Mark Banco

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Mark Banco was the name of a silver- based calculating currency of the Hamburger Bank .

history

Share over 500 Mark Banco of the AG of the Fährhaus on Uhlenhorst from October 1870

The Hamburg bank, founded in March 1619, was the first credit institute to operate exclusively with its accounting currency "Mark Banco" with the sole purpose of giro transactions . The cash , i.e. coins of various types and precious metals , which the merchants paid in , were initially recorded in the bank's books in bancotalers , later as Mark Banco . It was introduced during the tipper and wipper era of constant coin valuation in order to provide Hamburg merchants with a secure calculation basis.

The Mark Banco, introduced around 1621, was purely an arithmetic currency, that is, it was not paid out in cash and only existed as book money in the bank's books. In 1622 a Mark Banco corresponded to a silver weight of 8.66 g. Their value was about a third of the Reichstaler introduced in 1566 . The bank accepted silver bars at a rate of 59 1/3 Banco marks per inch pound and credited them to the depositor on his folium ( account ). From this he could make cashless payments to other account holders by writing and writing. The Mark Banco was divided into 16 shillings of 12 pfennigs each.

Since the Mark Banco had a stable value, it was used as currency in wholesaling and mortgage loans , the prices of most goods were marked in Mark Banco from 1823, and the merchants also kept their books in Mark Banco. The "Commerz- und Disconto-Bank in Hamburg", founded in February 1870, was endowed with a capital of 10 million Mark Banco. In addition, the rates for other currencies and goods were published regularly. On February 15, 1873, the bank's silver accounts were closed and Mark accounts were opened in their place . The payment liabilities due in Mark Banco after February 15, 1873 had to be converted into 100 Mark Banco = 150 Marks (imperial currency) .

The Hamburger Bank was taken over by the Reichsbank in December 1875 and has since acted as the Reichsbank headquarters.

See also

Individual evidence

  1. ↑ Detlef Wienecke-Janz (Ed.), The Great Chronicle of World History: Europe's Leap into Modern Times , Volume 10, 2008, p. 292
  2. ^ R Siegfried, Die Börsen-Papiere, Part 1: The Stock Exchange and the Stock Exchange History , 1874, p. 75
  3. ↑ Detlef Krause, Die Commerz- und Disconto-Bank 1870-1920 / 23: Bankgeschichte als Systemgeschichte , 2004, p. 54
  4. ↑ Detlef Krause, Die Commerz- und Disconto-Bank 1870-1920 / 23: Bankgeschichte als Systemgeschichte , 2004, p. 49
  5. ^ R Siegfried, Die Börsen-Papiere, Part 1: The Stock Exchange and the Stock Exchange History , 1874, p. 75
  6. ↑ Alexander Djazayeri, The History of Giro Transfer, V & R Unipress Göttingen, 2011, p. 28