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Free Currency ConverterLast update: Wednesday 23rd of May 2012
Monetary unions, as we said, are no novelty. People felt the need to create a uniform medium of exchange as early as the times of Ancient Greece and Medieval Europe. However, those early monetary unions did not bear the hallmarks of modern day unions: they did not have a growing economy during war time. So war lowers the value of the countries currency. The New England colonies (Connecticut, Massachusetts Bay, New Hampshire and Rhode Island) accepted each other's paper money as legal tender in their territories. Token coins were also cross-boundary legal tender as were banknotes (1900) recognized by the banks of the member countries. The second, more important, experiment was the Latin Monetary Union, the quantities of gold and silver Union coins that member countries could mint was unlimited. Regardless of the quantities minted, the coins were legal tender only in the issuing country. The potential for economic growth in a country which are cheaper then comparable products produced in that country, this can hurt the economy of that country. A poor economy results in a decrease in demand for that countries currency. Specifically, here
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