Decimal currency
A decimal currency is a currency in which the main currency unit is divided into one or more sub-units by powers of ten . Today's normal case is a single sub-unit, which makes up one hundredth of the main unit.
In ancient times and in the Middle Ages , coin units were practically never divided into decimal numbers. The most important pre-decimal system was the Carolingian coin system . But there were individual approaches to decimalization, so the Roman denarius was divided into 10 aces . In Russia one ruble was counted to 100 kopecks as early as the 16th century , but it wasn't until the beginning of the 18th century that coins were actually minted according to this system and at the same time non-decimal classifications and special names were used for these denominations.
In 1792, the United States was the first country to consistently introduce the decimal system in the monetary system. The US dollar has been divided into 10 dimes (by decimes), 100 cents and 1000 mills . The dime has remained the designation for the 10-cent piece, but is not used as the invoice currency . The cent, on the other hand, became the model for the hundredth division of practically all currencies worldwide.
The spread of the decimal currency in Europe began in 1795 when France introduced the franc at 10 decimes and 100 centimes . Here, too, the division into hundreds existed and was widely used with the Latin Monetary Union . In 1850/51 Switzerland introduced the franc at 100 cents . In Austria were on 1857 100 new cruiser 1 Gulden , which also simultaneously dollars and gold crowns were outstanding. In 1892 a purely decimal currency was introduced with the crown of 100 hellers . Germany received a decimal currency in 1871 with the introduction of the first national currency, the mark . In 1971, Great Britain and Ireland were the last European countries to have their currencies divided into decimal places. Previously, the British and Irish pounds were divided into 20 shillings and 240 pence (Carolingian coin system).
Few states have any other breakdown than the hundredths. In Tunisia , the dinar is used at 1000 millimeters. In Egypt , in Libya and Sudan will pound both in 100 piastres and in 1000 Milliemes or Millims divided. Bahrain , Jordan , Iraq and Kuwait count the dinar to 1000 fils . In the Sultanate of Oman, the national currency, the rial, is divided into 1000 Baisa. Only in Mauritania (1 Ouguiya = 5 Khoums) and Madagascar (1 Ariary = 5 Iraimbilanja / Francs ) there is no decimal currency, but the value of the subunits is too small to be used.
The logarithmic denomination of coins or banknotes has proven to be beneficial for money transactions, which when rounded corresponds approximately to the E3 series .
| 1st decade | 1, 2, 5 cents |
|---|---|
| 2nd decade | 10, 20, 50 cents |
| 3rd decade | € 1, 2, 5 |
| 4th decade | 10, 20, 50 € |
| 5th decade | € 100, € 200, € 500 |