Search results
Results From The WOW.Com Content Network
The resulting gold-silver ratio of 1:12.55 was much higher than the ratio of 1:11 prevailing in the Continent, draining England of its silver coinage and requiring a more permanent remedy in 1351 in the form of Pennies reduced further to 18 gr (1.2 g; 0.038 ozt) of sterling silver (or 18 @ 0.925 fine = 15.73 gr pure silver) and
The British shilling, abbreviated "1s" or "1/-", was a unit of currency and a denomination of sterling coinage worth ⁄ of one pound, or twelve pence. It was first minted in the reign of Henry VII as the testoon, and became known as the shilling, from the Old English scilling, [ 1] sometime in the mid-16th century. It circulated until 1990.
A bit is an antiquated term equal to one eighth of a dollar or 12 + 1 ⁄ 2 cents, after the Spanish 8-Real "piece of eight" coin on which the U.S. dollar was initially based. So "two bits" is twenty-five cents; similarly, "four bits" is fifty cents. More rare are "six bits" (75 cents) and "eight bits" meaning a dollar.
Cent (currency) A United States one-cent coin, also known as a penny. The cent is a monetary unit of many national currencies that equals ⁄100 of the basic monetary unit. Etymologically, the word cent derives from the Latin centum meaning ' hundred '. The cent sign is commonly a simple minuscule (lower case) letter c.
The English word "pound" derives from the Latin expression lībra pondō, in which lībra is a noun meaning 'pound' and pondō is an adverb meaning 'by weight'. 1 2 The currency's symbol is '£', a stylised form of the blackletter 'L' ( ) (from libra ), crossed to indicate abbreviation. 3.
Lebanese pound. None official. The abbreviation LL or ل.ل. is used. The lira or pound[ a] is the currency of Lebanon. It was formerly divided into 100 piastres (or qirsh in Arabic) but, because of high inflation during the Lebanese Civil War (1975–1990), subunits were discontinued. The plural of lira is either lirat ( ليرات līrāt) or ...
United States. Banknote for "Twelve and a Half Cents" = $ 1⁄8, Alabama, 1838. In the US, the bit is equal to ¢, a designation which dates from the colonial period, when the most common unit of currency used was the Spanish dollar, also known as "piece of eight", which was worth 8 Spanish silver reales. $ or 1 silver real was 1 "bit".
Therefore, in the Coinage Act of 1834, the 15:1 ratio of silver to gold was changed to a 16:1 ratio by reducing the weight of the nation's gold coinage. This created a new U.S. dollar that was backed by 1.50 grams (23.22 grains) of gold. However, the previous dollar had been represented by 1.60 g (24.75 grains) of gold.