Author Topic: Defunct currency names of modern times  (Read 10968 times)

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Offline Afrasi

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Re: Defunct currency names of modern times
« Reply #30 on: December 07, 2012, 12:21:04 PM »
Sorry! I did misunderstand "feature".  ;)

Offline Chinasmith

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Re: Defunct currency names of modern times
« Reply #31 on: February 14, 2013, 09:21:22 PM »
During the Great Depression, the Mill denomination reappeared in the United States. Quite a few states changed their sales tax rates to include mills. That is, instead of 4 percent, it might be 4.3 percent. Taxes were expanded to include lower priced items like gum and candy, but the fractional cent amounts could not be collected without a corresponding coin. The federal government did not issue such a coin, so the individual states had their own "coins" made. In Missouri, we had 1 and 5 mill tokens to pay the tax. The first were made of cardboard! Then they changed to zinc and later to plastic. In Missouri the mills were still being used in the 1950's; I think they finally went out of use in 1961. I just bought an amusement park ticket of the 1930's or 1940's which had the admission price and the tax worked out to three places. Since these tax tokens were authorized by the state and circulated as and with regular money, they could be considered coins. As far as I know, the only prices in the USA still expressed in mill amounts are for gasoline. I suspect other items have taxes worked out to mill amounts, but the tax is rounded off.
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translateltd

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Re: Defunct currency names of modern times
« Reply #32 on: February 14, 2013, 09:30:40 PM »
A curious feature of prices expressed in 1/1000ths is that the last digit is always a 9, at least in this country.  Petrol/gasoline is priced at $2.189, for instance.  Why is it never $2.183 or $2.187?

I assume the question is rhetorical, as it's simply a way of making the price sound that little bit less than $2.19, but it does seem a wasted extra decimal, and wasted space on the display screens of our fuel pumps.

It's even more silly in NZ as we don't have coins for anything smaller than 1/10 (10c) any more, so pricing down to 1/1000 is only relevant for larger purchases or the use of credit cards.

Offline Figleaf

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Re: Defunct currency names of modern times
« Reply #33 on: February 14, 2013, 10:33:01 PM »
Same here. My wife's behaviour may give you a clue. If the price for a litre of diesel is announced as €1.479, she'll read that as €1.47. I have largely given up saying it's actually more like €1.48. It's slightly different from shop price tags in two decimals, where she'll read €147.99 as €147 and I'll think of it as €150. Oh, the great sacrifices one makes for a good marriage. :)

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline SquareEarth

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Re: Defunct currency names of modern times
« Reply #34 on: August 21, 2013, 01:26:39 PM »
Japanese Rin and Chinese Li are actually different pronunciation of the same Chinese word.
And both mean 1/1000, equivalent in concept to 1 mil.

This is a Japanese Rin of Meiji 17 (1884)
The you can see from the finger on the backdrop how absurdly small it is.
But the design is clever, word only on reserve, and a simple Japanese royal chrysanthemum on the obverse.


In contrast, the Qing Dynasty 1 Li must be very cram. (of Xuantong ?, 1909, 1910 or 1911)
« Last Edit: November 10, 2015, 06:56:38 PM by Niels »
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Offline SquareEarth

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Re: Defunct currency names of modern times
« Reply #35 on: August 21, 2013, 02:02:43 PM »
The modern Chinese unit "Yuan" is not a native unit, it is derived from the Mexican dollar, and it means "round'. Same for the Korean Won and Japanese Yen. The Mexican Dollar came in such an abundance that it replaced the native units: 1 Tael= 10 Mace = 100 Candareen.

But when the Qing governments first minted the dollars, they used the old units "7 mace and 2 candareen"(0.72 Tael)  to represent the weight of one Silver Dollar.

An-Hwei Province, Guangxu 24 (1898), 7 Mace and 2 Candareen


They also had Tael coins, before finally bending to the dollar(yuan).
« Last Edit: November 10, 2015, 06:55:53 PM by Niels »
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Offline SquareEarth

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Re: Defunct currency names of modern times
« Reply #36 on: August 22, 2013, 03:54:43 AM »
1 Tael = 10 Mace = 100 Candereen

or 1 Tael = 10 Mace, 1 Mace = 10 Candereen
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