In consequence at the present time one meets in Austria the peculiar phenomenon of a government refusing to accept its own standard coins at par in all payments.

G. The Scandinavian Union. - Since 1875 Sweden, Norway, and Denmark have enjoyed a common currency system. The present unit is the gold krone, divided into one hundred ore, and containing 6.914 grains of metal nine-tenths fine. Twenty- and ten-krone pieces are coined and possess full legal-tender power. The silver coins are all subsidiary, and consist of two- and one-krone pieces, weighing respectively 15 and 7 1/2 grams or 231.48 and 115.74 grains of standard silver eight-tenths fine, and are legal-tender to the amount of twenty kroner. There are also coined fifty-, forty-, and twenty-ore pieces, weighing 5, 4 and 2.42 grams or 77.16, 61.728, 37.34544 grains respectively of silver six-tenths fine, and ten-ore pieces weighing 1.45 grams or 6.9444 grains of silver four-tenths fine. These latter coins are legal-tender only to the amount of five kroner. Each state redeems its own subsidiary coins in gold in sums of ten kroner or multiples thereof. No limit is placed upon the amount of these coins by treaty arrangement, each state being left to regulate that according to its own needs and judgment. The minor coins of the Union are five-, two-, and one-ore pieces of copper.

H. Holland. - The unit of account in Holland is the florin, or gulden, divided into one hundred cents. Twenty-and ten-florin pieces of gold are coined, weighing respectively 13.440 and 6.720 grams or 103.07 and 51.85 grains of standard gold nine-tenths fine. In silver there are coined five-, ten-, and twenty-five-cent pieces, florins, half-florins, and rix-dalers, the latter being equal to two and one-half florins. The silver florin weighs 10 grams or 154.32 grains of silver .945 fine. The rix-daler is of exactly the same weight as the five-franc piece in circulation in the Latin Union, but is made of finer metal and is thus slightly superior to it in value. The twenty-five-, ten-, and fivecent pieces weigh respectively 55.1694, 21.6048, and 10.55 grains, but are only .640 fine. Since 1877 the coinage of silver in Holland has not been free to private individuals, but the rix-dalers, florins, and half-florins are full legal-tender. The other silver coins are legal-tender for sums of ten florins and under only. Minor copper coins of the value of two and a half cents, one cent, and one-half cent are provided.

I. Russia. - The present currency of Russia consists chiefly of depreciated government paper, but a new coinage system dating from 1886 should be described on account of its importance in the foreign exchanges of the country. The unit is the silver ruble, divided into one hundred kopecks, and its weight is 308.571 grains of standard silver nine-tenths fine. The coins are one-, one-half-, and one-quarter-ruble pieces. Gold fifteen-, ten-, seven-and-a-half-, and five-ruble pieces are also coined, the former weighing 199.137 grains of standard gold nine-tenths fine, or 179.223 grains of pure gold. A ducat, equal to three rubles in value, is also minted. These gold coins are chiefly useful in the foreign commerce of the country, their high intrinsic value making it unprofitable to use them at home. The silver ruble, half-ruble, and quarter-ruble pieces alone are full legal-tender. Subsidiary coins of denominations twenty, fifteen, ten, and five kopecks, made of silver five-tenths fine, and the twenty-kopeck piece, weighing 3.599 grams or 55.539768 grains, are legal-tender only to the extent of three rubles, but are receivable in unlimited amounts by the government.

J. Latin America. - It is impossible in short space to give a complete account of the numerous monetary systems employed in the various states of America which formerly were dependants of Spain and still show in their monetary systems the influence of the mother country. We shall present, therefore, only a few facts descriptive in a general way of conditions in that part of the world. The most widely extended system of accounting in Latin America is that of which the unit is the peso, divided into one hundred centavos. In most of the states in which this system is employed the standard is silver, and while there is some approximation towards uniformity in the size and value of their unit coins, there are nevertheless considerable variations. For example, the Mexican peso weighs 417.79 grains of silver .972 fine, while that of many of the Central and South American states weighs 385.8 grains of silver nine-tenths fine, being the exact equivalent of the five-franc piece of the Latin Union. The states which have thus attempted to assimilate their coinage to that of the Latin Monetary Union usually issue half- and quarter-peso pieces of the same relative weight and fineness as the peso, and smaller coins, commonly ten- and five-centavo pieces, of .835 fineness. To this group belong the five Central American states, Guatemala, Costa Rica, Salvador, Nicaragua, and Honduras, and also Ecuador and Colombia. The peso of the Argentine Republic, the sol of Peru, and the boliviana of Bolivia are also the exact equivalents in weight and fineness of the five-franc piece of the Latin Union, but in all of these states the divisional coins are of the same proportional weight and fineness as the peso.

The gold standard prevails actually in Uruguay and nominally in Chili. The unit in the former state is the gold peso, weighing 1.697 grams or 26.188104 grains of standard gold .917 fine. The silver coins of Uruguay consist of the peso, the exact equivalent in weight and fineness of the five-franc piece of the Latin Union, and of fifty-, twenty-, and ten-centavo pieces of proportionate weight and fineness. The actual currency of Chili consists of irredeemable paper, but by an act passed in 1896 a gold peso weighing 23.538 grains of standard gold nine-tenths fine was authorized. Her silver currency is similar to that of the other states who have patterned after the Latin Union.

The Republic of Brazil also has a gold standard. The unit is the milreis of one thousand reis, weighing 13.8347 grains of standard gold .917 fine. The gold coins are twenty-, ten-, and five-milreis pieces. The silver coins are subsidiary and consist of two-, one-, and one-half-milreis pieces, the silver milreis weighing 196.758 grains of standard silver .917 fine. Minor nickel coins of twenty reis and bronze coins of forty reis are issued. Brazil, like most of the South American states, has a forced circulation of depreciated government paper, and consequently its gold and silver coins are not found in general circulation.

K. China and Japan. - China has no complete coinage system. Since 1890 she has minted some small silver coins and a mass of minor brass coins called cash. The monetary transactions of the country are usually conducted in foreign silver coins or in bullion. The unit of weight for monetary purposes is the tael, which, however, is not uniform in the different parts of the Empire. Taking the Haikwan or government tael as a basis, one hundred of these are equal to 111.4 of the Shanghai taels, 101.75 of the Amoy, 105 of the Tientsin, and 102.15 of the Canton. The Haikwan tael is equivalent to 590.35 grains, while that of Canton, most commonly used in mercantile transactions, is equivalent to 579.84 grains. There is a Shanghai tael consisting of 564.2 grains of silver .898 fine. The most popular coin in China seems to be the Mexican dollar, which circulates freely and becomes legal-tender when stamped by the proper Chinese authorities. The silver dollar of the United States also circulates in China. At one time a special coin called the trade-dollar was issued from the mints of the United States for use in the China trade, but it was retired after a few years.

The Japanese coinage system has undergone a number of changes since 1871. Very recently, since the payment of the Chinese indemnity, the gold standard has been established, apparently upon a durable basis. The unit is the gold yen, divided into one hundred sen. Twenty-, ten-, five-, two-, and one-yen pieces are minted, the latter weighing 25.72 grains of standard gold nine-tenths fine, and being thus very nearly the equivalent of the gold dollar of the United States. The silver coins are subsidiary and are made of metal nine-tenths fine. Fifty-, twenty-, ten-, and five-sen pieces are coined, the former weighing 208 grains of standard silver. Minor coins consisting of a five-sen nickel piece, and of two-, one-, and one-half-sen copper pieces are also minted.

References

The nature and purposes of coinage are discussed in Jevons, ch. vii; Walker's Money, ch. ix; and Lexis's "Munzwesen," in the Handworterbuch der Staatswissenschaften.

On the details of the monetary systems of the various States see Tate's Modern Cambist; Norman's Universal Cambist and Complete Guide to the World's Twenty-nine Metal Monetary Systems; Muhleman's Monetary Systems of the World; "The World's Currencies" in Sound Currency, v. VII, No. 8; Haupt's Arbitrages et Parites; and Lejeune's Monnaies, Poids et Mesures des Principaux Pays du Monde.

On the subject of seigniorage see Walker's Money, ch. x; Martin's Seigneurage and Mint Charges, Seyd's The Question of Seniorage and the Charge for Coining; Lexis's op. cit.; and Nasse, ch. vi.