News Item: The Latin Monetary Union
(Category: Misc)
Posted by Nicholas
Friday 03 September 2010 - 08:37:56
Were you aware that the European Union was not the first organization in Europe that attempted to standardize coinage among countries?
The Latin Monetary Union is one of those organizations that attempted to unify European coinage into a single currency. The LMU was formed in 1865 and was around until 1927. Unlike the European Union, which created the Euro to circulate through all participating nations, the LMU required only that countries conform to the size and weight requirements of gold and silver coins.
France, Belgium, Italy, and Switzerland were the initial members of the LMU at it's inception in 1865. Spain and Greece join in 1868, followed by Romania, Bulgaria, Venezuela, Serbia, San Marino and the Papal States in 1889. In 1904, the Danish West Indies were also placed on this standard but did not join the Union itself.
The United States of America was also considering linking up with the LMU. The weights of it's coins were restructured so that for every $1 in face value, there would be 25 grams of 90% silver. A 20-cent piece was minted from 1875-1878 which would have been on par with the French Franc. The U.S. also created patterns for a $4 gold coin, called a stella, which would have been equal in value to 20 French Francs.
By the time of World War I (1914-1918) the LMU had been virtually phased out and by 1927 it was dissolved.
This news item is from A FREE Online Coin Database & Price Guide
( http://www.coinbrag.com/e107/news.php?extend.91 )
(Category: Misc)
Posted by Nicholas
Friday 03 September 2010 - 08:37:56
Were you aware that the European Union was not the first organization in Europe that attempted to standardize coinage among countries?
The Latin Monetary Union is one of those organizations that attempted to unify European coinage into a single currency. The LMU was formed in 1865 and was around until 1927. Unlike the European Union, which created the Euro to circulate through all participating nations, the LMU required only that countries conform to the size and weight requirements of gold and silver coins.
France, Belgium, Italy, and Switzerland were the initial members of the LMU at it's inception in 1865. Spain and Greece join in 1868, followed by Romania, Bulgaria, Venezuela, Serbia, San Marino and the Papal States in 1889. In 1904, the Danish West Indies were also placed on this standard but did not join the Union itself.
The United States of America was also considering linking up with the LMU. The weights of it's coins were restructured so that for every $1 in face value, there would be 25 grams of 90% silver. A 20-cent piece was minted from 1875-1878 which would have been on par with the French Franc. The U.S. also created patterns for a $4 gold coin, called a stella, which would have been equal in value to 20 French Francs.
By the time of World War I (1914-1918) the LMU had been virtually phased out and by 1927 it was dissolved.
This news item is from A FREE Online Coin Database & Price Guide
( http://www.coinbrag.com/e107/news.php?extend.91 )