For tolerated coin the following tariff was fixed:--
Bavarian maxd'or and double gold gulden = 6 fl. 8 kr. Bavarian carolus or 3-gold gulden piece = 9 fl. 12 kr. Kremnitz ducat } Florentine gigliati} = 4 fl. 12 kr. Venetian zecchino }
All other gold coins to be taken as bullion at a value of 280 fl. for the Cologne mark of fine gold. All silver species of other states below the value of 1/2 florin forbidden.
Such was the Convention System or Standard, which, by the accession of the Electoral Palatinate, and of Salzburg might be practically regarded as the Imperial system.
This Convention system, and these Convention or specie thaler and other coins, remained the Mint system of Austria until modern times.
The changes which were made in the Austrian system by the Vienna Convention of 1857 have been already detailed (see text, pp. 209-12).
Ten years later Austria withdrew from this monetary treaty (in accordance with the terms of the treaty of Berlin, 13th June 1867), with the intention of acceding to the contemplated French currency treaty of 31st July 1867. She ceased the coining of German gold crowns and half-crowns, and instead minted 4 and 1-ducat pieces. From 1870 onwards she coined, in conjunction with Hungary, 8 and 4-florin gold pieces, the former 77-1/2 to the pound, .900 fine.
By a decree of 6th November 1870, the 8-florin gold piece was tariffed at 8.10 florin. At this it was made legal tender, on the basis of the French ratio of 15-1/2; but it was practically nothing more than commercial money, like the preceding _crowns_ and _half-crowns_ of the convention of 1857. The standard of Austria remained nominally the silver florin of the convention of 1857, although in actual practice the currency was paper. In March 1879 the Austrian and Hungarian Mints were closed to the coinage of silver on private account, preparatory to a reorganisation of the Austrian monetary system on a gold basis. This reform was decided on in 1892, and briefly prescribed as follows:--
The monetary unit is the krone or crown = 2 florins; but to be minted in 10 and 20-crown pieces, 1 kilogramme pure gold = 3280 crowns, .900 fine. The crown is divided into 100 hellers.
For the purpose of basing the new system on gold, a ratio between the old silver and the new gold standard of 1:18.22 was adopted, the existing florin being declared = 2 francs 10 cents.