ggolosov

La collection de ggolosov

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After the Bretton Woods System: History of World Currencies from 1971 to 2019
An Illustrative Coin Collection



On 15 August 1971, the United States unilaterally terminated convertibility of the US dollar to gold, which led to the collapse of the gold-based Bretton Woods system of global monetary management. The transformation of the system was finalized by the beginning of 1979 with the implementation of several agreements, including the 1976 Jamaica Accords, that completed the transition to the era of purely fiat currencies and floating exchange rates. This collection of coins illustrates the history of world currencies from 15 August 1971 to January 2019, thus embracing both the dawn of the post-Bretton Woods system and the first 40 years of its full-fledged functioning. The collection comprises coins issued by formally or effectively independent states, monetary unions, and dependencies, jointly referred to as monetary territories (MTs), for their own currencies, and coins issued by independent states for foreign currencies in fully dollarized economies. Currencies that became extinct by August 1971 are included only on the condition that they provided the only form of coinage available for the new currencies during parts of the included period, and in four cases, because the coins for issued for old currencies remained legal tender for long periods of time after redenomination. Continuities between the defunct and existing MTs are defined by territory. The overall number of MTs in the collection is 207, and the overall number of the currencies, 290. The collection includes representative general circulation coins from every time span of the included currencies’ throughout the period. Some commemorative coins with limited or no exchange functions, as well as coins that had been effectively or even officially demonetized by 15 August 1971, are included on the condition that they were issued at the time when common coinage for the given currency remained in circulation. Representative coins from the non-circulating currencies of Andorra, Nagorno-Karabakh and Saharawi Arab Democratic Republic, as well as pieces from several functioning currencies that however might have not actually used coinage for exchange, are placed into this collection for illustration. The time span of the collection is 1971-2019. It includes neither coins of new types effectively released later than in February 2019 nor coins dated later than 2019. Coin types issued earlier than on 15 August 1971 (but not earlier than in 1942) are included only on the condition that the currencies for which they were issued remained in place at that time or later.

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