Front Page Titles (by Subject) German Monetary Reform. - Money and the Mechanism of Exchange
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German Monetary Reform. - William Stanley Jevons, Money and the Mechanism of Exchange 
Money and the Mechanism of Exchange (New York: D. Appleton and Co. 1876).
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German Monetary Reform.
The new monetary system of the German empire is introducing a good money where all was before confusion. In a few years it will hardly be comprehensible to Germans that they had so long endured a state of the currency in which two, or even three or four, inconsistent series of coins were mingled without any method. In many respects the new system is all that could be desired. In spite of the antiquated silver standard, gold is selected as the measure of value, the sole principal money, and unlimited legal tender. The unit of account is the mark, consisting of 6.1465 grains of gold of the fineness of 9 parts in 10. Its value is, therefore, about 11¾d. The principal coin will be the twenty-mark piece, weighing 122.92 grains, or 7.964954 grams, and containing 7.168459 grams of pure gold. There is also a ten-mark piece of exactly half the weight.
The subordinate coins of silver and nickel-copper are issued on the footing of the composite tender, or English system, being tokens. The seignorage to be levied on the German silver coins, will be 11.111 per cent., exceeding the amounts subtracted from the English and French silver money, which are about 9 and 7.784 per cent. respectively.
It cannot be too much regretted by all friends of progress that, in deciding upon the weight of the new mark piece, the German government should have studiously avoided assimilation to the French system. The sovereign contains 7.3224 grams of pure gold, the twenty-five franc piece when coined will contain 7.2581, and the twenty-mark piece has been made to contain 7.1685. The only ground on which this precise weight could have been justified, is that three marks are approximately equal to one thaler. But so various was the coinage of the German states, that the field was open to the adoption of any system; and it is impossible to suppose that in so great a reform a difference of 1¼ per cent. would have been an insuperable obstacle to the adoption of international coinage.