German gold-coinage law of December 4, 1871., December 7, 1871

German gold-coinage law of December 4, 1871.

(No. 745.) Law concerning the coinage of imperial gold coins, of December 4, 1871.

We, William, by the grace of God German Emperor, King of Prussia, &c., decree, in the name of the German Empire, after the approval of the Federal Council and Imperial Diet, as follows:

§ 1. There shall be coined an imperial gold coin, of which 139½ pieces shall be made from a pound (Pfund) of pure gold.

§ 2. The tenth part of this gold coin shall be called a mark, and divided into a hundred Pfennige.

§ 3. Besides the imperial gold coin of ten-mark, (§ 1,) there shall also be coined imperial gold coins of twenty-mark, of which 69¾ pieces shall be made of a pound (Pfund) of pure gold.

§ 4. The alloy of the imperial gold coins shall be fixed at 900 thousandth parts gold and 100 thousandth parts copper. Accordingly, 125.55 ten-mark pieces, or 62.775 twenty-mark pieces, weigh one pound, (Pfund.)

§ 5. The imperial gold coins shall bear on one side the imperial eagle, with the inscription “Deutches Reich,” and with the statement of the value in marks, as well as the number of the year (date) of the coinage; on the other side the likeness of the ruler of the state, or, in the case of free cities, the emblem of such free city, with an appropriate inscription and local mint-mark. The diameter of the coins, the nature and inscription of the edges of the same, shall be fixed by the Federal Council.

§ 6. Until the decree of a law concerning the withdrawal of the large silver coins, the coining of the gold coins shall follow, at the cost of the empire, for all the states of the union, at the mints of those states as shall have declared themselves prepared therefor.

The chancellor of the empire shall determine, with the agreement of the Federal Council, the amounts of gold to be coined, the division of these amounts among the different sorts of coin, and among the different mints, and in due proportion the compensation to be allowed the latter for the coinage of each sort of coin. He shall supply the mints with the gold which is necessary for the coinage assigned to them.

§ 7. The execution of the coining of the imperial gold coins shall be fixed by the Federal Council and subject to supervision on the part of the empire. This management shall determine the perfect accuracy of the coins according to value and weight. So far as an absolute accuracy cannot be maintained the variation in excess or in diminution shall exceed in weight more than two and one-half thousandth parts of its weight, in fineness not more than two thousandth parts.

§ 8. All payments which by law are paid or which may be paid in the silver coins of Thaler-currency, of the South German currency, of the Lübeck or Hamburg courant currency, or in the thalers of the gold Bremen currency, can to a like extent be paid in imperial gold coins, (§ 1 and § 3,) which will be reckoned as follows:

The ten-mark piece as worth 3⅓ thalers, or 5 florins 50 kreutzers South German currency, 8 marks 5⅓ schilling Lübeck or Hamburg courant currency, 31/93 thalers gold Bremen currency.

The twenty-mark piece as worth 62/3 thalers, or 11 florins 40 kreutzers South German currency, 16 marks 102/3 schilling Lübeck and Hamburg courant currency, 62/93 thalers gold Bremen currency.

§ 9. Imperial gold coins whose weight is not more than five thousandth parts less than the standard weight, (§ 4) (passirgewicht tolerated weight,) and which have not become diminished in weight through violent or illegal injury, shall be received in all payments as being of full weight.

Imperial gold coins which do not attain the aforesaid tolerated weight, (passirgewicht,) and that may be received in payment at the imperial, state, provincial, or communal treasuries as well as at the gold or credit establishments and banks, shall not again be issued by the said treasuries and establishments.

When, in consequence of long circulation and wear, the imperial gold coins have suffered so much in weight that they no longer attain the tolerated weight, they shall be withdrawn for melting at the expense of the state. Further, such worn gold pieces shall always be received by all the treasuries of the empire and of the states of the Bund at the same value at which they were issued.

§ 10. The coinage of other gold coins than those introduced by this law, as well as of large silver pieces, with the exception of medals, shall not take place until further notice.

§ 11. The present current gold coins of the German bund states are to be withdrawn on account of and at the cost of the empire, in proportion to the gold coinage of the new gold pieces. (§ 6.)

The chancellor of the empire is empowered in the same way to direct the withdrawal of the former large silver pieces of the German states of the bund, and to take for this purpose the necessary means out of the funds set apart for the same in the imperial treasury.

Concerning the execution of the foregoing provisions, an account is to be given annually to the imperial Parliament at its first regular session.

§ 12. Weights for gauging and stamping shall be permitted which shall represent the standard weight and the current weight of the coins to be coined by the provisions of this law, also multiples of each of the same. For the gauging and stamping of these weights the provisions of articles 10 and 18 of the regulations for measures and weights of the 17th August, 1868, shall be binding.

§ 13. In the territory of the kingdom of Bavaria, in case of necessity a subdivision of the pfennig into two half-pfennige may be made.

In testimony whereof we have hereunto set our hand and the imperial great seal.

Given at Berlin December 4, 1871.