fforts of Sir Edgar Vincent the currency was placed on a
sound basis. The system is based on the single gold standard. The unit
is a gold coin called a pound and equal to L1, 0s. 6d. in English
currency. The Egyptian pound (LE.) is divided into 100 piastres, of
which there are coins in silver of 20, 10, 5 and 2 piastres. One, 1/2,
1/5 and 1/10 piastre pieces are coined in nickel and 1/20 and 1/40
piastre pieces in bronze. The one piastre piece is worth a fraction
over 2-1/2d. The 1/40 of a piastre is popularly called a para and the
native population generally reckon in paras. The legal piastre is
called the piastre tariff (P.T.), to distinguish it from the 1/2
piastre, which in local usage in Cairo and Alexandria is called a
piastre. Officially the 1/2 piastre is known as 5 milliemes, and so
with the coins of lower denomination, the para being 1/4 millieme. The
old terms _kis_ or "purse" (500 piastres) and _khazna_ or "treasury"
(1000 purses) are still occasionally used. Formerly European coins of
all kinds were in general circulation, now the only foreign coins
current are the English sovereign, the French 20 franc piece and the
Turkish mejidie, a gold coin worth 18 shillings. For several years no
Egyptian gold pieces have been coined. Egyptian silver money is minted
at Birmingham, and nickel and bronze money at Vienna. Bank-notes, of
the National Bank, are issued for LE.100, LE.50, LE.10, LE.5 and LE.1,
and for 50 piastres. The notes are not legal tender, but are accepted
by the government in payment of taxes.

The history of the currency reform in Egypt is interesting as
affording a practical example of a system much discussed in connexion
with the currency question in India, namely, a gold standard without a
gold coinage. The Egyptian pound is practically nonexistent, nearly
all that were coined having been withdrawn from circulation. Their
place has been taken by foreign gold, principally the English
sovereign, which circulates at a value of 97-1/2 piastres. In practice
the system works perfectly smoothly, the gold flowing in and out of
the country through the agency of private banking establishments in
proportion to the requirements of the circulation. It is, moreover,
very economical for the government. As in most agricultural countries,
there is a great expansion of the circulation in the autumn and winter
months in order to move the crops, fol