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Hamburger Mark (German) | |
---|---|
Unit | |
Plural | Mark |
Denominations | |
Subunit | |
1⁄16 | Schilling |
1⁄192 | Pfennig |
Plural | |
Schilling | Schillinge |
Pfennig | Pfennige |
Demographics | |
User(s) | Hamburg , British Heligoland |
The Hamburg Mark refers to two distinct currencies issued in the city of Hamburg until 1875:
Each mark is divided into 16 schilling, each of 12 pfennig. Three marks were equal to a Reichsthaler, Germany's main unit of currency which the Hamburger Bank (Bank of Hamburg) defined and maintained until 1875.
The Hamburg Mark Banco was a form of bank money created by the Hamburger Bank in 1619 in order to provide a more reliable medium of exchange in the midst of the monetary chaos of the Kipper und Wipperzeit . It accepted silver of verified weight from customers and credited their accounts with a Reichsthaler equivalent unit called the Hamburg Reichsthaler Banco, equal to 3 Hamburg Marks Banco and which subdivided further as
This Mark Banco turned out to be one of Europe's most stable currencies. While the Reichsthaler was originally defined as 25.984 grams (1⁄9th a Cologne mark, or 233.856 g) fine silver, the Bank of Amsterdam's lower standard for the Dutch rijksdaalder of 25.4 g prevailed for the next two centuries. From 1770 the Hamburger Bank accepted bullion and coin, buying one Cologne mark of fine silver for 275⁄8 marks banco (95⁄24 thalers, or 25.40 g per thaler), and selling it for 273⁄4 marks (91⁄4 thalers, or 25.28 g per thaler). [1] The reichsthaler banco of Hamburg and Amsterdam was also equivalent to the Danish rigsdaler specie and the Norwegian rigsdaler specie. [2]
The Vienna Monetary Treaty of 1857 unified the various German currencies with the Vereinsthaler of 162⁄3 g fine silver, with Hamburg's Reichsthaler Banco worth 1.5169 Vereinsthaler. With full German unification in 1871 and the introduction of a uniform German gold mark currency in 1873 there was little need for an institution like the Hamburger Bank to verify the value of the currency of a unified Germany. The bank was closed in 1875 with the Reichsthaler Banco or 3 Marks Banco converted to 4.5 gold marks.
Even with the existence of standardized currency denominated in Reichsthalers and Marks Banco, it was desired to issue coins (or courant) in Northern Germany valued at a fraction of these standard units. Hamburg first issued local currency in 1667 at a tale of 1 Cologne Mark = 10.5 thalers courant = 31.5 marks courant (the Zinnaische standard). In 1690 it then decided to follow the standard of Lübeck issued at a tale of 1 Cologne Mark = 111⁄3 thalers = 34 marks courant. This Hamburg Mark Courant was worth 27.625/34 = 13⁄16th of a Hamburg Mark Banco (or 6.88 g fine silver) and was also divided into 16 schillings courant. [3]
A mostly similar currency system was used in Denmark, Norway and Schleswig-Holstein, but with a slightly lower thaler courant worth 4⁄5 the Reichsthaler specie, so that the latter equalled 60 schillings courant (or 120 skillings Danske in Denmark and Norway). [4]
Prussian thalers and Vereinsthalers became more common in Hamburg after 1840 and began to be exchanged for a higher price of 21⁄2 marks courant, thus implying a lower tale of 35 marks courant or 6.67 g fine silver. In 1875 the Hamburg Mark Courant was retired and converted to 1.2 German gold marks.
Lübeck ceased minting coins after 1801 but continued to use the same currency system as Hamburg until German unification. By the time of the introduction of the German mark in 1873, Hamburg currency constituted 61% of the coins in circulation in Lübeck. [5]
A thaler or taler is one of the large silver coins minted in the states and territories of the Holy Roman Empire and the Habsburg monarchy during the Early Modern period. A thaler size silver coin has a diameter of about 40 mm and a weight of about 25 to 30 grams. The word is shortened from Joachimsthaler, the original thaler coin minted in Joachimsthal, Bohemia, from 1520.
The svenska riksdaler was the name of a Swedish coin first minted in 1604. Between 1777 and 1873, it was the currency of Sweden. The daler, like the dollar, was named after the German Thaler. The similarly named Reichsthaler, rijksdaalder, and rigsdaler were used in Germany and Austria-Hungary, the Netherlands, and Denmark-Norway, respectively. Riksdaler is still used as a colloquial term for krona, Sweden's modern-day currency.
The Scandinavian Monetary Union was a monetary union formed by Denmark and Sweden on 5 May 1873, with Norway joining in 1875. It established a common currency unit, the krone/krona, based on the gold standard. It was one of the few tangible results of the Scandinavian political movement of the 19th century. The union ended during World War I.
The mark was a currency or unit of account in many states. It is named for the mark unit of weight. The word mark comes from a merging of three Germanic words, Latinised in 9th-century post-classical Latin as marca, marcha, marha or marcus. It was a measure of weight mainly for gold and silver, commonly used throughout Europe and often equivalent to 8 troy ounces (250 g). Considerable variations, however, occurred throughout the Middle Ages.
The Swiss franc, or simply the franc, is the currency and legal tender of Switzerland and Liechtenstein. It is also legal tender in the Italian exclave of Campione d'Italia which is surrounded by Swiss territory. The Swiss National Bank (SNB) issues banknotes and the federal mint Swissmint issues coins.
The German mark was the currency of the German Empire, which spanned from 1871 to 1918. The mark was paired with the minor unit of the pfennig (₰); 100 pfennigs were equivalent to 1 mark. The mark was on the gold standard from 1871 to 1914, but like most nations during World War I, the German Empire removed the gold backing in August 1914, and gold coins ceased to circulate.
The Conventionstaler or Konventionstaler, was a standard silver coin in the Austrian Empire and the southern German states of the Holy Roman Empire from the mid-18th to early 19th-centuries. Its most famous example is the Maria Theresa thaler which is still minted today. The Conventionsgulden was equivalent to a 1⁄2Conventionsthaler.
The Reichsthaler, or more specifically the Reichsthaler specie, was a standard thaler silver coin introduced by the Holy Roman Empire in 1566 for use in all German states, minted in various versions for the next 300 years, and containing 25–26 grams fine silver.
The rigsdaler was the name of several currencies used in Denmark until 1875. The similarly named Reichsthaler, riksdaler and rijksdaalder were used in Germany and Austria-Hungary, Sweden and the Netherlands, respectively. These currencies were often anglicized as rix-dollar or rixdollar.
The Austro-Hungarian gulden was the currency of the lands of the House of Habsburg between 1754 and 1892, when it was replaced by the Austro-Hungarian krone as part of the introduction of the gold standard. In Austria, the gulden was initially divided into 60 kreuzers. The currency was decimalized in 1857, using the same names for the unit and subunit.
The South German Gulden was the currency of the states of Southern Germany between 1754 and 1873. These states included Bavaria, Baden, Württemberg, Frankfurt and Hohenzollern. It was divided into 60 kreuzer, with each kreuzer worth 4 pfennig or 8 heller.
The Thaler was the currency of the Free Hanseatic City of Bremen until 1873, when Germany adopted the gold mark (ℳ). It was divided into 72 Grote, each of 5 Schwaren. While initially identical to the North German thaler before the 1750s, it was the only currency to maintain the gold standard of 5 thalers to a Friedrich d'or pistole from the 1750s until 1873, long after all other states adopted the Conventionsthaler.
The Prussian Thaler was the currency of Prussia until 1857. In 1750, Johann Philipp Graumann implemented the Graumannscher Fuß with 14 thalers issued to a Cologne Mark of fine silver, or 16.704 g per thaler.
The Thaler was a coin issued by Baden of varying equivalents to its currency, the South German gulden, each of 60 kreuzer. Beginning in 1690, the Reichsthaler specie coin of 25.984 g fine silver was issued for 2 gulden. After 1754, the Conventionsthaler of 23.3856 g fine silver was issued for 2.4 gulden. Starting in the 19th, century the Kronenthaler of 25.71 g fine silver was issued for 2.7 gulden ; the French silver écu also started being accepted for 2.8 gulden. After 1837, the doppelthaler, which was worth two Prussian thalers, was issued for 31⁄2 gulden. From 1857 to 1871, the Vereinsthaler was issued for 13⁄4 gulden.
The rigsdaler specie was a unit of silver currency used in Norway from 1544, renamed as the speciedaler in 1816 and used until 1873. Norway used a common reichsthaler currency system shared with Denmark, Hamburg and Schleswig-Holstein until 1873 when the gold standard was implemented in Scandinavia and the German Empire.
The Vienna Monetary Treaty of 1857 was a treaty that set a currency standard for use across the German Zollverein states, Austria, and Liechtenstein. The official name of the treaty was Monetary Treaty Between the German States of 24 January 1857.
The Hamburger Bank was a public credit institution founded in 1619 by the Free City of Hamburg. It operated independently until 31 December 1875, when it became part of the newly created Reichsbank.
The North German thaler was a currency used by several states of Northern Germany from 1690 to 1873, first under the Holy Roman Empire, then by the German Confederation. Originally equal to the Reichsthaler specie or silver coin from 1566 until the Kipper und Wipper crisis of 1618, a thaler currency unit worth less than the Reichsthaler specie was first defined in 1667 and became widely used after adoption of the Leipzig currency standard of 1690.
The Speciesthaler, also Speciestaler or Speziestaler, was a type of silver specie coin that was widespread from the 17th to the 19th century and was based on the 9-Thaler standard of the original Reichsthaler. In Scandinavian sources the term Speciesdaler is used and, in German sources, the abbreviation Species was also common.
The schilling was the name of a coin in various historical European states and which gave its name to the English shilling. The schilling was a former currency in many of the German-speaking states of the Holy Roman Empire, including the Hanseatic city states of Hamburg and Lübeck, the March of Brandenburg, and the Duchies of Bavaria, Mecklenburg, and Württemberg. It was also used in Switzerland and in Austria, where silver schillings were introduced as recently as 1923.