Trade coin

Trade coins are coins that were minted with constant monetary standard and fineness of gold or silver, and therefore preferred commercially accepted as payment.

Full-fledged and inferior trade coins

Trade coins were originally full precious metal coins, so to speak Kurantmünzen that were used in the normal, peaceful trade. With such " embossed bullion in coin form " the import of essential goods was particularly cheaper than buying the same goods domestically.

There were substandard " trade coins " that were mostly made with intent to deceive. They served as coins and soon became irredeemable. It was often at war coins, such as the so-called Ephraimites, the silvered copper coins of the Seven Years ' War (1756-1763 ). These coins were ever allowed or accepted again as a legal tender, then they were too strong devalued courses exchanged for new, full-fledged money for so-called Valvationstabellen converted and after these lists. The conversion rates were even usually considerably less than the intrinsic value of precious metals in order to cover the Umschmelzungskosten can.

History

The most well-known trade coin of the 18th century was the Maria Theresa thaler, which is available as Sammlernachprägung in Austria today. He was exported in large quantities to Africa. His reputation was so high in the African population, so that more goods and raw materials could be obtained as in Austria. The Austrian Coinage Act seems to face before the minting of coins trade (eg crowns and ducats ) by the coin Austria AG.

During the slow transition to the gold standard in England ( 1717-1816 ) were in the export of quality goods to Prussia preferably 5 - and 10 - thaler pieces of gold required ( Friedrich d'or ). The Prussian Friedrich d'or thus became the trade coin, but was also in Prussia full payment ( albeit with fluctuating exchange for silver thalers, see bimetallism ).

Also popular were the Hungarian and Dutch gold ducats, which remained largely the same over several centuries in fineness.

Further trade coins were the silver trade dollars with which Mexico and the United States could buy goods from South America or China cheap. These countries had mostly silver standard or only paper currencies and put the silver value of domestic high, although the silver world market price was lower by now.

Since about the late 1920s, there is virtually no real trading coins more. Some are still nachgeprägt for coin collectors with premium. The role of the former trade coins accepts today the U.S. dollar as the world reserve currency.