Besmenian schilling

Besmenian schilling
Spero
ISO 4217
Code	BSP
Denominations
Subunit
1/100	cent
Symbol	BS
cent	ct
Banknotes
Freq. used	5BS, 10BS, 20BS, 50BS, 100BS, 500BS,
Rarely used	1BS, 2BS,1000BS
Coins
Freq. used	5ct, 10ct, 20ct, 50ct, 1BS, 2BS,
Rarely used	1ct, 2ct, 5BS
Demographics
Date of introduction	1 January 1921
User(s)	Besmenien
Issuance
Printer	Bank of Besmenia

The Besmenian Spero (Or colloquially called Spero) is the official currency of the Federal Republic of Besmenia.

History

When the Federal Republic of Besmenia was founded on July 2, 1920, the West Besmenian Mark was still currency. At that time, there were proposals in the Federal Chamber for a own currency for East Besmenien. Many politicians also wanted the West Besmenian Mark to be the currency of East Besmenia. On July 11, 1920, the majority of the parliament finally voted for its own currency.

The Minister of Finance Willhelm Spero (1870-1947) worked on the new currency. He named the new currency after himself. Finally, the Spero was introduced on January 1, 1921 as the official currency of East Besmenia, and replaced the West Besmenian Mark as a provisional currency.

Inflation in 1923

Inflation occurred in June 1923, just over two years after its introduction. The inflation in 1923 was a late consequence of the Besmenian Civil War. At the time, East Besmenien was a poor country that stood economically with its back to the wall. It had to rebuild the war-torn country, repay war bonds to its own population and raise money for reparations. Therefore, the government put more and more money into circulation, even if there was no material equivalent in the country for the increasing number of banknotes. Inflation ended in January 1924 with the introduction of new Spero coins and notes.