History
With the introduction of the Conventionsthaler in 1754, the Gulden was defined as half a Conventionsthaler, equivalent to 1/20 of a Cologne mark of silver and subdivided into 60 Kreuzer. The Gulden became the standard unit of account in the Habsburg Empire and remained so until 1892.
In 1857, the Vereinsthaler was introduced across Germany and Austria-Hungary, with a silver content of 16⅔ grams. This was slightly less than 1.5 times the silver content of the Gulden. Consequently, Austria-Hungary adopted a new standard for the Gulden, containing two-thirds as much silver as the Vereinsthaler. This involved a debasement of the currency of 4.97%. Austria-Hungary also decimalized at the same time, resulting in a new currency system of 100 Kreuzer (krajczár) = 1 Gulden (forint) and 1½ Gulden = 1 Vereinsthaler.
The Austro-Hungarian Gulden was replaced by the Krone in 1892 at a rate of 2 Krone (korona) = 1 Gulden.
Read more about this topic: Austro-Hungarian Gulden
Famous quotes containing the word history:
“Psychology keeps trying to vindicate human nature. History keeps undermining the effort.”
—Mason Cooley (b. 1927)
“The history of the past is but one long struggle upward to equality.”
—Elizabeth Cady Stanton (1815–1902)
“We know only a single science, the science of history. One can look at history from two sides and divide it into the history of nature and the history of men. However, the two sides are not to be divided off; as long as men exist the history of nature and the history of men are mutually conditioned.”
—Karl Marx (1818–1883)