Quotations for foreign exchange, such as checks, drafts, commercial bills, etc., are rarely understood except by those familiar with the business. In quoting the rate of exchange for drafts, checks, etc., on countries other than France, Germany, and sometimes Italy, the rate quoted is per single unit, that is, so much in our money per pound sterling on England; krone on Norway, Sweden, and Denmark; ruble on Russia, etc.

Exchange on France and Germany, when quoted by dealers at smaller places, would be the same - so much per single franc or mark; but in the larger cities it is the custom, when quoting rates for francs, to quote the number of francs and centimes that will be allowed per $1, as, for example, 5.15 5/8 - meaning that for each $1 you would be allowed 5 francs 15% centimes.

On Germany the quotation would be for 4 marks instead of 1; for example, 95 5/16 - meaning that for each 4 marks you would have to pay 95 5/16 cents.

The allowance of % of a centime per $1, considering that one whole centime is worth only 1-5 of a cent in our money, and a fraction like 5-16 of a cent in our money on 4 marks, no doubt seems to most people like a very small item, but on a transaction of 100,000 francs (about $19,400 in our money) % of a centime per dollar would make a difference of over $28, and 5-16 of a cent per 4 marks on 100,000 marks (about $24,800) would be a difference of over $78, or over $15 on each 1-16 of a cent.