Gaining (and losing) currency: a global database of currencies, 1850-2026

Iñaki Aldasoro, Jon Frost, Rudraksh Kansal and Catherine R Schenk

No 1392, BIS Working Papers from Bank for International Settlements

Abstract: Over the past two centuries, officially issued currencies have become firmly en trenched as a nearly universal institution in economies around the world. But the path to this arrangement has not been smooth: currencies have come and gone, in line with political changes, periods of hyperinflation or currency reforms and, in some cases, entry into currency unions. With a new global database of historical currencies over 1850–2026, we document 568 currencies, of which 163 are still in use today. The median lifespan of a currency is 33 years, though there is substantial variation: from several currencies that lasted less than a year, to others that have circulated for several centuries. The most common reason for issuing a new currency is the independence of a jurisdiction (28% of cases); the most common reason for discontinuing one is a name or unit change (35%). Currencies are thus often born for political reasons, but they often die for economic ones. The database sheds light on these changes. It is meant as a resource for researchers working on money and economic history.

Keywords: currency; money; fiat money; coins; banknotes; central banks (search for similar items in EconPapers)
JEL-codes: E40 E58 N10 (search for similar items in EconPapers)
Date: 2026-11
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