What currency is used in Switzerland?
Swiss franc
The Swiss franc is the currency and legal tender of Switzerland and Liechtenstein and also legal tender in the Italian exclave of Campione d'Italia. Although not formally legal tender in the German exclave of Büsingen am Hochrhein (the sole legal currency is the euro), it is in wide daily use there; with many prices quoted in Swiss francs. The Swiss franc is the only version of the franc still issued in Europe.
Swiss franc
In 1798, the Helvetic Republic introduced the "franc", a currency based on the Berne thaler, subdivided into 10 "batzen" or 100 "centimes". The Swiss franc was equal to grams of pure silver or French francs.
Economy of Kosovo
The euro is the official currency of Kosovo. Kosovo adopted the German mark in 1999 to replace the Yugoslav dinar, and later replaced it with the euro, although the Yugoslav (and later Serbian) dinar is still used in some Serb-majority areas (mostly in the north). This means that Kosovo has no levers of monetary policy over its economy, and must rely on a conservative fiscal policy to provide the means to respond to external shocks.
Banking in Switzerland
The Swiss National Bank (SNB) serves as the country's central bank. Founded by the Federal Act on the Swiss National Bank (16 January 1906), it began conducting business on 20 June 1907. Its shares are publicly traded, and are held by the cantons, cantonal banks, and individual investors; the federal government does not hold any shares. Although a central bank often has regulatory authority over the country's banking system, the SNB does not; regulation is solely the role of the Federal Banking Commission.
Cupronickel
In Europe, Switzerland pioneered the nickel "billon" coinage in 1850, with the addition of silver. In 1968, Switzerland adopted the far cheaper 75:25 copper to nickel ratio then being used in Belgium, the United States, and Germany. From 1947 to 2012, all "silver" coinage in the UK was made from cupronickel, but from 2012 onwards the two smallest cupronickel denominations were replaced with lower-cost nickel-plated steel coins.
Austrian schilling
Although the euro became the official currency of Austria in 1999, euro coins and notes were not introduced until 2002. Old schilling denominated coins and notes were phased out from circulation because of the introduction of the euro by 28 February of that year. Schilling banknotes and coins which were valid at the time of the introduction of the euro will indefinitely remain exchangeable for euros at any branch of the Oesterreichische Nationalbank.
Currency intervention
As the financial crisis of 2007–08 hit Switzerland, the Swiss franc appreciated "owing to a flight to safety and to the repayment of Swiss franc liabilities funding carry trades in high yielding currencies." On March 12, 2009, the Swiss National Bank (SNB) announced that it intended to buy foreign exchange to prevent the Swiss franc from further appreciation. Affected by the SNB purchase of euros and US dollars, the Swiss franc weakened from 1.48 against the euro to 1.52 in a single day. At the end of 2009, the currency risk seemed to be solved; the SNB changed its attitude to preventing substantial appreciation. Unfortunately, the Swiss franc began to appreciate again. Thus, the SNB stepped in one more time and intervened at a rate of more than CHF 30 billion per month. By the end of June 17, 2010, when the SNB announced the end of its intervention, it had purchased an equivalent of $179 billion of Euros and U.S. dollars, amounting to 33% of Swiss GDP. Furthermore, in September 2011, the SNB influenced the foreign exchange market again, and set a minimum exchange rate target of SFr 1.2 to the Euro.
Digital currency
Switzerland
Microstates and the European Union
Andorra, Monaco, San Marino, and the Vatican City use the euro through monetary agreements with the EU, and have been granted the right to issue a limited number of euro coins. They were allowed to do so as they had used or been tied to the old eurozone currencies. Liechtenstein, on the other hand, uses the Swiss franc.
International status and usage of the euro
There were political concerns that Serbia could use the currency to destabilise these territories (Montenegro was then in a union with Serbia) so they received Western help in adopting and using the mark (though there was no restriction on the use of the dinar or any other currency). They switched to the euro when the mark was replaced. In North Kosovo, which is mainly populated by the Serbian minority, the Serbian dinar, which replaced the Yugoslav dinar, continues to be used despite its lack of recognition or use elsewhere in Kosovo.
Franc
The name of the country "Swiss Confederation" is found on some of the coins in Latin ("Confoederatio Helvetica"), as Switzerland has four official languages, all of which are used on the notes. The denomination is abbreviated "Fr." on the coins which is the abbreviation in all four languages.
Coins of the Swiss franc
Since 2004, moreover, the existing pure nickel 20 centime coins of the years 1881–1938 have been withdrawn from circulation because machines cannot detect them. Today, all the coins except the 5 centime coin (aluminum-bronze since 1981) are in a copper-nickel (cupronickel) alloy. Seven coins (1995) are currently in circulation:
Economy of Switzerland
3. Switzerland's national bank was asked to devalue the Swiss Franc, especially compared to the Euro.
Challenge coin
The challenge coin tradition was introduced into the Swiss Armed Forces by American officers on training missions and other assignments for the Organization for Security and Co-operation in Europe, of which Switzerland is a member. Coins are not issued, but rather ordered and paid for by Swiss officers of various branches within the Army.
Sweden
Sweden maintains its own currency, the Swedish krona (SEK), a result of the Swedes having rejected the euro in a referendum. The Swedish Riksbank—founded in 1668 and thus the oldest central bank in the world—is currently focusing on price stability with an inflation target of 2%. According to the "Economic Survey of Sweden 2007" by the OECD, the average inflation in Sweden has been one of the lowest among European countries since the mid-1990s, largely because of deregulation and quick utilisation of globalisation.
Slovenian tolar
The tolar was the currency of Slovenia from 8 October 1991 until the introduction of the euro on 1 January 2007. It was subdivided into 100 "stotinov" (cents). The ISO 4217 currency code for the Slovenian tolar was "SIT". From October 1991 until June 1992, the acronym "SLT" was in use.
Foreign relations of the Axis powers
During World War II, the Swiss franc was the only remaining major freely convertible currency in the world, and both the Allies and the Germans sold large amounts of gold to the Swiss National Bank. Between 1940 and 1945, the German Reichsbank sold 1.3 billion francs worth of gold to Swiss Banks in exchange for Swiss francs and other foreign currency. Hundreds of millions of francs worth of this gold was monetary gold plundered from the central banks of occupied countries. 581,000 francs of "Melmer" gold taken from Holocaust victims in Eastern Europe was sold to Swiss banks.
Coins of the Swiss franc
The country's name is on all the coins as "Confoederatio Helvetica", the Latin name of the Swiss Confederation, or "Helvetia" specified.
National language
Switzerland has four national languages: German, French, Italian and Romansh, all of which have official status at the national level within the Federal administration of Switzerland.
Economy of Switzerland
Swiss neutrality and national sovereignty, long recognized by foreign nations, have fostered a stable environment in which the banking sector was able to develop and thrive. Switzerland has maintained neutrality through both World Wars, is not a member of the European Union, and was not even a member of the United Nations until 2002. Currently an estimated 28 percent of all funds held outside the country of origin (sometimes called "offshore" funds) are kept in Switzerland. In 2009 Swiss banks managed 5.4 trillion Swiss Francs.
2018 Swiss sovereign-money initiative
On 31 January 2018, the Swiss state scheduled the referendum for 10 June 2018, with two issues on the ballot, one about gambling, and another about money creation by banks.
The Sovereign Money Initiative aims to give the Swiss Confederation a monopoly on money creation, including demand deposit (full-reserve banking), by including the creation of scriptural money in the legal mandate of the Swiss National Bank. The Swiss National Bank opposed the referendum.
The referendum does not concern the printing of banknotes or the minting of coins, as this remains under the exclusive authority of the Swiss National Bank, i.e. the nation's central bank, which has had this right since 1891. The Federal Constitution states that "The Confederation [i.e. the Swiss state] is responsible for money and currency; the Confederation has the exclusive right to issue coins and banknotes" (article 99). Thus, the creation of cash, today less than 10% of all the money in circulation, remain under the control of the central bank.
National Bank of Liechtenstein
Due to Liechtenstein's signed valuta union agreement with Switzerland and its adoption of the Swiss franc as its official currency, the Swiss National Bank performs most duties in administration of macro finance, currency and credit of banks. The National Bank of Liechtenstein however is responsible for the following three tasks:The monetary policy is not conducted by the Nationalbank of Liechtenstein, but by the Swiss National Bank (SNB) which operates as an independent central bank for the CHF currency. The SNB is obliged by Constitution and statute to act in accordance with the interests of the Swiss country as a whole. Its primary goal is to ensure price stability, while taking due account of economic developments. In so doing, it creates an appropriate environment for economic growth.
Economy of Switzerland
Swiss and EU finance ministers agreed in June 2003 that Swiss banks would levy a withholding tax on EU citizens' savings income. The tax would increase gradually to 35% by 2011, with 75% of the funds being transferred to the EU. Recent estimates value EU capital inflows to Switzerland to $8.3 billion.
Swiss franc
The franc (, French and Romansh: "franc", ; sign: Fr. or SFr.; code: CHF) is the currency and legal tender of Switzerland and Liechtenstein; it is also legal tender in the Italian exclave Campione d'Italia. The Swiss National Bank (SNB) issues banknotes and the federal mint Swissmint issues coins.
Switzerland during the World Wars
Switzerland's trade was blockaded by both the Allies and by the Axis. Each side openly exerted pressure on Switzerland not to trade with the other. Economic cooperation and extension of credit to the Third Reich varied according to the perceived likelihood of invasion, and the availability of other trading partners. Concessions reached their zenith after a crucial rail link through Vichy France was severed in 1942, leaving Switzerland completely surrounded by the Axis. Switzerland relied on trade for half of its food and essentially all of its fuel but controlled vital trans-alpine rail tunnels between Germany and Italy. Switzerland's most important exports during the war were precision machine tools, watches, jewel bearings (used in bomb sights), electricity, and dairy products. Until 1936, the Swiss franc was the only remaining major freely convertible currency in the world, and both the Allies and the Germans sold large amounts of gold to the Swiss National Bank. Between 1940 and 1945, the German Reichsbank sold 1.3 billion francs worth of gold to Swiss Banks in exchange for Swiss francs and other foreign currency, which were used to buy strategically important raw materials like tungsten and oil from neutral countries. Hundreds of millions of francs worth of this gold was monetary gold plundered from the central banks of occupied countries. A total of 581,000 francs' worth of "Melmer" gold taken from Holocaust victims in eastern Europe was sold to Swiss banks. In total, trade between Germany and Switzerland contributed about 0.5% to the German war effort and did not significantly lengthen the war.
Basel Badischer Bahnhof
The Badischer Bahnhof is located on Swiss territory, but due to the 1852 treaty between the Swiss Confederation and the state of Baden (one of the predecessors of today's Germany), the largest part of it (the platforms and the parts of the passenger tunnel that lead to the German/Swiss checkpoint) is treated as an inner-German station and is operated by the Deutsche Bahn. The shops in the station hall, however, are located in Switzerland, and the Swiss franc is used as the official currency there (although the euro is universally accepted).
Swiss franc
The designs of the coins have changed very little since 1879. Among the notable changes were new designs for the 5-franc coins in 1888, 1922, 1924 (minor), and 1931 (mostly just a size reduction). A new design for the bronze coins was used from 1948. Coins depicting a ring of stars (such as the 1-franc coin seen beside this paragraph) were altered from 22 stars to 23 stars in 1983; since the stars represent the Swiss cantons, the design was updated when in 1979 Jura seceded from the Canton of Bern and became the 23rd canton of the Swiss Confederation.
The 10-centime coins from 1879 onwards (except the years 1918–19 and 1932–39) have had the same composition, size, and design until 2014 and are still legal tender and found in circulation.
All Swiss coins are language-neutral with respect to Switzerland's four national languages, featuring only numerals, the abbreviation "Fr." for franc, and the Latin phrases "Helvetia" or "Confœderatio Helvetica" (depending on the denomination) or the inscription "Libertas" (Roman goddess of liberty) on the small coins. The name of the artist is present on the coins with the standing Helvetia and the herder.
List of airports in Switzerland
Switzerland (, , ), officially the Swiss Confederation ("Confœderatio Helvetica" in Latin, hence its ISO country codes CH and CHE), is a federal republic consisting of 26 cantons. The country is situated in Europe where it is bordered by Germany to the north, France to the west, Italy to the south, and Austria and Liechtenstein to the east. The capital city of Switzerland is Bern.
Swiss franc
In 1907, the Swiss National Bank took over the issuance of banknotes from the cantons and various banks. It introduced denominations of 50, 100, 500 and 1000 francs. 20-franc notes were introduced in 1911, followed by 5-franc notes in 1913. In 1914, the Federal Treasury issued paper money in denominations of 5, 10 and 20 francs. These notes were issued in three different versions: French, German and Italian. The State Loan Bank also issued 25-franc notes that year. In 1952, the national bank ceased issuing 5-franc notes but introduced 10-franc notes in 1955. In 1996, 200-franc notes were introduced whilst the 500-franc note was discontinued.
Public Welfare Policy in Switzerland
The country of Switzerland, officially the Swiss Confederation, has a comparatively meager public welfare system. As such, Switzerland is often classified as the model liberal-market economy of continental Europe, and stands out amongst other continental European states due to its small, means-tested welfare program. The OECD cites Switzerland's social expenditure as 19.6% of their gross domestic product, a rate that parallels other liberal-market states' spending rates.
Switzerland
The Latin name "Confoederatio Helvetica" was neologized and introduced gradually after the formation of the federal state in 1848, harking back to the Napoleonic Helvetic Republic, appearing on coins from 1879, inscribed on the Federal Palace in 1902 and after 1948 used in the official seal. (for example, the ISO banking code "CHF" for the Swiss franc, and the country top-level domain ".ch", are both taken from the state's Latin name). "Helvetica" is derived from the "Helvetii", a Gaulish tribe living on the Swiss plateau before the Roman era.
Swiss franc
The franc fell 8.8% against the euro, 9.5% against the dollar, and at least 8.2% against all 16 of the most active currencies on the day of the announcement. It was the largest plunge of the franc ever against the euro. The SNB had previously set an exchange rate target in 1978 against the Deutsche mark and maintained it, although at the cost of high inflation. Until mid-January 2015, the franc continued to trade below the target level set by the SNB, though the ceiling was broken at least once on 5 April 2012, albeit briefly.
Switzerland–European Union relations
On 6 September 2011, the Swiss franc effectively became fixed against the euro: the Franc had always floated independently until its currency appreciation became unacceptable during the eurozone debt crisis. The Swiss National Bank set an CHF/EUR peg that involved a minimum exchange rate of 1.20 francs to the euro, with no upper bound in place. The Bank committed to maintaining this exchange rate to ensure stability. The peg was abandoned on 15 January 2015, when renewed upward pressure on the Swiss franc exceeded the Bank's level of tolerance.
Swiss franc
All banknotes are quadrilingual, displaying all information in the four national languages. The banknotes depicting a Germanophone person have German and Romansch on the same side as the picture, whereas banknotes depicting a Francophone or an Italophone person have French and Italian on the same side as the picture. The reverse has the other two languages.
Switzerland
In 2006, Switzerland approved 1 billion francs of supportive investment in the poorer Southern and Central European countries in support of cooperation and positive ties to the EU as a whole. A further referendum will be needed to approve 300 million francs to support Romania and Bulgaria and their recent admission. The Swiss have also been under EU and sometimes international pressure to reduce banking secrecy and to raise tax rates to parity with the EU. Preparatory discussions are being opened in four new areas: opening up the electricity market, participation in the European GNSS project Galileo, cooperating with the European centre for disease prevention and recognising certificates of origin for food products.
Basel frank
The Basel frank (German "Franken", French "franc") was the currency of the Swiss canton of Basel between 1798 and 1850.
Languages of Switzerland
The four national languages of Switzerland are German, French, Italian and Romansh. All but Romansh maintain equal status as official languages at the national level within the Federal Administration of the Swiss Confederation. In some situations, Latin is used, particularly as a single language to denote the country.
Switzerland as a federal state
Some of the first acts of the new Federal Assembly were to unify and standardize daily life in the country. In 1849 a uniform postal service was established. In 1850 a single currency was imposed to replace the cantonal currencies, while all customs between cantons were abolished. In 1851 the telegraph was organized, while all weights and measures were unified. In 1868 the metric system was allowed and in 1875 declared obligatory and universal. In 1854 roads and canals taken in hand were taken under federal control. The Federal Polytechnic wasn't opened until 1855 in Zurich, though the Federal university authorized by the new constitution has not yet been set up.
Liechtenstein–Switzerland relations
At the request of Liechtenstein's government in 1919, Switzerland safeguards Liechtenstein's interests and citizens abroad. The two form a common economic and monetary area (Liechtenstein has used the Swiss franc (since 1920) and has had a customs union (since 1924) with Switzerland with open borders (though both are now also party to the Schengen Agreement). The countries also have a common patent system. Switzerland is empowered to enter into treaties on Liechtenstein's behalf if Liechtenstein is not represented at the treaty negotiations; this power has most often been exercised with treaties involving customs duties or procedures.
List of people on banknotes
Currency: Rupee (since 1872)Symbol: (රු, Rs, ரூ)"See also Sri Lankan rupee".
Currency: Lilangeni/Emalangeni (since 1974)Symbol: L or E (pl.)"See also Swazi lilangeni."
Currency: Krona (since 1873)Symbol: kr"See also Swedish krona."
Currency: Franc (since 1850)Symbol: Fr."See also Banknotes of the Swiss franc and Swiss franc."
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Currency: Paʻanga (since 1967)Symbol: T$"See also Tongan pa'anga."
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Currency: Dinar (since 1960)Symbol: DT"See also Tunisian dinar."
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Currency: New manat (since 2009)Symbol: T"See also Turkmenistan manat."
Currency: Hryvnia (pl. Hryvni and Hryven') (since 1996)Symbol: ₴"See also Banknotes of the Ukrainian hryvnia and Ukrainian hryvnia."
Currency: Pound sterling (England since 1158; Scotland since 1695)Symbol: £"See also Banknotes of the pound sterling and Pound sterling."
Currency intervention
As investors flocked to the franc during the financial crisis, they dramatically pushed up its value. An expensive franc may have large adverse effects on the Swiss economy; the Swiss economy is heavily reliant on selling things abroad. Exports of goods and services are worth over 70% of Swiss GDP. To maintain price stability and lower the franc's value, the SNB created new francs and used them to buy euros. Increasing the supply of francs relative to euros on foreign-exchange markets caused the franc's value to fall (ensuring the euro was worth 1.2 francs). This policy resulted in the SNB amassing roughly $480 billion-worth of foreign currency, a sum equal to about 70% of Swiss GDP.
Berne frank
The Frank was the currency of the Helvetian Republic from 1798, replacing the Thaler in Berne. The Helvetian Republic ceased issuing coins in 1803. Berne issued coins between 1808 and 1836. In 1850, the Swiss franc was introduced, with Swiss francs = 1 Berne Frank.
Economy of Liechtenstein
Liechtenstein utilizes the Swiss franc as its national currency. Swiss border police and customs officers secure its frontier with Austria. Currently there are 21 Swiss border guards stationed in Liechtenstein and 20 Austrian border guards securing its border (as of 2011).
Banknotes of the Swiss franc
Switzerland is unusual among affluent countries in that it expires its banknotes; the Swiss National Bank has declared several older series of banknotes to be no longer legal tender some time after introducing newer series. Notes from these "recalled" series can be exchanged for still-valid notes at the National Bank for up to 20 years after the date of recall, after which the notes lose all value. When recalled series become valueless, the National Bank transfers an amount of money equal to the sum of the now-worthless notes to a state-run last-resort disaster insurance fund, the Swiss Fund for Aid in Cases of Uninsurable Damage by Natural Forces. The most recently recalled series of banknotes, the sixth series, was recalled on 1 May 2000 and will expire on 1 May 2020. The Swiss Federal Council (executive cabinet) and National Bank have proposed to remove this twenty-year time limit for the sixth series as well as any future recalled series; as of mid-2018, this proposal remains in the draft bill stage.
Digital currency
In 2016, a city government first accepted digital currency in payment of city fees. Zug, Switzerland, added bitcoin as a means of paying small amounts, up to , in a test and an attempt to advance Zug as a region that is advancing future technologies. In order to reduce risk, Zug immediately converts any bitcoin received into the Swiss currency.Swiss Federal Railways, government-owned railway company of Switzerland, sells bitcoins at its ticket machines.
European integration
The European Economic Area (EEA) agreement allows Norway, Iceland and Liechtenstein to participate in the European Single Market without joining the EU. The four basic freedoms apply. However, some restrictions on fisheries and agriculture take place. Switzerland is linked to the European Union by Swiss-EU bilateral agreements, with a different content from that of the EEA agreement.
The Eurozone refers to the European Union member states that have adopted the euro currency union as the third stage of the European Economic and Monetary Union (EMU). Further, certain states outside the EU have adopted the euro as their currency, despite not belonging to the EMU. Thus, a total of 25 states, including 19 European Union states and six non-EU members, currently use the euro.
Swissmint
Swissmint is the official mint of the Swiss Confederation. Located in the Swiss capital city Bern, it is responsible for manufacturing Swiss franc coins, both of the currency and bullion variety. Apart from making coins for the government, Swissmint also manufactures medals and commemorative coins for private customers.
Economy of Switzerland
As of 2016, Switzerland had the highest average wealth per adult, at $561,900.
Switzerland
The World Economic Forum's Global Competitiveness Report currently ranks Switzerland's economy as the most competitive in the world, while ranked by the European Union as Europe's most innovative country. For much of the 20th century, Switzerland was the wealthiest country in Europe by a considerable margin (by GDP – per capita). In 2017, average gross household income in Switzerland was 9,946 francs per month (equivalent to US$10,720 per month), though 61% of the population made less than the average income. Switzerland also has one of the world's largest account balances as a percentage of GDP.
Schaffhausen frank
The Frank was the currency of the Swiss canton of Schaffhausen between 1798 and 1850. It was subdivided into 10 "Batzen", each of 4 "Kreuzer".
Swiss franc
After 1815, the restored Swiss Confederacy attempted to simplify the system of currencies once again. 
As of 1820, a total of 8,000 distinct coins were current in Switzerland: those issued by cantons, cities, abbeys, and principalities or lordships, mixed with surviving coins of the Helvetic Republic and the pre-1798 Helvetic Republic. In 1825, the cantons of Berne, Basel, Fribourg, Solothurn, Aargau, and Vaud formed a monetary "concordate", issuing standardised coins, the so-called "Konkordanzbatzen", still carrying the coat of arms of the issuing canton, but interchangeable and identical in value. The reverse side of the coin displayed a Swiss cross with the letter C in the center.
Geography of Switzerland
Switzerland is also divided by language. There are four official languages: German (spoken by 63.7% of population), French (by 20.4% of population), Italian (by 6.5%) and Romansh (0.5%). From Bern east (except Ticino) the population generally speaks German. West of Bern, the population generally speaks French. In the southern Canton of Ticino, most people speak Italian. Romansh, a group of dialects descended from Vulgar Latin, is spoken in several regions in the canton of Graubünden.
Uri frank
The Frank was the currency of the Helvetian Republic from 1798. The Helvetian Republic ceased issuing coins in 1803. Uri issued coins in 1811. In 1850, the Swiss franc was introduced, with Swiss francs = 1 Uri Frank.
Swiss franc
In March 2011, the franc climbed past the US$1.10 mark (CHF 0.91 per U.S. dollar). In June 2011, the franc climbed past US$1.20 (CHF 0.833 per U.S. dollar) as investors sought safety as the Greek sovereign debt crisis continued. Continuation of the same crisis in Europe and the debt crisis in the US propelled the Swiss franc past US$1.30 (CHF 0.769 per U.S. dollar) as of August 2011, prompting the Swiss National Bank to boost the franc's liquidity to try to counter its "massive overvaluation". "The Economist" argued that its Big Mac Index in July 2011 indicated an overvaluation of 98% over the dollar, and cited Swiss companies releasing profit warnings and threatening to move operations out of the country due to the strength of the franc. Demand for francs and franc-denominated assets was so strong that nominal short-term Swiss interest rates became negative.
Poverty in Switzerland
This development was tied to the exchange rate between the US Dollar and the Swiss franc, which caused capital in Swiss francs to more than double its value in dollar terms during the 2000s and especially in the wake of the financial crisis of 2007–2008, without any direct increase in value in terms of domestic purchasing power.
Banknotes of the Swiss franc
Banknotes of the Swiss franc are issued by the Swiss National Bank in denominations of 10, 20, 50, 100, 200 and 1,000 Swiss francs.
Swiss identity card
When the 1977 version of the Swiss identity card was issued, the first issue was still printed in German, French, and Italian. Later on, Romansch was added to the identity cards (along with English) after it became a national Swiss language in the new 1999 Swiss constitution that followed the 6 March 1996 referendum of Swiss voters.
Zürich thaler
The Thaler was the currency of Zürich until 1798. It was subdivided into 2 "Gulden", each of 36 "Schillinge", with the Schilling divided into 4 "Rappen" or 12 "Haller". It was replaced by the Frank of the Helvetian Republic in 1798. This was, in turn, replaced by the Zürich Frank. The thaler was worth of a Cologne mark.
Economy of Sweden
Sweden rejected the Euro in a referendum in 2003, and Sweden maintains its own currency, the Swedish krona (SEK). The Swedish Riksbank—founded in 1668 and thus making it the oldest central bank in the world—is currently focusing on price stability with its inflation target of 2%. According to "Economic Survey of Sweden 2007" by OECD, the average inflation in Sweden has been one of the lowest among European countries since the mid-1990s, largely because of deregulation and quick utilization of globalization.
Postage stamps and postal history of Switzerland
Swiss stamps are inscribed with the word "Helvetica", rather than "Schweiz", "Suisse" "Svizzera", or "Svizra". With four official languages-German, French, Italian, and Romansch. The Swiss would have had to put all four languages on each stamp, quite a problem to overcome with such limited space on a stamp.
Liechtenstein
Liechtenstein participates in a customs union with Switzerland and employs the Swiss franc as the national currency. The country imports about 85% of its energy. Liechtenstein has been a member of the European Economic Area (an organization serving as a bridge between the European Free Trade Association (EFTA) and the European Union) since May 1995.
Zürich frank
The Frank was the currency of the Helvetian Republic from 1798. The Helvetian Republic ceased issuing coins in 1803. Zürich issued coins between 1806 and 1848. In 1850, the Swiss franc was introduced, with Swiss francs = 1 Zürich Frank.
Seigniorage
The Swiss 1,000-franc note, worth slightly more than $1,000, is probably the only other banknote in circulation outside its home country. However, it does not have a significant advantage over the €500 note to the non-Swiss; there are 20 times as many €500 notes in circulation, and they are more widely recognized. As a reserve currency, it makes up about 0.1% of the currency composition of official foreign-exchange reserves.
Central Europe
Currently, the members of the Eurozone include Austria, Germany, Luxembourg, Slovakia, and Slovenia. Croatia, the Czech Republic, Hungary and Poland use their currencies (Croatian kuna, Czech koruna, Hungarian forint, Polish złoty), but are obliged to adopt the Euro. Switzerland uses its own currency, Swiss franc.
Currency pair
Currency quotations use the abbreviations for currencies that are prescribed by the International Organization for Standardization (ISO) in standard ISO 4217. The major currencies and their designation in the foreign exchange market are the US dollar (USD), euro (EUR), Japanese yen (JPY), British pound (GBP), Australian dollar (AUD), Canadian dollar (CAD), and the Swiss franc (CHF).
Didier Sornette
In 2015, in reaction to the extraordinary pressure on the Swiss franc and the general debate that a strong Swiss franc is a problem for Switzerland, he has introduced the contrarian concept that a strong Swiss franc is an extraordinary opportunity for Switzerland. He argues that the strong Swiss franc is the emergence (in the sense of complex adaptive systems) of the aggregate qualities of Switzerland, its political systems, its infrastructure, its work organisation and ethics, its culture and much more. He proposes to "mine" Swiss francs to stabilise the exchange against the euro to an economically and politically consensus (that could be around 1.20–1.25 ChF per euro) and buy as much euros and dollars as is necessary for this. The proceeds will be reinvested in a Swiss Sovereign Fund, which could reach a size of one trillion euros or more, according to the strategies used by the Norvegian sovereign fund, the Singaporean sovereign funds and university endowment funds such as Harvard or Stanford. A full English version and a presentation can be found at . A summary of the arguments has been presented in the German speaking media .
Fribourg gulden
The "Gulden" was the currency of the Swiss canton of Fribourg until 1798. It was subdivided into 14 "Batzen", each of 4 "Kreuzer" or 16 "Denier". It was replaced by the Frank of the Helvetian Republic in 1798. This was, in turn, replaced by the Fribourg Frank.
Philipp Hildebrand
Hildebrand is considered a driving force behind the pegging of the Swiss Franc to the Euro announced on 6 September 2011. The central bank commits to undertake transactions to cap the value of the franc against the euro at a maximum of 1.20. In early August, the euro fell to near parity, at 1.00749, against the franc. After initial cautious reactions by analysts, the decision of the Swiss National Bank to aim to keep the Swiss Franc: Euro rate above 1.20 is considered to have been a success.
Switzerland
Switzerland has four national languages: mainly German (spoken by 62.8% of the population in 2016); French (22.9%) in the west; and Italian (8.2%) in the south. The fourth national language, Romansh (0.5%), is a Romance language spoken locally in the southeastern trilingual canton of Grisons, and is designated by Article 4 of the Federal Constitution as a national language along with German, French, and Italian, and in Article 70 as an official language if the authorities communicate with persons who speak Romansh. However, federal laws and other official acts do not need to be decreed in Romansh.
Reserve currency
The Swiss franc, despite gaining ground among the world's foreign-currency reserves and being often used in denominating foreign loans, cannot be considered as a world reserve currency, since the share of all foreign exchange reserves held in Swiss francs has historically been well below 0.5%. The daily trading market turnover of the franc, however, ranked fifth, or about 3.4%, among all currencies in a 2007 survey by the Bank for International Settlements.
Rappen
Today, one-hundredth of a Swiss franc is still officially called a Rappen in German and Swiss German. In French-speaking Switzerland, the modern Swiss coins are called centime (pl. "centimes") and in Italian-speaking Switzerland, centesimo (pl. "centesimi"), respectively.
Swiss National Bank
The Nationalbank made an announcement on 6 September 2011, of its intention to address changes in the value of the Swiss Franc to the Euro. More specifically, that it wanted the value of the Franc to fall below 1.2 to the Euro. A cap was placed on exchange-rates in order to take measures to stem the development of a possible recession. The bank stated the 1.2 exchange value was defendable as the bank could potentially proceed to mint enough banknotes to control the rate sufficiently. The bank announced on January 15, 2015 the Euro currency arrangement would end as the Euro crisis had passed and the Europeans would be making financial policy changes.
Franc
The countries that use francs include Switzerland, Liechtenstein, and most of Francophone Africa. Before the introduction of the euro, francs were also used in France, Belgium and Luxembourg, while Andorra and Monaco accepted the French franc as legal tender (Monegasque franc). The franc was also used within the French Empire's colonies, including Algeria and Cambodia. The franc is sometimes Italianised or Hispanicised as the "franco", for instance in Luccan franco.
Hard currency
The Swiss franc (CHF) has long been considered a hard currency, and in fact was the last paper currency in the world to terminate its convertibility to gold. In the summer of 2011, the European sovereign debt crisis led to rapid flows out of the euro and into the franc by those seeking hard currency, causing the latter to appreciate rapidly. On September 6, 2011, the Swiss National Bank announced that it would buy an "unlimited" number of euros to fix an exchange rate at 1.00 EUR = 1.20 CHF, to protect its trade. This action temporarily eliminated the franc's hard currency advantage over the euro but was abandoned in January 2015.
St. Gallen frank
The Frank was the currency of the Helvetian Republic from 1798, replacing the Thaler in St. Gallen. The Helvetian Republic ceased issuing coins in 1803. St. Gallen issued coins between 1807 and 1817. In 1850, the Swiss franc was introduced, with Swiss francs = 1 St. Gallen Frank.
Poverty in Switzerland
In 2013 the mean household income in Switzerland was CHF 120,624 (c. USD 134,000 nominal, USD 101,000 PPP), the mean household income after social security, taxes and mandatory health insurance was CHF 85,560 (c. USD 95,000 nominal, USD 72,000 PPP). The OECD lists Swiss household gross adjusted disposable income per capita USD 32,594 PPP for 2011.
European integration
Switzerland and Liechtenstein participate in a customs union since 1924, and both employ the Swiss franc as national currency.
Basel thaler
The Basel Thaler was the currency of the Swiss Canton of Basel until 1798. The currency was issued by both the Canton and the Bishopric of Basel.
Currency intervention
The Economist asserts that the SNB dropped the cap for the following reasons: first, rising criticisms among Swiss citizens regarding the large build-up of foreign reserves. Fears of runaway inflation underlie these criticisms, despite inflation of the franc being too low, according to the SNB. Second, in response to the European Central Bank's decision to initiate a quantitative easing program to combat euro deflation. The consequent devaluation of the euro would require the SNB to further devalue the franc had they decided to maintain the fixed exchange rate. Third, due to recent euro depreciation in 2014, the franc lost roughly 12% of its value against the USD and 10% against the rupee (exported goods and services to the U.S. and India account for roughly 20% Swiss exports).
Swiss franc
On 18 December 2014, the Swiss central bank introduced a negative interest rate on bank deposits to support its CHF ceiling. However, with the euro declining in value over the following weeks, in a move dubbed "Francogeddon" for its effect on markets, the Swiss National Bank abandoned the ceiling on 15 January 2015, and the franc promptly increased in value compared with the euro by 30%, although this only lasted a few minutes before part of the increase was reversed. The move was not announced in advance and resulted in "turmoil" in stock and currency markets. By the close of trading that day, the franc was up 23% against the euro and 21% against the US dollar. The full daily appreciation of the franc was equivalent to $31,000 per single futures contract: more than the market had moved collectively in the previous thousand days. The key CHF interest rate was also lowered from −0.25% to −0.75%, meaning depositors would be paying an increased fee to keep their funds in a Swiss bank account. This devaluation of the euro against the franc was expected to hurt Switzerland's large export industry. The Swatch Group, for example, saw its shares drop 15% (in Swiss franc terms) with the announcements so that the share price may have increased on that day in terms of other major currencies.
Coin wrapper
Currency: Romanian leu
Currency: Serbian dinar
Currency: Singaporean dollar
Currency: South Korean won
Currency: Swedish krona
Currency: Swiss franc
Currency: New Taiwan dollar
Currency: Thai baht
Currency: Ukrainian hryvnia
Currency: United States dollar
Each denomination has a different amount found in a roll and are color-coded by denomination. See below:
Fribourg frank
The Frank was the currency of the Helvetian Republic from 1798, replacing the Gulden in Fribourg. The Helvetian Republic ceased issuing coins in 1803. Fribourg issued coins between 1806 and 1836. In 1850, the Swiss franc was introduced, with Swiss francs = 1 Fribourg Frank.
Switzerland
Thus, while the rest of Europe saw revolutionary uprisings, the Swiss drew up a constitution which provided for a federal layout, much of it inspired by the American example. This constitution provided for a central authority while leaving the cantons the right to self-government on local issues. Giving credit to those who favoured the power of the cantons (the Sonderbund Kantone), the national assembly was divided between an upper house (the Council of States, two representatives per canton) and a lower house (the National Council, with representatives elected from across the country). Referendums were made mandatory for any amendment of this constitution. This new constitution also brought a legal end to nobility in Switzerland.
A system of single weights and measures was introduced and in 1850 the Swiss franc became the Swiss single currency. Article 11 of the constitution forbade sending troops to serve abroad, with the exception of serving the Holy See, though the Swiss were still obliged to serve Francis II of the Two Sicilies with Swiss Guards present at the Siege of Gaeta in 1860, marking the end of foreign service.
Luzern frank
In 1850, the Swiss franc was introduced, with Swiss francs = 1 Luzern Frank.
Banknotes of the Swiss franc
During the 19th century the cantons (states) of Switzerland had the right to print their own notes. Following the law of 8 March 1881 the Swiss National Bank had the exclusive right to issue banknotes in Switzerland. Its first notes were issued in 1907. Since then, nine series of Swiss franc notes have been printed, six of which have been completely released for use by the general public, and a new series started being released in 2016.
Vreneli
The 20 franc denomination with the aforementioned specifications (size and alloy and gold content) was first established by Napoleon for France in 1803. The denomination/specifications remained in usage until the First World War under what was known as the Latin Monetary League, the "euro before the euro", so-to-speak. Switzerland constituted itself in Confederation in 1848. It adopted the Swiss Franc, and aligned its currency on the French franc in 1850. It joined the Latin Union in December 1865. Switzerland had Swiss 20 franc pieces, Spain had 20 peseta coins, Italy had 20 lira pieces, Belgium had 20 Belgian franc coins, and Greece had 20 drachmas coins all of which circulated and were accepted throughout Europe. Only for political reasons did the British and the German Empires refuse to follow this direction. Attempts were even taken to explore the unification of the European currency with the American dollar, which explains the extremely rare U.S. Stella carrying an unusual face value of $4, but which contained the same amount of gold as the 20F Vreneli. An earlier Swiss gold coin had been issued between 1883 and 1896.
Banknotes of the Swiss franc
The first banknotes in Switzerland were issued in 1825 by the "Caisse de dépôt" of the city of Bern.
Coat of arms of Switzerland
Alternative shapes of the heraldic shield were also in frequent use, and still remain in use in spite of the 2017 legislation. 
A frequently seen shield shape is the "Iberian" or "curved" type, specifically used to mark Swiss embassies and border crossings, and also used on the five franks coin. 
Another frequently seen variant is a Renaissance-style articulated shield, shown as being held by the national personification Helvetia on the ½, 1 and 2 franks coins.
Appenzell frank
The Frank was the currency of the Helvetian Republic from 1798. The Helvetian Republic ceased issuing coins in 1803. Appenzell issued coins between 1808 and 1816. In 1850, the Swiss franc was introduced, with Swiss francs = 1 Appenzell Frank.
Branch mint
The current Swiss mint is located in Bern (B). In the past, Swiss coins were manufactured in Bruxelles/Brussels (B.), Strasbourg (BB) and (AB) and Paris (A). French coins of the First French Empire were made in Geneva. Most of the Swiss Cantons were still producing their own coinage in 1848 when Switzerland re-constituted itself as a Confederation and, in 1850, pegged the newly adopted Swiss franc to the French franc.
Fribourg frank
The Frank was the currency of the Swiss canton of Fribourg between 1798 and 1850. It was subdivided into 10 "Batzen", each of 4 "Kreuzer" or 10 "Rappen".
Federal budget of Switzerland
The budget principles are defined by the Swiss Constitution and have been restated most recently in the 1999 fiscal guidelines of the confederation. In 2010 the federal budget of Switzerland had a size of 62.8 billion Swiss francs, which is an equivalent 11.35% of the country's GDP in that year. In 2014 the federal budget of Switzerland had an estimated size of 66.353 billion Swiss francs, which is an estimated equivalent 10.63% of the country's GDP in that year.
Note that the Swiss "federal" budget only comprises 31.7% of Swiss public expenditure, the rest being managed by the cantons and the municipalities directly.
Postage stamps and postal history of Switzerland
All of the preceding issues were declared invalid on 1 October 1854, and replaced with the seated allegorical figure "Helvetia", the first of several issues known as "seated Helvetias". The figure was embossed but only the outline was colored, making it rather hard to pick out. This was the first issue to deal with the multiple languages of Switzerland; in addition to the word "FRANCO" at the top, the other three sides listed the denomination in rappen, centimes, and (Italian) centesimi.
Foreign-exchange reserves
A case to point out is that of the Swiss National Bank, the central bank of Switzerland. The Swiss franc is regarded as a safe haven currency, so it usually appreciates during market's stress. In the aftermath of the 2008 crisis and during the initial stages of the Eurozone crisis, the Swiss franc (CHF) appreciated sharply. The central bank resisted appreciation by buying reserves. After accumulating reserves during 15 months until June 2010, the SNB let the currency appreciate. As a result, the loss with the devaluation of reserves just in 2010 amounted to CHF 27 Billion or 5% of GDP(part of this was compensated by the profit of almost CHF6 Billion due to the surge in the price of gold). In 2011, after the currency appreciated against the Euro from 1.5 to 1.1, the SNB announced a ceiling at the value of CHF 1.2. In the middle of 2012, reserves reached 71% of GDP.
Swiss franc
Although 22 cantons and half-cantons issued coins between 1803 and 1850, less than 15% of the money in circulation in Switzerland in 1850 was locally produced, with the rest being foreign, mainly brought back by mercenaries. In addition, some private banks also started issuing the first banknotes, so that in total, at least 8000 different coins and notes were in circulation at that time, making the monetary system extremely complicated.
Schwyz frank
The Frank was the currency of the Swiss canton of Schwyz between 1798 and 1850. It was subdivided into 10 "Batzen", each of 10 "Rappen" (also spelled "Rapen") or 20 "Angster".
Ticinese franco
The frank was the currency of the Helvetian Republic from its establishment in 1798, but ceased issuing coins in 1803. Ticino introduced the franco, equivalent to the frank, in 1813 and issued coins until 1845. In 1850, the Swiss franc was introduced across the whole country, to the value of Swiss francs to 1 Ticino franco.
Kosovo and the euro
Before the establishment of UNMIK, Kosovo (as part of Serbia) was bound to Yugoslav monetary policy, and the Yugoslav dinar. However, war-time inflation and tensions with the Federal Republic of Yugoslavia had severely discredited the Yugoslav dinar. As a result, many preferred to use and hoard foreign currencies instead of relying on the dinar. The most frequently used foreign currency was the German mark, although the U.S. dollar and Swiss franc were also widely used.
Synthetic currency pair
The eight most traded currencies (in no specific order) are: the U.S. dollar (USD), the Canadian dollar (CAD), the euro (EUR), the British pound (GBP), the Swiss franc (CHF), the New Zealand dollar (NZD), the Australian dollar (AUD) and the Japanese yen (JPY).
Basel frank
The Frank was the currency of the Helvetian Republic from 1798, replacing the Thaler in Basel. The Helvetian Republic ceased issuing coins in 1803. Basel issued coins between 1805 and 1826, with the Frank subdivided into 10 "Batzen", each of 10 "Rappen". In 1850, the Swiss franc was introduced, with Swiss francs = 1 Basel Frank.
Solidus (coin)
In Canadian French, and are commonly employed terms for the Canadian cent. and are also regularly used. The European French is not used in Quebec. In Canada one hundredth of a dollar is officially known as a cent (pronounced /sɛnt/) in both English and French. However, in practice, a feminine form of , (pronounced /sɛn/) has mostly replaced the official "" outside bilingual areas. Spoken use of the official masculine form of cent is uncommon in francophone-only areas of Canada. Quarter dollar coins in colloquial Quebec French are sometimes called (thirty cents), because of a series of changes in terminology, currencies, and exchange rates. After the British conquest of Canada in 1759, French coins gradually fell out of use, and became a nickname for the halfpenny, which was similar in value to the French . Spanish pesos and U.S. dollars were also in use, and from 1841 to 1858 the exchange rate was fixed at $4 = £1 (or 400¢ = 240d). This made 25¢ equal to 15d, or 30 halfpence i.e. . In 1858, pounds, shillings, and pence were abolished in favour of dollars and cents, and the nickname began to be used for the 1¢ coin, but the term for a 25¢ coin has endured.
In the vernacular Quebec French and are also frequently used to refer to money in general, especially small amounts.