The Goldmark was replaced by the Papermark on 10 April 1917 which in turn was replaced by the Riechsmark on 28 October 1924. The currencies used in the Archival Currency Converter were not subject to structural changes during the period between 19 except the German mark which presents a number of structural complications. It is also important to note that each of the currency reports used from the Federal Reserve Bank 'Section 11: Currency' report have individual notes regarding the quotations that were used when gathering the data between 19. These margins are not reflected in the numerical data which are representative of 'official' exchange rates only. Note that the physical exchange of gold under the International Gold Standard did, on occasions, give rise to arbitrage margins occurring between various currencies.
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Therefore the arbitrage free exchange rate (known as a ‘cross rate’) between the French franc and the British pound was 5.8464 * 4.768 = 27.8757 francs per British pound.The US dollar rate against the British pound was 476.80 US cents per pound or 4.768 US dollars per pound.
The US dollar rate against the French franc was 17.1045 US cents per franc or 5.8464 francs per US dollar.For example, using the month of January 1916: These exchange rates were used to calculate the arbitrage free exchange rate between the French franc and the Argentinian peso, Australian pound, German mark, Brazilian milreis, Japanese yen and British pound. The original pages from this report for the United States dollar foreign exchange rate against the Argentinian peso, Australian pound, Brazilian milreis, French franc, German mark, Japanese yen and British pound are shown below. The data points used in the Archival currency converter were calculated using the monthly exchange rates between the US dollar and various other currencies as recorded in the above US Federal Reserve Bank report between 19. This report can be found at: FRASER®, Federal Reserve Archives, Federal Reserve Bank of Saint Louis. The data used in the Archival Currency Converter 1916–1940 was sourced from the archival United States of America Federal Reserve Bank report titled, ‘Section 11: Currency’ in the Banking and Monetary Statistics, 1914 – 1941. Notes relating to the data contained in the Archival Currency Converter 1916–1940:
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David Challis gives no assurances for any information contained in the Archival currency conversion application after that time and makes no commitment to update it.
Changes in circumstances after this time may impact on the accuracy of the information.
Notice: The information contained in the Archival Currency Converter 1916–1940 is accurate as at 1 March 2019. This work may be used if proper credit is given.ĭavid Challis, Archival Currency Converter 1916–1940,
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