The Monnaie has a history as long as the trade and the transactions. It is an essential condition of the economic activity. Its history can be recalled since its invention during the Préhistoire until its disappearance as an object not to be more but one transaction Informatique following the process of dematerialsiation.
The creation of the currency
The origin of the currency
It is hardly possible to locate with precision the invention of the currency. The development of a division of the labor within the company with the Neolithic Révolution strongly contributed to the rise of the currency to overcome the multiple difficulties of barter. But the origins of the currency are also indissociable social and ritual exchanges.The forms first of the currency were varied.
Since prehistoric times, the men counted their goods. Quickly, a standard is essential in each human group: shells, small objets d'art, minerals or small ingots of more or less invaluable metal or the goods of everyday usage, as the salt which was used to pay the Légionnaire S Romans (it is the origin of the word wages). Objects plus symbolic systems were also employed, the such " currencies-haches" end of the Bronze Age discovered in Brittany.
In certain countries, it was necessary to wait the 20th century to see disappearing these primitive forms from currency. It was in particular the case of the manilles (rings of slave) or of the shells in certain areas of Africa. The Shells kauris (or cauris) were used in China of 1100 av. JC with 1578 a. JC; employment extended to Ve century a. JC in India, then in all the Pacifique. One finds some at the beginning of XIVe century with Maldives then from there of the Arab tradesmen exported them towards the east coast of Africa, then by Sudan as far as Guinea, then towards Mauritania and until the Berber ones in the Atlas. Until the XIXe century the values-kauri extended above all in East Africa, particularly with Zanzibar and in Ethiopia. After 1870, the governments of the colonies sought to prohibit the kauris as a currency. But the men were accustomed there and always used them like " small monnaie". It is only into 1955 that the values-kauri became almost completely out of use.
The invention of the coin
The invention of the first metal parts in Occident was the work of the Greeks of Asia Mineure to the VI {{E}} century before Jesus-Christ. The idea to strike noble metal parts was born around the Aegean Sea towards 650 before J. - C. and one found struck parts with Sardes by king Alyattès, who reigned on the Lydie between 610 and 560 before JC.The memory of these first times was preserved in our vocabulary. " To touch the pactole" evoke the river Pactole of Lydie who carted made nuggets of a mixture of gold and money, alloy named electrum in which were struck the oldest parts and of which one of the kings, " rich person like Crésus " , based, at the 6th century before Jesus-Christ, a system resting bimetallist on progress of the metallurgy which had become able to separate gold from the money.
Among the Greek currencies which were going to influence strike them monetary old, a particular mention must be made coins Macedonians by which the diffusion accompanied, at the end of the 4th century before Jesus-Christ, successes of the kings de Macédoine (Philippe II of Macedonia and Alexandre Large the).
The coins were spread quickly on all the Mediterranean circumference. Thus, the first metal parts which were struck, at the 5th century before Jesus-Christ, on the territory which forms France today, seem to have been it in the area of Marseilles, very early colonized by the Greeks. By their drawing, these statères of the Phocéenne city obviously shows their relationship with the first Greek currencies.
The Roman monetary system: Sesterce, Sum of money and Penny
It is at the 3rd century before Jesus-Christ that in activity the first monetary workshop entered. It was installed on the Capitole, near the temple of Junon whose geese had, in other times, defendant the Romans of a night attack of the Gaulois, which had been worth with the Junon goddess the qualifier of Moneta (avertisseuse), term from which the words currency are derived, moneda, money…
The first Roman coins (aes or ace) were small bronze ingots decorated with an ox. They were replaced by Sesterces. The sum of money (denarius or coin of ten), struck out of money, was the first coin to carry a registered value to the avers in the shape of X, for 10 aces.
Then, at the beginning of our era, Auguste reorganized the monetary system on the principle of the trimetallism. The aureus weighs approximately gold 8g, its parity with the money sum of money is fixed at 1/25. The sum of money itself is equivalent to 4 bronze sesterces.
With the development of the Empire, the Roman monetary system largely is essential. Currencies of exchange, the coins become also instruments of propaganda to the glory of the emperor. The political instability and the decline of the Empire are accompanied by a degradation of the currency. In the same way, the progressive rarefaction of the money involves a rupture of the parities and a loss of confidence in the respective value of the coins. To stop this movement, Constantin Ier, at the same time as it reorganizes the Empire, imposes the monometallism and puts in circulation a new gold coin conceived to last and be used as reference: the solidus (massive, in Latin). The first solidi are struck with Trier, in the Rhineland, year 310.
After the dislocation of the Roman Empire, the use of this currency remains still a long time with Byzance. In Occident, even if its circulation is reduced more quickly, it continues to play a part of Unit of Account, during nearly one millenium. Francized in " sol" or " sou" , the term crossed the centuries to us, it also given balance and soldier.
Coins in Europe
Gold came mainly from the Mediterranean, in particular of the currencies of the Byzantine Empire, the numisma then Besant. But towards 650, the economic and monetary geography changed with the profit of North from which the sceattas came, of the Anglo-Saxon and Friesian silver moneys (current Netherlands). Moreover, gold is done rarer and expensive after the fall of Byzantine Africa and the catch of Carthage.
Towards 675, in Gaulle, the gold penny is supplemented then replaced by a silver coin, the sum of money, name of the old Roman money currency. Twelve sums of money make a penny. The coins are produced a little everywhere and cover multiple aspects.
In 692, the caliph Abd Al-Malik of Damas introduces the dinar of gold into everyone Moslem. He will be essential like the currency of reference in all Mediterranean and even beyond during centuries. The Byzantine and Arab monetary reforms, the success of the anglo-Friesian currencies, the exploitation of new siver-bearing layers and the internal political circumstances perennialize the adoption of the standard money under the aegis of the Carolingiens. Charlemagne for lack of sufficient supply gold, must be resigned to put in circulation a new currency of reference, the money sum of money (of 1,36 G with 1,80 G of money). While prescribing to cut 240 sums of money in a money book, Charlemagne throws the bases of a monetary system and accountant which will persist in France until the Révolution : 1 book = 20 pennies or 240 sums of money, and a penny = 12 sums of money. Moreover a division of the sum of money is struck, the money mite, which corresponds to its half.
Then, during the great time of economic expansion of the Middle Ages also the gold coins reappear. The first is the guilder of Florence in 1252, comes then the ducat from Venice. Saint Louis creates the money tournaments and the ecu, of a value of 10 pennies tournaments.
The first international currency of modern times was struck in Austria. In 1750, to join again with the success of Reichsthaler of the emperor Ferdinand I {{er}} (1559), the empress Marie-Therese de Habsbourg makes strike a gold thaler with its effigy. Maria Theresien Thaler (MTT) very quickly will become an international currency very appraisal in the Spanish and English colonies of America, and as far as Eastern Africa. After the death of sovereign, in 1780, it will continue to be struck with the date of 1780.
The word Dollar is itself a deformation of the word thaler, the currency of Marie-Therese having been the first used by the growers of North America.
the first substitutions of paper to metal
Whereas the currency represents already a certain quantity of goods, that one could not handle also easily, the following stage is the installation of a currency of second level, which itself represents a great quantity of coin left in deposit in sure place. Thus the currency paper appears (the banknote, known in China as of the 8th century), which represents originally only one payable debt at sight in the form of Métal or other goods.The bill of exchange, invented by the Italian merchants, is one of the first ways of substitution of paper to metal.
coin with the fiduciary currency
One can distinguish several stages in the historical evolution who led coin to the fiduciary currency that us let us know today:
-
the bi-metallic system (until the XIXe century): all the currencies are defined at the same time compared to gold and the money (metal). Each State, according to its metal availabilities, uses one preferentially or other metal, and makes use of the other like supplement. The money and gold coins in particular, from their intrinsic value, frequently circulate apart from their country of origin. The mining discoveries and the financial evolutions in an economy largely mondialized at the time make fluctuate the proportions between two metals, and the development of the currency paper and the credit make it possible to limit the needs for metal, and to remove money-metal like standard.
- the “traditional” Gold Standard (until in 1914): all the currencies are defined compared to gold. Currency-paper is a substitute with gold (one ounce of gold is equivalent to 20 British dollars, 4 books, etc). The convertion rates of each currency into gold, and thus between them, are fixed. That ensures the stability of the currency and prevents a Inflation caused artificially by an increase in the money supply (proceeded to which the States will have recourse constantly thereafter).
- In 1865, is created the Latin Monetary Union , a monetary convention between Belgium, France, Italy and Switzerland, convention to which adheres Greece in 1868. This convention remained into force, with the help of several installations, until January 1st, 1927. The purpose of it was to harmonize the currencies of these countries (module, title, weight) which had a transborder circulation thus.
- the gold exchange standard (1914 - 1971): it is about an analog and digital system by which certain countries want to preserve the advantages of the Gold Standard, whereas others want to take care the latitude (via the “board with tickets”) not to have variable foreign exchange rates. This system will become null and void in a few decades:
- First World War: because of the cost of the war all the European currencies are strongly devaluated compared to gold.
- 1922 : conference of Genoa. A new monetary order is set up where only the the United States preserve the traditional Gold Standard. The dollar rests on gold, delivers it British on the dollar, and the other European currencies on the British book.
- 1931 : the the United Kingdom, led to increase its money supply, gives up the system of gold exchange.
- 1934 : the dollar is defined like 1/35 of ounce of gold. The citizens states-uniens do not have the right to have gold.
- 1944 : agreements of Bretton Woods: the monetary system rests on the dollar, only currency still anchored to gold.
- 1971 : under Nixon, the United States, not being able more to maintain the ransom price to 35 dollars the ounce nor to avoid a devaluation of the dollar, gives up the Gold Standard.
- the mode of the floating exchanges (as from March 1973): after the abandonment of the agreements of Bretton Woods, the currencies vary between them freely, according to supply and demand, and thus in theory according to the quantity of credit emitted by each country (a monetary policy laxist “is punished” by a fall of the value of the local currency compared to the other currencies). There is no more metal counterpart with the emitted currency, only of the debt .
Dematerialization of the currency
August 1st Rise in importance of the accounts - currents (Sight deposit) in the whole of the currency held by the households.
The creation of the Euro
See also: European Central bank, European System of central banks, Euro area
Introduction of the euro
This new currency was introduced on January 1st, 1999 with Minuit, when the national currencies of the participating countries, then 11 (Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, Netherlands, Austria, Portugal and Finland), ceased existing with whole share and became simple subdivisions of the European currency. The Greece entered the Euro area on January 1st, 2001. The Slovenia entered in her turn the euro area on January 1st, 2007.However, the tickets and the parts of the national currencies continued to be used in their respective countries, until the introduction of the new tickets and parts on January 1st, 2002. Some of the old currencies still kept their legal value until the deadline of February 28th, 2002.
The completion date of validity of the national currencies varied from one State to another. The first currency to disappear was the Deutsche Mark, on December 31st, 2001 at midnight, the last did it on February 28th, 2002, dates to which all the currencies ceased having legal value in their respective States.
But the central banks of the States of the Euro area continue to accept the tickets and coins of the old currencies, and this during several years (2012 in France for certain tickets and 2005 for the coins). Certain central banks, like that of Germany, will even continue to exchange the old unbounded national tickets of time.
Situation of the currencies in the world in 2007
August 1st
Notes and references of the article
See too
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