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Mark (money)

Mark
Mark
1Mark1875.jpg
1 Mark, 1875
Denominations
Subunit
Plural Marks
Demographics
User(s) Various

The mark was a currency or unit of account in many nations. It is named for the mark unit of weight. The word mark comes from a merging of three Teutonic/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 Western Europe and often equivalent to eight ounces. Considerable variations, however, occurred throughout the Middle Ages.

As of 2017, 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 (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 of that value, issued first in 1570 and afterwards in 1663.

In northern Germany (especially Hamburg) and Scandinavia, the mark was a unit of account (8 ozt or approx. 249 g), and also a coin, worth 16 schillings or skillings.

In an attempt to prevent debasement of the currency, the Bank of Hamburg (German: ) was founded in 1619, 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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Wikipedia

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