1 Introduction 2

2 Database construction 8

  2.1 Scope 8

  2.2 Classification of issuance and discontinuation reasons 11

  2.3 Data collection 13

  2.4 Summary statistics 14

3 Key trends in the data 16

  3.1 The rise (and peak?) of currencies 16

  3.2 Issuance and discontinuation 18

  3.3 How long do currencies last? 21

  3.4 The stock of currencies: creation and destruction 24

  3.5 Oldest surviving currencies 26

  3.6 Serial reformers and notable cases 26

  3.7 Currency unions and the changing reasons for discontinuation 31

4 Conclusion 32