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Mark (currency)
The mark was a currency or unit of account in many states. It is named for the mark unit of weight. The word mark comes from a merging of three Germanic words, Latinised in 9th-century post-classical Latin as marca, marcha, marha or marcus. It was a measure of weight mainly for gold and silver, commonly used throughout Europe and often equivalent to 8 troy ounces (250 g). Considerable variations, however, occurred throughout the Middle Ages.
As of 2022[update] the only circulating currency named "mark" is the Bosnia and Herzegovina convertible mark.
"Mark" can refer
In England the "mark" never appeared as a coin but was only a unit of account. It was apparently introduced in the 10th century by the Danes. According to 19th-century sources, it was initially equivalent to 100 pence, but after the Norman Conquest of 1066, it was worth 160 pence (13 shillings and 4 pence), two-thirds of a pound sterling.
In Scotland, the merk Scots was a silver coin, issued first in 1570 and afterwards in 1663. It was originally worth 13 s. 6 d., later increased to 14 s..
Originally, Mark denoted a mass unit of approximately 234 g (8.3 oz). The mark used in the market of Cologne (Cologne mark: 233.856 g, 8.2490 oz) was used to define the value of the official gold and silver currencies of the Holy Roman Empire including the Reichsthaler silver coin. In 1566, a Reichsthaler was introduced of which 9 were to be minted from a Cologne mark of fine silver.
In northern Germany (especially Hamburg and Lübeck) as well as in much of trade in the Baltic region, the customary unit of account was the mark valued at 1⁄3 of a Reichsthaler. Marks were rarely minted, though. Instead, schilling coins were minted with 48 schillings representing one Reichsthaler; i.e. 16 schillings equaled one mark.
To prevent debasement of the currency by the influx of adulterated coins, the Hamburger Bank was founded in 1619. It was modeled after the example of the Bank of Amsterdam. Both these banks established a stable money of account. The Hamburg unit of account was the mark banco. It was credited in exchange for the sale of bullion or by way of credit against collateral. No coins or banknotes were issued, but accounts were opened showing a credit balance. The account holders could use their credit balances by remittances to other accounts or by drawing bills of exchange against them. These bills circulated and could be transferred by endorsement, and were accepted as payment. They could also be redeemed. This currency proved to be very stable.
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Mark (currency) AI simulator
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Mark (currency)
The mark was a currency or unit of account in many states. It is named for the mark unit of weight. The word mark comes from a merging of three Germanic words, Latinised in 9th-century post-classical Latin as marca, marcha, marha or marcus. It was a measure of weight mainly for gold and silver, commonly used throughout Europe and often equivalent to 8 troy ounces (250 g). Considerable variations, however, occurred throughout the Middle Ages.
As of 2022[update] the only circulating currency named "mark" is the Bosnia and Herzegovina convertible mark.
"Mark" can refer
In England the "mark" never appeared as a coin but was only a unit of account. It was apparently introduced in the 10th century by the Danes. According to 19th-century sources, it was initially equivalent to 100 pence, but after the Norman Conquest of 1066, it was worth 160 pence (13 shillings and 4 pence), two-thirds of a pound sterling.
In Scotland, the merk Scots was a silver coin, issued first in 1570 and afterwards in 1663. It was originally worth 13 s. 6 d., later increased to 14 s..
Originally, Mark denoted a mass unit of approximately 234 g (8.3 oz). The mark used in the market of Cologne (Cologne mark: 233.856 g, 8.2490 oz) was used to define the value of the official gold and silver currencies of the Holy Roman Empire including the Reichsthaler silver coin. In 1566, a Reichsthaler was introduced of which 9 were to be minted from a Cologne mark of fine silver.
In northern Germany (especially Hamburg and Lübeck) as well as in much of trade in the Baltic region, the customary unit of account was the mark valued at 1⁄3 of a Reichsthaler. Marks were rarely minted, though. Instead, schilling coins were minted with 48 schillings representing one Reichsthaler; i.e. 16 schillings equaled one mark.
To prevent debasement of the currency by the influx of adulterated coins, the Hamburger Bank was founded in 1619. It was modeled after the example of the Bank of Amsterdam. Both these banks established a stable money of account. The Hamburg unit of account was the mark banco. It was credited in exchange for the sale of bullion or by way of credit against collateral. No coins or banknotes were issued, but accounts were opened showing a credit balance. The account holders could use their credit balances by remittances to other accounts or by drawing bills of exchange against them. These bills circulated and could be transferred by endorsement, and were accepted as payment. They could also be redeemed. This currency proved to be very stable.