Difference between revisions of "Lethse (currency)"
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|<br>1 IN£ = 100 pence<br>1 IN£ = $1.8432 | |<br>1 IN£ = 100 pence<br>1 IN£ = $1.8432 | ||
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| − | The '''lethse''' or officially the '''[[Lethe|Lethian]] pound''' (IN£ or £) is the [[Wikipedia:Currency|currency]] of the [[Isselmere-Nieland|United Kingdom of Isselmere-Nieland]], established after the [[Act of Consolidation, 1562]] | + | The '''lethse''' or officially the '''[[Lethe|Lethian]] pound''' (IN£ or £) is the [[Wikipedia:Currency|currency]] of the [[Isselmere-Nieland|United Kingdom of Isselmere-Nieland]], established after the [[Act of Consolidation, 1562]] that united the then sovereign kingdoms of [[Isselmere_(Region)|Isselmere]] and [[Nieland_(Region)|Nieland]] as the [[Wikipedia:State|state]] currency, replacing the Isselmerian '''pund''' or ''pound'' (Is£) and the Nielander '''krõne''' (NKr). Today, the lethse is valued at 100 Isselmere-Nielander pence (p). |
==History== | ==History== | ||
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===Valuation=== | ===Valuation=== | ||
| − | The original sub-divisions of the Lethian pound were many and troublesome. As noted above, the basic sub-divisions were the ''scillingis'' (sing. ''scilling''; sc.) and the ''pengst'' (sing. ''penny''; p.) at twenty per pound and twelve per scilling, respectively. | + | The original sub-divisions of the Lethian pound were many and troublesome. As noted above, the basic sub-divisions were the ''scillingis'' (sing. ''scilling''; sc.) and the ''pengst'' (sing. ''penny''; p.) at twenty per pound and twelve per scilling, respectively. Beneath the penny were the ''arhe'' or eighth at eight to a penny, and the farthing or ''firthing'' at four a penny. There was also a halfpenny coin as well. Above the penny were twopence and sixpence coins with their easily discernable valuations, as well as the ''gróst'' or groat at four pence. Beyond the scilling were the ''rose'' or two scillingis bit, the ''mark'' at four shillings, and the ''half-crown'' at ten. |
| − | + | The pound coin was supposed to have been made of pure gold and was, as one might expect, rarely used as a unit of exchange. In practice, the coin was often a composite of tin, copper, and/or iron with a covering of gold of varying thickness depending upon the needs of the monarchy for ready funds and the scrupulousness of the chartered minters. The initial lethse bore the likeness of Queen Hortense II and King Henry. | |
| + | |||
| + | |||
| + | With the establishment of the Union Bank in [[Wikipedia:1693|1693]] at the behest of the burgesses and merchants | ||
===Stabilisation=== | ===Stabilisation=== | ||
Revision as of 20:35, 23 February 2006
| State | United Kingdom of Isselmere-Nieland |
| Institution | 25 June 1562 |
| Issuing Body | Union Bank of Isselmere-Nieland |
| Currency Code | INP |
| Symbol (Local) | IN£, £ or l. |
| Valuation Local NSD |
1 IN£ = 100 pence 1 IN£ = $1.8432 |
The lethse or officially the Lethian pound (IN£ or £) is the currency of the United Kingdom of Isselmere-Nieland, established after the Act of Consolidation, 1562 that united the then sovereign kingdoms of Isselmere and Nieland as the state currency, replacing the Isselmerian pund or pound (Is£) and the Nielander krõne (NKr). Today, the lethse is valued at 100 Isselmere-Nielander pence (p).
History
The Parliament of Isselmere and the Storting of Nieland decided upon an entirely new currency due to rampant counterfeiting preceeding unification, as well as the need to mint coins bearing the likenesses of both monarchs. Originally, the lethse was valued at twenty shillings (scillingis or sc.) of twelve pence (pengst, a combination of pence and pengar). Officially, the lethse was a gold coin bearing the same value as a pound of silver, but currency debasement practised by either desperate or corrupt kings and minters, particularly during the religious troubles of the seventeenth-century, meant that the actual value of the coin was far less than that.
Valuation
The original sub-divisions of the Lethian pound were many and troublesome. As noted above, the basic sub-divisions were the scillingis (sing. scilling; sc.) and the pengst (sing. penny; p.) at twenty per pound and twelve per scilling, respectively. Beneath the penny were the arhe or eighth at eight to a penny, and the farthing or firthing at four a penny. There was also a halfpenny coin as well. Above the penny were twopence and sixpence coins with their easily discernable valuations, as well as the gróst or groat at four pence. Beyond the scilling were the rose or two scillingis bit, the mark at four shillings, and the half-crown at ten.
The pound coin was supposed to have been made of pure gold and was, as one might expect, rarely used as a unit of exchange. In practice, the coin was often a composite of tin, copper, and/or iron with a covering of gold of varying thickness depending upon the needs of the monarchy for ready funds and the scrupulousness of the chartered minters. The initial lethse bore the likeness of Queen Hortense II and King Henry.
With the establishment of the Union Bank in 1693 at the behest of the burgesses and merchants
Stabilisation
Between the late seventeenth- and early twentieth-centuries, the value of the lethse stabilised somewhat, surpassing that of the Scottish pound (12 pounds Scots = 1 pound sterling = 8.67 lethses) before 1707 and eventually rising to about the value of the US dollar by 1914 (5 USD = 1 GBP = 6.2 INP).
The Metric and Decimalisation Act, 1971 established the current valuation.
Denominations
Until 1914
