- Project Runeberg -  Finland : its public and private economy /

(1902) [MARC] Author: Niels Christian Frederiksen
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during the years 1873 to 1876, and the Bank of
Finland acted therefore wisely when, like its
Scandinavian contemporaries, it tried to change its metallic
reserve into gold instead of silver. Nevertheless in
1875 the proportion between gold and silver had not
varied very much from the ordinary ratio of 1 to 15½;
and it was therefore natural that this ratio should be
accepted. Again, however, it took too long a time
before the reform was carried out, and when the gold
standard was finally introduced in 1877 the variations
were already so considerable that the ratio was not
quite just to the debtor, who had borrowed less
valuable money and must now pay back more valuable

The present coining law was enacted, having obtained
the consent of the Diet, on the 9th August 1877.
According to this law gold is now the only standard;
the unit is the French gramme, and the unit of counting
is preserved; two gold pieces are coined of 10 and
of 20 marks, containing the same mixture as 10- and
20-franc pieces. Everybody can go to the Mint with
gold and obtain, instead of the metal, through the Bank
of Finland, its equivalent in gold coins with a reduction
of ⅓ per cent. for coining expenses. Gold coins alone
are legal tender for the payment of unlimited amounts.
Also 1- and 2-mark silver pieces are coined, of which,
however, nobody need accept more than 10 marks;
and 25- and 50-penni pieces, of which nobody need
accept more than 2 marks, and finally, copper pieces
of 10, 5, and 1 penni are coined, of which nobody need
accept more than 1 mark. The coins and their
divisions are very practical and convenient. Very
little gold is in circulation. The people prefer
bank-notes, as is the case in most other countries
where it is the custom to have paper of a reliable

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