One aspect of monetary reform taken by almost all nations was to change the subdivision of a currency into units of 10 and 100. The main benefit was to simplify calculations for accounting purposes and was often undertaken to align with trading partners. Nations often changed the size and weight of their coins as part of monetary reforms and sometimes changed the name of their currency. Typically, these changes allowed the issuing authorities to reduce the amount of precious metal without the commensurate change in official value. For world crowns in the 19th Century, many nations settled on 25 grams and 37 mm for their largest silver coins. An important standard was set in 1865 when France, Belgium, Italy and Switzerland formed the Latin Monetary Union.
Decimalization occurred in many of the former Spanish colonies in the Americas in the middle of the 19th century as these new nations moved away from the 27 gram 8 reales standard to 25 grams and several of these nations joined the Latin Monetary Union to facilitate trade with Europe. In Venezuela, decimalization started with the peso in 1843 although no silver coins of that denomination were struck. In 1872 the currency was renamed to the venezolano with the subdivision of 100 centavos. The silver venezolano was issued for just one year in 1876. Venezuela joined the Latin Monetary Union in 1879 and changed the currency to the bolivar, with the crown sized silver coin issued as 5 bolivares.
Here is my example of the short lived venezolano, the first silver crown of Venezuela. 25 grams, 37 mm and 90% silver. Mintage of only 35,000 and struck at the Paris mint.
~jack
- Iceman, Fenntucky Mike, coinsbygary and 1 other
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