List of exchange rates (gold standard)
The list of exchange rates at the time of the gold standard gives a selection of the fixed rates of the most important currencies for the years 1912 and 1932 against the currency of the German Reich based on the theoretical gold parity (= fineness ratios) of the minted golden currency denominations from before 1915.
After the First World War, these gold parities were retained or formally consolidated again - as with the Rentenmark at the end of 1923 - in exchange rate comparisons with many major industrialized countries , although there was no longer any free physical gold coin circulation after 1914. The “free” gold standard was in fact abolished from August 1914 almost worldwide with the start of the war and was not reintroduced after 1918 either. Only in the United States was there a (limited) free gold dollar circulation between 1918 and 1933, since the British sovereign was already traded in the First World War with a surcharge on the paper pound sterling and thus became a trading coin or investment coin .
In the practical currency trade with the means of payment of the main industrialized countries, slight differences in exchange rates - i.e. deviations from the theoretical gold parity - occurred even before 1915. These were due to exchange fees, exchange commissions, taxes, postage, etc. When foreign gold coins were physically exchanged at the Reichsbank, they were weighed extra before 1915 and offset against the fixed gold coin Reichsbank purchase price of this type of coin , which is due to the different handling of Had fluctuations in the fineness of the respective mint. Any existing coin wear, such as passing weights that were not reached, were also taken into account. See also course examples in Goldmark .
After the First World War, many countries stopped direct exchangeability for gold for private individuals or introduced paper currencies. In many cases there was only one gold core currency , which was only of importance in commercial cross-border trade in order to compensate for any trade disproportions. In the third week of April 1933 Roosevelt suspended gold convertibility, whereupon the US dollar lost ten percent of its value against gold by the end of the month. Other countries like most of the Central American states, Argentina and Canada joined the US. Belgium abolished the convertibility of its currency in 1935, France, Holland and Switzerland in 1936.
table
| country | 1 mark (1912) | Standard gold coin in M (1910, 1 ounce gold = 81 M) |
Standard coin in RM (1932; 1g gold = 2.70 RM) |
Bretton Woods System 1946-71 (units per US $) |
|---|---|---|---|---|
| Abyssinia | 1 Maria Theresa thaler : 4.20 | 1 Meneliktaler : 2-2.40 | ||
| Egypt | Gineih Maṣri (1 ₤ E = ₤ 1/6 d. = 5 US $) Riyal Maṣri (833 ‰ Ag) at 100 piastre tarifée (PT) |
from 1916: 1 ₤ E = 100 piastres = 1000 millièmes (M) | ||
| Afghanistan | 1 Tilla : 11.30 | 1 Amani (= 30 Afghani): 20.43 1 rupee : 0.67 |
||
| Belgium | 1.25 Belgian franc | 1 franc: 0.81 | 1 Belga = 5 (paper) francs: 0.58 | Dec. 27, 1945: 43.77 1946 parity with the Luxembourg franc Sept. 21, 1949: 50 |
| Brazil | 0.437 milreis | 1 milreis: 2.30 | 1 Cruzeiro : 5.02 | |
| Chile | 0.247 pesos | 1 Peso Nuevo: 1.53, 1 Peso Corriente: 3.05, 1 Condor : 38.30 |
1 peso: 0.51 | |
| China | 0.17 tael (Ag) | 1 Haikwan Tael (Ag): 6.41 1 Shanghai Tael (Ag): 2.70 |
1 Haikwan-Tael (Ag until 1935): 2.97 1 Yüan : 1.64 |
|
|
Denmark , Norway , Sweden |
0.886 crowns | 1 crown: 1.12 10 kr (900 fine = 4.4803 g) |
1 crown: 1.25 | August 1945: 4.80 Sept 19, 1949: 6.91 Nov 21, 1967: 7.50 |
| France | 1.25 French franc | 1 franc (= 20 sous): 0.81 | Paper currency, gold franc, was used to calculate official fees from 1919-40. 1928-36 stabilized 10 fr. = 589½ mg gold. Rates: 1919 US $ 1 approx. 8 fr., 1930 around 25 fr. 1 fr. 1929 approx. 16.5 ₰. |
Dec. 27, 1945: 119.11 Jan. 26, 1948: 214.39 Apr. 27, 1949: 272.21 1957: 493.7 (1 fr. = 1.8 mg Au) 1960: 4.9371 (new francs 0.16g Au) 10 Aug 1969: 5.55 NF |
| Greece | 1.25 drachma | 1 new drachm: 0.81 1 drachm: 0.72 |
Paper currency | 1945-54 Hyperinflation (currency average 1000: 1) May 1, 1954: 30 |
| Great Britain (and Dominions ) | 1 shilling | 1 sovereign (= 20 shillings): 20.43 1 guinea (= 21 shillings): 21.45 |
1 sovereign: 20.43 | Dec. 27, 1945: 0.2481 Sept. 18, 1949: 0.3571 Nov. 17, 1967: 0.4167 |
| Italy | 1.25 lira | 1 lira: 0.81 | 1 lira: 0.81 ("New" gold lira from 1927-Oct. 1936 at 791 mg fine gold.) |
Jan. 4, 1946: 225 March 26, 1946: 509 Jan. 7, 1947: 350 Nov. 28, 1947: 575 Sept. 18, 1949: 625 |
| Japan | 0.227 yen | 1 (gold) yen (from 1907): 2.10 | 1 yen: 2.09 | Aug. 1946: 15 July 5, 1948: 270 Apr. 25, 1948: 360 July 20, 1971: 308 |
| Mexico | $ 0.227 (Ag) | 1 peso: 2.10 | 1 peso: 2.09 | |
| Netherlands (and colonies) | 0.588 fl. | 1 tientje (10 fl.): 16.87 | 1 bottle: 1.69 | Dec 27, 1945: 2.652 Sept. 20, 1949: 3.80 March 7, 1961: 3.62 |
| Austria-Hungary (1910) Montenegro (1910–1918: Perper ) |
1.17 crown | Austria: 1 schilling : 0.59. (1925-33 1.8 öS = 1 theoretical gold crown) Hungary: 1 pengő : 0.73 Czechoslovakia: 1 crown : 0.85 |
||
| Paraguay | 1 peso: 0.81 | |||
| Peru | 0.227 sol | 1 Sol: 2.04 | 1 Libra (= 10 Soles): 20.43 | |
| Portugal | 0.220 Milreis (conversion to Escudo: May 22, 1911) |
1 crown (= 10 milreis): 45.36 | 1 (theor. Gold) Escudo: 4.54 May 1929: 100 Esc = 18.80 RM. |
|
| Romania | 1.25 lei | 1 Carlo d'or (= 20 lei): 16.20 | Paper currency. As of Feb. 27, 1929, pegged $ 167.20 lei / US $, Nov. 5, 1936: 135.95 lei, May 31, 1941: 187.48. 1940: 49.50 lei = 1 RM, April 1941. 59.50 lei / RM. End of 1944: 1 ruble = 100 lei. |
Currency average on August 15, 1947: 20,000: 1, then 150 new lei / $. Currency reform with variable exchange rate 20-400 in 1952. |
| Russia Soviet Union |
0.303 (silver) - rubles | 1 Imperial (= 15 rubles): 32.40 Bukhara : 1 thong : 0.61 |
1 Chervonets (= 10 rubles): 21.60 | |
| Switzerland | 1.25 francs | 1 franc: 0.81 | 1 franc: 0.81 | Dec. 27, 1945 4.30521 Sept. 1949: 4.375 |
| Siam | 1 Tikal (= 4 Salung = 8 Fuang): 2.49 | 1 tikal (= 100 satang): 1.70 | ||
| Serbia (1910) South Slavia (1932) |
1 dinar : 0.81 | Paper currency | ||
| Spain | 1.25 peseta 1 silver peseta = 50 ₰. |
1 duro nuevo (= 5 pesetas): 4.05 100 paper pesetas: 63.84 |
1 peseta: 0.81; 1940-45: ₧ 10.95 / US $ | July 17, 1959: 60 Nov. 20, 1967: 70 |
| Turkey | 5,715 piastres Egypt: 4.83 piastres |
1 piaster (= 40 Para = 120 asper): 0.18 1 lira (= 100 gold piasters): 18.45 |
Paper currency In the mandate areas: Nov. 1, 1927 “Palestine Pound” (Litra تالريل) = British ₤. Syria and Lebanon: 1919 “Syrian pound” ( livre syrienne ) for 100 piastres (شرغ girsh). 1 sy ₤ = 20 francs. 1941 8.83 / brit ₤ fixed. 1945-49 1 sy ₤ = 54.35 FF. |
|
| Uruguay | 1 (gold) peso: 4.35 | 1 peso: 4.34 | ||
| Venezuela | 1 peso (= 5 bolivars): 4.05 | 1 bolivar : 0.81 | ||
| United States Dominican Republic Panama (from 1904) |
$ 0.227 | 1 eagle (= $ 10): 41.80 | 1 dollar: 4.20 1933 dollar devaluation: 1 $ = 2.49 RM |
|
| British India | 1 rupee (= 16 annas ): 1.53 | |||
| Danzig | 1923: 25 G. = £ 1 1 guilder : 0.82 |
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| Poland | 1 zloty : 0.47 | |||
| Straits Settlements | 1 Straits dollar: 2.38 | |||
| Central America | 0.247 pesos | 1 peso: Guatemala: 4.20 Honduras: 1 quetzal 2.20 |
The East Asian silver currencies created around 1900 were initially based on the model of the Mexican dollar . They were successively converted to the gold standard, and they contained fine gold / unit:
- 1877 Dutch Indies guilder, 604 mg
- 1903 the peso of the Philippines , 812 mg
- 1906 the Straits dollar, 854 mg, fixed rate: 2 shillings. 4 d.
- 1907 the gold yen
- In 1927 the Indian rupee, which since the 1890s was de facto pegged to the pound at a fixed rate that had deteriorated several times (1 '3d . To 2 sh., Ultimately 15 Rs = £ 1), 549 mg
- 1928 the Thai tikal (= baht ), 665 mg
- 1930 the piaster in French Indochina, 589½ mg, equivalent to 10 fr. Francs.
Most countries, especially after the British moved away from the gold bond in 1936, had to give it up (again).
literature
- 1912: Otto, Carl; The house secretary ; Berlin 1913, p. 485, 3rd cover page.
- 1932: From AZ: The Conversation Lexicon ; Berlin 1932, Col. 417 ff.
- 1893: R. Telschow, A. Schacht; All business dealings with the Reichsbank ; Leipzig, Dürr'sche Buchhandlung.
Individual evidence
- ^ Lohner, Henry; Only those who are dead do not take any risks. History of the casinos and roulette systems of the 20th century . Books on Demand, Norderstedt 2012; ISBN 978-3-8448-0977-0 ; P. 243f. It was named after the English guinee, actually about 1% lighter, 875 ‰ Au. In the second half of the 19th century, the piastre courant, which was half the value of the PT, was used in everyday dealings . The circulation of gold coins - including those of foreign countries - ended with the First World War.
- ↑ As a unit of the Scandinavian Coin Union (1 kg fine gold = 2480 kr.) Until the start of the war in 1914, then again in Denmark 1924-31, Norway 1916-20 and 1928-31. Then until 1939 £ 1 = 19.9 Norwegian kroner. Sweden did not mint standard coins from 1902, then again in 1920-5.
- ↑ From 1891 onwards, the Protectorate of Tunis had its own coins based on the French pattern in the style of the Latin Monetary Union, but labeled in Arabic on the reverse, with 25 francs equating to 15 piastres for gold coins.
- ↑ 1 kg of fine gold = 2952 units
- ↑ Until 1917, the 1-sol piece corresponded in weight and fineness (900/1000) to the 5-franc piece of the Latin Monetary Union.
- ↑ In 1912 the individual countries had different names for their currencies (e.g. Colón , Quetzal ), but the underlying amount of gold was 0.72 g gold / unit.