A list of coins drawn up by the coinage commission featured 320 different coin types, although estimates came to as many as 867. If the different embossings are taken into account, there were as many as 6,000 or so. Cf. Meier, p. 72 et seq. 4  Cf. for example, Meier, pp. 29–30 and p. 124, and Ernst Baltensperger: Der Schweizer Franken – Eine Erfolgsgeschichte. Die Währung der Schweiz im 19. und 20. Jahrhundert, Zurich 2012, pp. 49–50. 5  Meier, pp. 124 et seq. 6  Following the revision of the Coinage Act of 1860, the value of one Swiss franc was equivalent to 4.5g of silver or 0.2903226g of gold. This was in line with its model, the French franc. Cf. Baltensperger, p. 83. 7  Moreover, in 1890, more coins were in circulation than banknotes, in terms of value. Coin circulation at the time is estimated at CHF 266 million, while banknotes to the value of CHF 172 million were in circulation. Cf. Heiner Ritzmann-Blickenstorfer (ed): Historische Statistik der Schweiz, Zurich 1996, p. 805. 2  BIS central bankers’ speeches  Our final leap in time brings us to the present day. Nowadays we live with a purely paper currency. Since the collapse of the Bretton Woods system at the beginning of the 1970s, exchange rates have, in principle, been moving freely in relation to one another. During the 1960s, the monetary policy of the US central bank had been too expansionary.
Permit me to pay tribute to all other former Governors who have contributed immensely to our institutional development over the years. I want to take this opportunity to thank them all for their contributions in reforming the Bank and upholding the dignity and effectiveness of our noble institution. Your Excellency, distinguished guests, the recent global economic and financial crisis was a wake-up call to the realisation that low and stable inflation, a sound banking system, as well as high and sustainable economic growth, though necessary, are not sufficient conditions for financial stability. As you are aware, the Bank had developed the Financial Sector Development Plan (FSDP) which was approved by cabinet in 2009, to address the shortcomings in the financial sector. It is expected that funding for the FSDP would be provided under a basket fund arrangement with development partners, including KfW, GTZ, and AfDB, with the World Bank assuming a leading role. The Bank is in the process of setting up a secretariat for successful implementation of the FSDP for which the Head has been appointed. Your Excellency, distinguished ladies and gentlemen, permit me to proceed with the discussion on the highlights of the reform policies to reposition the Bank and the current state of their implementation. Strengthening the supervisory role of the Bank of Sierra Leone Your Excellency, distinguished guests, even though the Bank was granted legal sanction by the Bank of Sierra Leone Act 2000, its powers and operational autonomy are limited.