A contractual agreement (Convention Monétaire) made in 1865 between France, Belgium, Italy, Greece and Switzerland (from 1868 Greece and from 1889 Romania, also Austria, Bulgaria, Venezuela, Serbia, Montenegro, San Marino and the Papal State joined the union) to circulate uniform coins of gold and silver with respect to – fineness, – shape, – weight and – permissible error limits. At the same time, the members undertook to accept each other’s Union coins. – Several other states in Europe and America tacitly minted according to the rules of the Minting Union, but without becoming formal members of the treaty. Facilitating payment transactions, a common circulation of coins, and the elimination of exchange rate fluctuations were the initial goals; a single world currency was considered a distant goal. – The Union, dissolved in 1926 by the withdrawal of Belgium, is today considered the precursor of the European Monetary Union, which began on January 1, 1999, with the EUR as the common currency. – See Lator, coin union, Scandinavian, coin treaties.
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