As on previous occasions, the great depreciation in the value of the currency has led to a repudiation of part of its nominal value.
which were to be accepted at their nominal value as purchase money for the alienated property.
The consequence of these further issues was instant depreciation, and the note of Too francs nominal value sank to less than 20 francs coin.
Partial relief was sought in the continual issue of debased currency (beshlik, altilik and their subdivisions), of which the excess of nominal value over intrinsic value ranged between 33 and 97%, and finally paper money (kaime) which was first issued in 1839, bearing an interest of 8%, reduced in 1842 to 6%, such interest being paid on notes of 500 piastres, but not on notes of 20 or 10 piastres, which were issued simultaneously.
The copper money was in pieces of a nominal value of 40, 20, TO, 5 and i paras, 40 paras being equal to 1 piastre.
The heavy depreciation in silver causing large losses to the government, free coinage was suspended in 1880, and the nominal value of the mejidie was reduced by decree to 19 piastres (105.26 piastres thus = £T1), while in the same year the debased currencies were reduced, altilik, the 6-piastre piece to 5 piastres, the 3-piastre piece to 22 piastres, the 12-piastre piece to 14 piastre; beshlik, the 5-piastre piece to 22 piastres, the 22-piastre piece to 1;-piastre; metallik, the 1-piastre piece to 2 piastre, the 2-piastre piece to 4 piastre, the *-piastre piece to a piastre - these values representing approximately the intrinsic value of the silver, at mejidie standard, contained in the debased coins.
As no time had been fixed for this operation to cease, it amounted to an unlimited increase of a kind of currency that circulated at a nominal value much above its real value.
The difference between the nominal value of silver and bronze coin and its intrinsic value is retained by the state to cover the expenses of manufacture and as a source of profit.
In return, the Mint receives at its nominal value for recoinage the worn gold and silver coin which is withdrawn from circulation by the Bank of England and some other banks.
A paper currency had been instituted, and the notes - currently known as " bluebacks "- soon dropped to less than half their nominal value.
The French chargé d'affaires, Dubois de Saligny, who had been sent out in November 1860, urged French intervention, and took up the Jecker claims. Jecker, a Swiss banker settled in Mexico, had lent Miramon's government in 1859 $75 0, 000 (subject, however, to various deductions): in return, Miramon gave him 6% bonds of the nominal value of $15,000,000 which were ingeniously disguised as a conversion scheme.
In the hope of relieving his financial difficulties, the king erected a mint, where money was coined of the "worst kind of old brass, guns and the refuse of metals, melted down together," of the nominal value of £1,568,800, with which his troops were paid, and tradesmen were compelled to receive it under penalty of being hanged in case of refusal.
900 fine, and has a nominal value of 4s.
That valley prior to the Gurkha domination (1768) was under three native dynasties (at Bhatgaon, Patan and Katmandu), and these struck silver mohurs, as they were called, of the nominal value of half a rupee.
The nominal value of the copper money was 20 shahis equal to I kran, but in some places the copper money circulated at the rate of 80 shahis to the kran, less than its intrinsic value; at other places the rates varied between 70 and 25 shahis, and the average circulating value in all Persia was over 40.
If government had been able to buy up the excess at 40 and reissue it gradually after a time at its nominal value when the people required it, the loss would have been small.
There is no reason to think that the English ministry wished otherwise; but secret influences were at work, and a patent for supplying Ireland with a coinage of copper halfpence was accorded to William Wood on such terms that the profit accruing from the difference between the intrinsic and the nominal value of the coins, about 40%, was mainly divided between him and George I.'s favourite duchess of Kendal, by whose influence Wood had obtained the privilege.
This depreciation (10,000) was equivalent to a loss of 99% of the nominal value of the currency, a paper peso of loo centavos being worth only one centavo gold.
The Jacobin clubs menaced nominal value.
allotment of shares at a discount, i.e. at an issue price for a share below its nominal value.
The French chargÃ© d'affaires, Dubois de Saligny, who had been sent out in November 1860, urged French intervention, and took up the Jecker claims. Jecker, a Swiss banker settled in Mexico, had lent Miramon's government in 1859 $75 0, 000 (subject, however, to various deductions): in return, Miramon gave him 6% bonds of the nominal value of $15,000,000 which were ingeniously disguised as a conversion scheme.
It is an attempt to capture the essence of the change, not the nominal value of the multiplier.
The word usage examples above have been gathered from various sources to reflect current and historial usage. They do not represent the opinions of YourDictionary.com.