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Everything you always wanted to know

The axis of the work is the study of the depreciation of silver in the second half of the XIXth century and its consequences in developed countries. We will study more specifically the differences between countries.

The brutal increase of silver production and the development of the gold standard in the 1870s originated a definitive decrease of the value of silver. The ratio gold/silver that was established at more or less 1/15 or 1/15.5 shifted to 1/16, 1/18 up to 1/32 at the end of the century. This decline of the silver increased the real cost of the sums estimated in gold. This evolution was a handicap for imports of silver-using countries, but an advantage for their exports. However, taxes to be paid to gold-using countries or refunds of loans to London were more and more heavy (it was the case of India – silver-using – and Great Britain – gold-using –, or loans of Japan in example). Several solutions were considered, including the creation of a large silver-using zone (India, Asia).

Little by little the main countries shifted from silver-using or bimetallism to gold standard (de facto or de jure) that was already adopted in United Kingdom (1816), Australia and Canada (1852-53), Portugal (1854): Germany (1871), Denmark (1872), United States of America, Sweden, France, Belgium, Italy, Belgium and Switzerland (1873), Norway and Netherlands (1875), Spain (1876), Serbia (1878), Austria (1879), Russia and India (1893) Japan (1897), etc.
All these transformations were at the origin of crises and financial speculations: the ratio gold/silver was not the same at the same moment in USA, Europe, India, China, etc.

The DAMIN program wants to analyze this important phenomenon that was, in fact, the first financial globalization, and to understand the reality of the gold and silver production, its consequences, the importance of each economic zone.
As trade and finance were globalized, the DAMIN program will include all countries concerned by the silver question: USA, Latin America, Europe, India, China, Japan and all the connected questions (prices, transportation, import/export, etc.).

The web site will contain all the details concerning the activities of the DAMIN program. It includes the books published in the framework of the program, pdf and working papers, and informations concerning the other publications, of the participants.

The DAMIN program includes regular video-recorded Round Tables :

The next one will be in : April 2014 in Osaka, in association with IAFOR,

The DAMIN program is also supported by the LabEx TransferS.

We look forward to seeing you in one of our meetings !


Georges Depeyrot - Program coordinator
Directeur de recherche CNRS

DAMIN latest releases

Meeting in Copenhagen, May 2015

The next round table will take place in Copenhagen May 27-29 in cooperation with the The National museum of Denmark.

This Round Table will focus on the questions of mints, technology, and coin production.

Meeting in Osaka, April 2014

The last round table took place in Osaka April 3-6 within the IAFOR conference.
The proceedings includes all the papers and some papers related with the topic of the meeting or to the theme of the DAMIN program.
The volume is in press and will be available in June.
See more details on Moneta (when available)




Latest Publications (2014) See Previous Publications


Documents and Studies on 19th c. Monetary History, , India, Copy or Extracts of Papers from Her Majesty’s Representatives and Consuls in Foreign Countries having reference to the Silver Question (15 June 1885) and Correspondence between the British and Indian Government respecting the silver question (1886), Georges Depeyrot, ed., 2014, VI+142+2* pages.
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Documents and Studies on 19th c. Monetary History, India, Copy or Extracts of Letters or Papers relating to the Depreciation in the Value of Silver (13 October 1876, 22 March 1877, 31 July 1877, 26 May 1879, 11 August 1879), Georges Depeyrot, ed., 2014, VIII+260+10* pages.
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Documents and Studies on 19th c. Monetary History, India, Resolution, n° 1325, 12th July 1864, on the subject of a Gold Currency for India and Correspondence between the Secretary of State for India and the Government of India on the same subject (London, 1865), Georges Depeyrot, ed., 2014, VI+142+2* pages.
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Latest Publications (2013)


Documents and Studies on 19th c. Monetary History, Hong Kong, Rise and fall of the Hong Kong Mint (7 May 1866 – 25 April 1868), Georges Depeyrot, ed., 2013, 340 pages.
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