Numismatics as a Special Historical Discipline (on the Example of the Monetary Reform in Austria-Hungary in 1892)

Abstract

The purpose of the article is to analyze the causes and consequences of the introduction of monetary reform in Austria-Hungary at the end of the 19th century, based on the works of modern researchers and outdated legislative documents and its impact on the territory of Galicia and Bukovina.

The research methodology is based on the principles of historicism and scientificity. Both general scientific (analysis, synthesis, generalization of similar factual data) and special historical (historical-comparative, historical-genetic, typological) methods were used.

The article focuses on the formation of numismatics as a special historical discipline, the most common coin denominations on the territory of Ukraine from the Middle Ages to the 19th century. Since the concepts of silver and gold monometallism are widespread in numismatic terminology, it should be noted that the introduction of monetary reform in Austria-Hungary in 1892 was the replacement of silver monometallism (when silver was the main equivalent of value and the basis of the state's financial system) with gold. Such a transition was due to the overproduction of silver in the 70s of the 19th century (a significant increase in its production), and hence a sharp drop in the price of this important metal for numismatics. The monetary system, which was based on gold monometallism, made it possible to properly ensure the financial stability of the state until the beginning of the First World War.

The authors concludes that the introduction of money in Austria-Hungary in 1892 was a significant event of a socio-economic nature and corresponded to the then pan-European economic trends. As a result of the monetary reform, not only a new monetary unit was introduced – the gold and silver crown, along with paper banknotes equivalent to them, but also a convertible heller, which had a number of small denominations. This factor contributed to small trade transactions. This is one confirmation that the reform had a democratic and non-confiscating nature – permission to use, along with the new banknotes, thalers, guilders and kreuzers introduced as a result of previous monetary reforms during the transitional period. The population of Galicia and Bukovina had the opportunity to fully take advantage of all the benefits of this reform.