About this set: In 1865 Italy, France, Switzerland, Belgium and Greece created the Latin Monetary Union. The Latin Monetary Union (LMU) was a 19th century attempt to unify several European currencies, at a time when most circulating coins were still made of gold and silver. It was established in 1865 and disbanded
in 1927. After a while many other countries started minting their coins following the above standards, although not all of them formally joined the Union: Spain, Romania, Austria, Bulgaria, Venezuela, Serbia, Montenegro, S. Marino and the Papal State. This system based on silver and gold (called bimetallism) created a fixed exchange rate also with countries whose monetary unit was based on different standards but nevertheless bound to gold (gold standard). The gold and silver coins of the LMU countries had the same weight, diameter and precious metal content and could freely circulate within the other country members (just like today with the Euro).
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