Besmenian schilling
| Spero | |
|---|---|
| ISO 4217 | |
| Unit | |
| Symbol | BS |
| Denominations | |
| Subunit | |
| 1/100 | cent |
| Symbol | |
| 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.