The franc (sign: Fr. or SFr.; German: Franken, French and Romansh: franc, Italian: franco; code: CHF) is the currency and legal tender of Switzerland and Liechtenstein; it is also legal tender in the Italian exclave Campione d'Italia. The Swiss National Bank (SNB) issues banknotes and the federal mint Swissmint issues coins.
The smaller denomination, a hundredth of a franc, is a Rappen (Rp.) in German, centime (c.) in French, centesimo (ct.) in Italian, and rap (rp.) in Romansh. The ISO code of the currency used by banks and financial institutions is CHF, although Fr. is also widely used by businesses and advertisers; some use SFr. for Swiss Franc; the Latinate "CH" stands for Confoederatio Helvetica.
Given the different languages used in Switzerland, Latin is used for language-neutral inscriptions on the coins.
Although 22 cantons and half-cantons issued coins between 1803 and 1850, less than 15% of the money in circulation in Switzerland in 1850 was locally produced, with the rest being foreign, mainly brought back by mercenaries. In addition, some private banks also started issuing the first banknotes, so that in total, at least 8000 different coins and notes were in circulation at that time, making the monetary system extremely complicated.
In order to solve this problem, the new Swiss Federal Constitution of 1848 specified that the federal government would be the only entity allowed to make money in Switzerland. This was followed two years later by the first Federal Coinage Act, passed by the Federal Assembly on 7 May 1850, which introduced the franc as the monetary unit of Switzerland. The franc was introduced at par with the French franc. It replaced the different currencies of the Swiss cantons, some of which had been using a franc (divided into 10 batzen and 100 centimes) which was worth 1 1⁄2 French francs.
In 1865, France, Belgium, Italy, and Switzerland formed the Latin Monetary Union, wherein they agreed to value their national currencies to a standard of 4.5 grams of silver or 0.290322 grams of gold. Even after the monetary union faded away in the 1920s and officially ended in 1927, the Swiss franc remained on that standard until 1936, when it suffered its sole devaluation, on 27 September during the Great Depression. The currency was devalued by 30% following the devaluations of the British pound,
The Swiss franc has historically been considered a safe-haven currency with virtually zero inflation and a legal requirement that a minimum of 40% be backed by gold reserves. However, this link to gold, which dates from the 1920s, was terminated on 1 May 2000 following a referendum. By March 2005, following a gold selling program, the Swiss National Bank held 1,290 tonnes of gold in reserves which equated to 20% of its assets.
In November 2014, the referendum on the "Swiss Gold Initiative" which proposed a restoration of 20% gold backing for the Swiss franc was voted down.
Gottfried Keller (19 July 1819 – 15 July 1890) was a Swiss poet and writer of German literature. Best known for his novel Green Henry (German: Der grüne Heinrich), he became one of the most popular narrators of literary realism in the late 19th century.
His father was Rudolf Keller (1791-1824), a lathe-worker from Glattfelden; his mother was a woman named Elisabeth Scheuchzer (1787–1864). The couple had six children, four of whom died, meaning Keller only had his sister Regula (*1822) left. After his father died of tuberculosis, Keller's family lived in constant poverty, and, because of Keller's difficulties with his teachers, in continual disagreement with school authorities. Keller later gave a good rendering of his experiences in this period in his long novel, Der grüne Heinrich (1850–55; 2nd version, 1879). His mother seems to have brought him up in as carefree a condition as possible, sparing for him from her scanty meals, and allowing him the greatest possible liberty in the disposition of his time, the choice of a calling, etc. With some changes, a treatment of her relations to him may be found in his short story, “Frau Regel Amrain und ihr jüngster” (in the collection Die Leute von Seldwyla).
Keller's first true passion was painting. Expelled in a political mix-up from the Industrieschule in Zürich, he became an apprentice in 1834 to the landscape painter Steiger and in 1837 to the watercolourist Rudolf Meyer (1803–1857). In 1840, he went to Munich (Bavaria) to study art for a time at the Royal Academy of Fine Arts.
Keller returned to Zürich in 1842 and, although possessing artistic talent, took up writing. He published his first poems, Gedichte, in 1846. Jacob Wittmer Hartmann characterizes these six years at Zürich (1842–48) as a time of almost total inactivity, when Keller inclined strongly toward radicalism in politics, and was also subject to much temptation and indulged himself. From 1848 to 1850 he studied at the University of Heidelberg. There he came under the influence of the philosopher Feuerbach, and extended his radicalism also to matters of religion.
From 1850 to 1856, he worked in Berlin. Hartmann claims it was chiefly this stay in Berlin which molded Keller's character into its final shape, toned down his rather bitter pessimism to a more moderate form, and prepared him (not without the privations of hunger), in the whirl of a large city, for an enjoyment of the more restricted pleasures of his native Zürich. It was in Berlin that he turned definitely away from other pursuits and took up literature as a career.
In this period, Keller published the semi-autobiographical novel Der grüne Heinrich (Green Henry). It is the most personal of all his works. Under the influence of Jean-Jacques Rousseau's doctrine of a return to nature, this book was at first intended to be a short narrative of the collapse of the life of a young artist. It expanded as its composition progressed into a huge work drawing on Keller's youth and career (or more precisely non-career) as a painter up to 1842. Its reception by the literary world was cool, but the second version of 1879 is a rounded and satisfying artistic product.
He also published his first collection of short stories, Die Leute von Seldwyla (The People of Seldwyla). It contains five stories averaging 60 pages each: “Pankraz der Schmoller,” “Frau Regel Amrain und ihr jüngster,” “Die drei gerechten Kammacher,” “Romeo und Julie auf dem Dorfe,” and “Spiegel das Kätzchen.” Hartmann characterizes two of the stories in Die Leute von Seldwyla as immortal: “Die drei gerechten Kammacher” he views as the most satyric and scorching attack on the sordid petit bourgeois morality ever penned by any writer, and “Romeo und Julie auf dem Dorfe” as one of the most pathetic tales in literature (Shakespeare's Romeo and Juliet plot in a Swiss village setting).
Keller returned again to Zürich and became the First Official Secretary of the Canton of Zürich (Erster Zürcher Staatsschreiber) in 1861. The routine duties of this position were a sort of fixed point about which his artistic activities could revolve, but Hartmann opines that he produced little of permanent value in these years. In 1872, Keller published Seven Legends (Sieben Legenden), which dealt with the early Christian era. After 15 years at this post, he was retired in 1876, and began a period of literary activity that was to last to his death, living the life of an old bachelor with his sister Regula as his housekeeper. In spite of his often unsympathetic manner, his extreme reserve and idiosyncrasy in dealing with others, he had gained the affection of his fellow townspeople and an almost universal reputation before his death.
Hartmann bases Keller's fame chiefly on 15 short stories, the five mentioned above; the five contained in the second volume of Die Leute von Seldwyla (1874): “Die missbrauchten Liebesbriefe,” “Der Schmied seines Glücks,” “Dietegen,” “Kleider machen Leute,” and “Das verlorene Lachen”; and five in Züricher Novellen (1878): “Hadlaub,” “Der Narr auf Manegg,” “Der Landvogt von Greifensee,” “Das Fähnlein der sieben Aufrechten,” and “Ursula.” The milieu is always that of an orderly bourgeois existence, within which the most manifold human destinies, the most humorous relations are progressing, the most peculiar and hardy types of endurance and reticence being formed. Some of the stories contained a note that was new in German literature and that endeared them particularly to Germans as embodying an ideal as yet unrealized in their own country: they narrate the development of character under the relatively free conditions of little Switzerland, picturing an unbureaucratic civic life and an independence of business initiative that cannot but attract those who are denied these privileges.
Also noteworthy are his Collected Poetry (Gesammelte Gedichte) (1883), and the novel Martin Salander (1886).