There are no legal requirements or restrictions placed on private mints to produce any specific amount of Precious Metals. However, refusal to accept legal tender in payment of an existing debt, where no other means of payment/settlement has been specified in advance, conceivably could have consequences in legal proceedings. Between 1861 and 1874, a number of other banks including the Bank of New Zealand, the Bank of New South Wales, the National Bank of New Zealand and the Colonial Bank of New Zealand were created by Acts of Parliament and authorized to issue bank-notes backed by gold, however these notes were not legal tender. On 1 October 2002, the Board of Commissioners of Currency Singapore (BCCS) merged with the Monetary Authority of Singapore (MAS), which took over the responsibility of banknote issuance.[5]. AOL latest headlines, entertainment, sports, articles for business, health and world news. The term "legal tender" is from Middle French tendre (verb form), meaning to offer. Investment returns are not guaranteed, and you could lose money by investing in a 529 plan. For example, the Netherlands, Italy, Belgium, Finland, and Ireland have de jure or de facto removed the use of 1 cent and 2 cent coins and adopted cash rounding to the nearest multiple of 5 cents. The shilling continued in use after the Acts of Union of 1707 created a new United Kingdom from the Kingdoms of England and Scotland, and under Article 16 of the Articles of Union, a common currency for the new United Kingdom was created.. Kingdom of Scotland. Some jurisdictions may include a specific foreign currency as legal tender, at times as its exclusive legal tender or concurrently with its domestic currency. This is the reason for the $5 limit of silver coins as legal tender; paying somebody $100 in the new silver coins would be giving them $96 worth of silver. For the song, see, . Shillings are described as the standard monetary unit throughout the autobiography of Solomon Northup (1853)[15] and mentioned several times in the Horatio Alger Jr. story Ragged Dick (1868). Apart from its use in Singapore, the Singapore dollar is also accepted as customary tender in Brunei according to the Currency Interchangeability Agreement between the Monetary Authority of Singapore and the Autoriti Monetari Brunei Darussalam (Monetary Authority of Brunei Darussalam). [40] Scottish banknotes are legal currency and widely accepted, but are not legal tender anywhere in the UK. When the so-called "Swiss" dinar ceased to be legal tender in Iraq, it still circulated in the northern Kurdish regions, despite lacking government backing it had a stable market value for more than a decade. The Reserve Bank also provided a mechanism through which the other issuers of legal tender could phase out their bank notes. This $50 note was the first commemorative note issued by the Board of Commissioners of Currency, Singapore (BCCS) and was also the first polymer banknote in the history of Singapore's currency. The Australian Notes Act 1910 prohibited the circulation of state notes as money, and the Bank Notes Tax Act 1910 imposed a tax of 10%, per annum, on "all bank notes issued or re-issued by any bank in the Commonwealth after the commencement of this Act, and not redeemed". Widely collected bullion such as the American Eagles and Canadian Maple Leaf series are produced by these sovereign mints. The 5-cent coin was also changed to aluminum-bronze while the 10, 20, and 50 cents remained copper-nickel. [20], "SGD" redirects here. Although it is not specifically mentioned on them, the face values of gold coins are 50p; 1; 2; and 5, a mere fraction of their worth as bullion. View our bitcoin price chart to see the bitcoin price today and research historical bitcoin prices. The sizes were the same as those used for the Malaysian ringgit and based directly off the old coinage of the former Malaya and British Borneo dollar. Rservez des vols pas chers sur easyJet.com vers les plus grandes villes d'Europe. Individual coins or banknotes can be demonetised and cease to be legal tender (for example, the pre-decimal United Kingdom farthing or the Bank of England 1 pound note), but the Bank of England does redeem all Bank of England banknotes by exchanging them for legal tender currency at its counters in London (or by post) regardless of how old they are. Notes of both categories continued in circulation until 1910, when the Commonwealth Parliament passed the Australian Notes Act 1910 and the Bank Notes Tax Act 1910. These shares are unallocated and work directly with a Gold Fund company who back up the Gold shares or stocks, which takes care of shipping and storage. They can always be redeemed at the Bank of England even if discontinued. The annual inflation rate in the Philippines climbed to 7.7% in October 2022 from 6.9% in August, topping market forecasts of 7.1%. difference between sovereign mints and private mints. 28, 14 (in Norwegian)", "Currency Interchangeability Agreement Brunei Notes and Coins", Article 13 of The Central Bank of the Republic of China (Taiwan) Act, Legislative History of the Civil Servants Election And Recall Act, Article 32 of the Civil Servants Election And Recall Act, "What are the legal tender amounts acceptable for UK coins? The reverse of these coins were designed by Christopher Ironside. Later, in 1976, the 1-cent coin was changed to copper-clad steel. A scene of Singapore is depicted on the back, which varies across denominations. There is evidence that it may alternatively be an early borrowing of Phoenician .mw-parser-output .script-phoenician{font-family:"ALPHABETUM Unicode","MPH 2B Damase",Aegean,Code2001,"Noto Sans Phoenician",FreeSans,"Segoe UI Historic",sans-serif} shekel, Punic sql (s'kel) meaning 'weigh' and 'coin'. Gies & Co. still had some unaccounted-for thousand-guilder bills, which they used to pay their estimated taxes for the coming years, so everything seems to be above board. [citation needed], Following the Civil War, paper currency was disputed as to whether it must be accepted as payment. The current Portrait series was introduced in 1999, with the one- and 500-dollar denominations omitted. Hence, the Slovenian design was added to the designs in circulation. Issued in the years 1967 to 1976, it has nine denominations: $1, $5, $10, $25, $50, $100, $500, $1,000, and $10,000. The COMEX, part of the CME Group in Chicago, is the most important exchange for determining the price of Gold. In 2015, the gold in the coins was worth more than 3.5 times the face value. 66 No. Banknotes issued by Scottish and Northern Irish banks are not legal tender anywhere but are widely accepted with agreement between parties.[39]. Euro Canadian Dollar Gold product that is valued by and sold mostly for its metal content and does not contain any numismatic or collectible value. In the case that no mutually acceptable form of payment can be found for the tender, the parties involved should seek legal advice.[19]. Darius I, the king of Persia from 522-486 BC, even went so far as to put his image on the Gold Daric. Five pound coins, although legal tender, are intended as souvenirs and are almost never seen in circulation. The common currency for Great Britain, created in 1707 by Article 16 of the Articles of Union between England and Scotland, continued in use until decimalisation in 1971. These coins are not really intended to be used as means of payment, so generally they do not circulate. The shilling is a historical coin, and the name of a unit of modern currencies formerly used in the United Kingdom, Australia, New Zealand, other British Commonwealth countries and Ireland, where they were generally equivalent to 12 pence or one-twentieth of a pound before being phased out during the 20th century. A swordfish against a background symbolising water. [48][bettersourceneeded], On 11 December 2016, Venezuela's government announced demonetisation following almost 500% inflation in the country. On the other hand, coins made of gold or silver may not necessarily be legal tender, if they are not fiat money in the jurisdiction where they are proffered as payment. Bi-metallic plating consisting of a brass-plated ring with a nickel-plated centre plug, 4 clasped hands on a background of a map of Singapore, A peaceful scene along the Singapore Waterfront, Group of men & women from the 3 services of the armed forces & the, Container ship "Neptune Garnet" and two container quay cranes, 25th Anniversary of the Independence of Singapore, 25th Anniversary of the Monetary Authority of Singapore, 40 Years of the Currency Interchangeability Agreement, President Yusof bin Ishak and the "Dendrobium Puan Noor Aishah" orchid, SG50: Celebrating Singapore's 50 years of nation-building, President Yusof bin Ishak, Prime Minister, President Yusof bin Ishak and the "Vanda Miss Joaquim" orchid, "regardless of race, language or religion", 50 Years of the Currency Interchangeability Agreement, President Yusof bin Ishak, the "Vanda Miss Joaquim" orchid, the "Simpur" flower and the window security feature showing Brunei Darussalam's, This page was last edited on 3 October 2022, at 20:51. Gold certificates are different from Gold bullion because the investor never physically encounters the Gold or stores it themselves. The decision is likely to be challenged, setting up a major fight for the future of the top U.S. consumer-finance watchdog. Econ Journal Watch: Inflation, deadweight loss, deficit, money, national debt, seigniorage, taxation, velocity", Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others, "Debt, Deleveraging, and the liquidity trap: A FisherMinskyKoo approach", central banking within the contemporary United States, https://en.wikipedia.org/w/index.php?title=Fiat_money&oldid=1119758537, Short description is different from Wikidata, Articles with unsourced statements from July 2014, Articles with unsourced statements from January 2022, Creative Commons Attribution-ShareAlike License 3.0. English law applied, as applicable to local circumstances, either from 6 January 1840 (when the Governor of New South Wales by proclamation annexed New Zealand) or from 14 January 1840 (when Captain Hobson (of the Royal Navy) was sworn in as Lieutenant-Governor of New Zealand). In the Irish Free State and Republic of Ireland, the shilling coin was issued as scilling (the Irish language equivalent). The Ship Series of currency notes is the third set of notes to be issued for circulation in Singapore. AOL latest headlines, entertainment, sports, articles for business, health and world news. The five $10 notes have a common front design and varying back designs depicting the theme 'Vibrant Nation, Endearing Home'. In 1964 the Reserve Bank of New Zealand Act re-stated that only notes issued by the Reserve Bank were legal tender. Find the latest business news on Wall Street, jobs and the economy, the housing market, personal finance and money investments and much more on ABC News The word shilling comes from Old English "Scilling", a monetary term meaning twentieth of a pound, from the Proto-Germanic root skiljan meaning 'to separate, split, divide', from (s)kelH- meaning 'to cut, split.' Their face value range from 5 euro to 100 euro. The government could increase the value of the gold coins (expensive) or reduce the size of all U.S. silver coins. Free shipping for many products!. The last minting was in 2001. Smaller 10-cent coins were introduced in 2006. In 1966, the East African Monetary Union broke up, and the member countries replaced their currencies with the Kenyan shilling, the Ugandan shilling and the Tanzanian shilling, respectively. As of 2019, the Singapore dollar is the 13th-most traded currency in the world by value. The coat of arms of the Republic of Latvia above the word LATVIJA (Latvia). The minor coins feature Austrian flowers, the middle coins examples of architecture from Austria's capital, Vienna, and the two major coins famous Austrians.All designs are by the hand of Josef Kaiser and also include the 12 stars of the EU, Flag of Austria In terms of financial management, the monetary authority is in the process of assuming the task of both formulating and implementing monetary policy. Although one side of the coins is used for different national marks for each country, all coins and all banknotes are legal tender throughout the eurozone. The coin has been used since 2002, with the present common side design dating from 2007. Most people preferred bank check or gold coins for large purchases. The pre-decimal Irish shilling coin (which was retained for some time after decimalisation) was withdrawn from circulation on 1 January 1993, when a smaller five-pence coin was introduced. Troy weight units are primarily used in the Precious Metals industry. Kosovo and Montenegro, which are not a member of the European Union, Eurozone nor does it have a formal monetary agreement with the EU, unilaterally adopted the euro in 2002 as its de facto domestic currency to ensure monetary stability and to continue to avoid the high/hyper inflation seen in preceding decades: this means that the euro is not a legal tender there, however it is treated as such by the government and the population. In the 12th century, larger silver coins of multiple pfennig weight were minted, known as denarii grossi or groschen (groats). The value, or worth, of a Gold product is calculated relative to the weight of its pure metal content and is measured in troy ounces. In addition, there are several EU states that have not yet adopted the euro. These were printed in 6 denominations 1, 5, 10, 20,100 and 1000 baht in two types printed by De La Rue of London, England. Consumers can expect to receive the bid price when selling Gold to a dealer. The 1-cent coin was bronze while the other denominations were copper-nickel. The side cannot repeat the denomination of the coin unless the issuing country uses an alphabet other than Latin (currently, Greece and Austria are the only such countries, hence they engrave "10 " and "10 EURO CENT" upon their coins respectively). The decision is likely to be challenged, setting up a major fight for the future of the top U.S. consumer-finance watchdog. The price of Gold was fixed at $20.67 an ounce from 1934 until 1968, when it began to fluctuate again. 9999W69C.COM roma game88 sa [19] The $50 note highlights Singapore's history, transformation and future. "[43] The ruling in the Legal Tender Cases (which include Juilliard v. Greenman) led later courts to "support the federal government's invalidation of gold clauses in private contracts in the 1930s. Art. For example, The United States Mint does not sell directly to the public but offers a list of Authorized Purchasers. Free shipping for many products!. Greece has a good collection of euro commemorative coins, mainly in silver although a few coins have also been minted in gold. The coin featured a bull on the reverse side. With the flood of gold coming out of the California mines in the early 1850s, the price of silver rose (gold went down). $7.50 New ( 3 Pack) Hikari Betta Bio-gold Baby Pellets Fish Food Bundle Bonus Gold bullion produced by these mints typically come in coins, bars and rounds with a wide selection of sizes available to fit any type of investment. In 2007, the Royal Canadian Mint produced a million dollar gold bullion coin and sold five of them. Password requirements: 6 to 30 characters long; ASCII characters only (characters found on a standard US keyboard); must contain at least 4 different symbols; This, in theory, allows the Singaporean government to have more control over imported inflation and to ensure that Singapore's exports remain competitive. You can also find out where to buy gold coins from gold SECOND SERIES: When the coins were redesign to meet the new design requirements, the initial was replaced by the mint's mint mark and moved to the left, with the letters FI (for Finland) sitting in the bottom right. Gold bullion often appears in and in 1900 it became illegal for U.S. citizens to own Gold bullion. The coin has the nickname dubbeltje in the Netherlands, a term carried over from the previous currency. Austria, Germany and Greece will also at some point need to update their designs to comply with guidelines stating they must include the issuing state's name or initial, and not repeat the denomination of the coin.[3][6][4]. A Gold certificate is a piece of paper stating the specific amount of Gold an investor owns that is stored elsewhere and provides a great alternative to purchasing physical Gold bullion. [2], The Spanish-American silver dollar brought over by the Manila galleons was in wide circulation in Asia and the Americas from the 16th to 19th centuries. By 1858, a decimal Canadian dollar came into use. [citation needed], In the case of the euro, coins and banknotes of former national currencies were in some cases considered legal tender from 1 January 1999 until various dates in 2002. A geographical image of Estonia and the word Eesti (Estonia). The slang term for a shilling coin in Australia was "deener". [13], Although the Reserve Bank Act 1959 and the Currency Act 1965 establishes that Australian banknotes and coins have legal tender status, Australian banknotes and coins do not necessarily have to be used in transactions and refusal to accept payment in legal tender is not unlawful. This provision was retained in revised form at the introduction of decimal currency, and the Coinage Act 1971 laid down that coins denominated above 10 pence became legal tender for payment not exceeding 10 pounds, non-bronze coins denominated not more than 10 pence became legal tender for payment not exceeding 5 pounds, and bronze coins became legal tender for payment not exceeding 20 pence. [2][3][4], As the EU's membership has since expanded in 2004 and 2007, with further expansions envisaged, the common face of all euro coins from the value of 10 cent and above were redesigned in 2007 to show a new map. From 1985 onwards, Singapore adopted a more market-oriented exchange regime, classified as a Monitoring Band, in which the Singapore dollar is allowed to float (within an undisclosed bandwidth of a central parity) but closely monitored by the Monetary Authority of Singapore (MAS) against a concealed basket of currencies of Singapore's major trading partners and competitors. New coins and banknotes were issued in 1948. A money-strapped Congress, which had to pay for the war, eventually adopted the Legal Tender Act of 1862, issuing United States Notes backed only by treasury securities, and compelled the people to accept the new notes at a discount; prices rose except for those who had gold and/or silver coins. Issued in the years 1984 to 1999, it retains the number of denominations as was in the previous two series of notes, but switches the $20 note for the $2 one. In 1845, the British replaced the Indian rupee with the Straits dollar after administration of the Straits Settlements separated from India earlier in that same year. This page was last edited on 7 October 2022, at 16:09. After determining which form you prefer to purchase, do your research and identify a reputable seller. Todays spot price of Gold, like all days, is constantly changing according to many variables. This creation of a separate currency was an attempt to reduce the strain put on India's foreign reserves by gold smuggling. The first Gold coins in Japan appeared in the 7th century AD and by 550 AD, Gold coins were being minted in Byzantium, the capital of the Eastern Roman Empire. [11] The State of Somaliland, which subsequently regained its independence in 1991 as the republic of Somaliland, adopted the Somaliland shilling as its currency.[12]. Under the Currency Act, there are limits to the value of a transaction for which only coins are used. While private mints do not produce legal tender bullion, they create countless popular and unique products each year that are great additions to many collections. The 20 euro cent coin (0.20) has a value of one fifth of a euro and is composed of an alloy called Nordic Gold in the Spanish flower shape. bet 365b bet 365b 12.00 . [21] The currency is not recognised as legal tender by the international community, and it currently has no official exchange rate. Our coins price guide has values for old & rare United States coins Unbelievably, here is an authenticated, certified and graded unique transitional Lincoln Cent struck in 1990 Coins: We provide you with timely and accurate silver and gold price commentary, gold price history charts for the past 1 days, 3 days, 30 days, 60 days, 1, 2, 5, 10, 15, 20, 30 and up to 43 years. With the reduction of 1853, a 50-cent coin now had only 48 cents of silver. How is the spot price of Gold determined? 532 [Second Legal Tender Act], Act to provide Ways and Means for the Support of the Government. . The proposed amendment will merge the Currency Fund with the other funds of MAS and streamline MAS's operations. On the decimalisation of the currency in 1869, a shilling was deemed to be equivalent to 50 Ceylon cents. The Orchid Series of currency notes is the earliest to be in for circulation in Singapore. When you invest in a 529 plan, you are purchasing municipal securities whose value may vary based on market conditions. Under the agreement, Singapore dollar and Brunei dollar are exchangeable at par without charge in both countries. Due to variations on the legislative meaning of legal tender in various member states and the ability of contract law to overrule the status of legal tender, it is possible for merchants to choose to refuse to accept euro banknotes and coins within specific countries within the Eurozone. For a full list of our accepted payment methods and discounts offered, visit our Payment FAQ page. Privacy Policy | To turn in a thousand-guilder bill, you have to be able to state how you came by it and provide proof. KDVR - Denver 'I tried my best to stop': Driver involved in 100-vehicle pileup in Denver shares what he went through. 97% agree - Would recommend. That same year, the Banca Nazionale Somala issued notes for 5, 10, 20 and 100 scellini/shillings. The premium is the additional cost of a bullion item over the spot price of the Precious Metal contained in the item. [23] Governments that issue the coins must establish the euro as the only legal tender. Some currency issuers, particularly the Scottish banks, issue special commemorative banknotes which are intended for ordinary circulation (though no Scottish banknotes nor notes from Northern Ireland are legal tender in the United Kingdom). Get the latest news and analysis in the stock market today, including national and world stock market news, business news, financial news and more In the same year the Reserve Bank of New Zealand was established. Account owners assume all investment risks as well as responsibility for any federal and state tax consequences. [3] For images of the common side and a detailed description of the coins, see euro coins. While Gold, and other Precious Metals, may experience longer time periods of relatively consistent prices, prices can also change rapidly within a moment's notice. Gold bullion refers to a Gold product that is valued by and sold mostly for its metal content and does not contain any numismatic or collectible value. However, Bank of England notes that are withdrawn from circulation generally cease to be legal tender but remain redeemable for current currency at the Bank of England itself or by post. The two meanings given in the literature in both Germanic and Semitic word are the same for both a fixed weight and a certain coin. The coin was the third-smallest denomination of the guilder when the currency was withdrawn, and the largest of a value less than one guilder. There were crashes at various points across the city, and the police responded to a crash on West 6th Avenue at 6:20 a.m. 100 vehicles involved in Denver crash after first snowfall of the season. Their face value range from 10 to 200. [3] Nevertheless, the Singapore dollar was exchangeable at par with the Malaysian ringgit until 1973,[3] and interchangeability with the Brunei dollar is still maintained.[3]. Oman later replaced the Gulf rupee with its own rial in 1970. 2019-20 Panini Prizm - Prizms Silver #249 Ja Morant. "[44][unreliable source?]. xb273u gx vs xg27aqm. The government could increase the value of the gold coins (expensive) or reduce the size of all U.S. silver coins. No matter where you are in the world, the Gold spot price is the same at any given moment. A shilling was a coin used in England from the reign of Henry VII (or Edward VI around 1550). [32] However, since 2007,[33] candidates to become civil servants in elections in the Republic of China may no longer pay any deposit in coinage.[34]. Banknotes and coins may be withdrawn from circulation, but remain legal tender. Some of them have already agreed upon their coin designs, but it is not known exactly when they will adopt the currency, and hence these are not yet minted. On 6 June 1966, India devalued the rupee. 1", "Law regarding Norges Bank and monetary issues of 1985-05-24 no. The euro cent is known as the lepto (; plural lepta, ) in Greek. [citation needed], This resulted in a situation in which the greenback "Legal Tender" notes of 1862 were fiat, and so gold and silver were held and paper circulated at a discount because of Gresham's law. [13] As of August 2011, it is worth over seven times as much as the next most valuable, the 1,000-Swiss franc note. Find the latest business news on Wall Street, jobs and the economy, the housing market, personal finance and money investments and much more on ABC News Find many great new & used options and get the best deals for 1982 Australia 10 Cents Coin at the best online prices at eBay! With the reduction of 1853, a 50-cent coin now had only 48 cents of silver. [clarification needed]. Of the 5.1 million $50 polymer banknotes issued, 300,000 came with an overprint of the anniversary date "9 August 1990". [26] The Reserve Bank of India outlined a scheme for holders of such banknotes to either deposit them into their bank accounts for full, unlimited value, or to exchange the banknotes for new, subject to a cap. The five-hundred notes will lapse at the same time. The minor coins feature Austrian flowers, the middle coins examples of architecture from Austria's capital, Vienna, and the two major coins famous Austrians.All designs are by the hand of Josef Kaiser and also include the 12 stars of the EU, Flag of Austria The coin has been used since 2002, with the present common side design dating from 2007. A stylised Singapore lion symbol flanked by two stalks of paddy. Rservez des vols pas chers sur easyJet.com vers les plus grandes villes d'Europe. If a provider of goods or services specifies other means of payment prior to the contract, then there is usually no obligation for legal tender to be accepted as payment. Canadian 1- and 2-dollar bills remain legal tender even if they have been withdrawn and replaced by coins, but Canadian $1,000 bills remain legal tender even if they are removed from circulation as they arrive at a bank. [citation needed]. [Legal Tender Act], Act to authorize an additional Issue of United States Notes, and for other purposes. not exceeding $5 if any of 5, 10, 20 and 50 coins are offered. Sometimes currency issues such as commemorative coins or transfer bills may be issued that are not intended for public circulation but are nonetheless legal tender. 2 commemorative coins are special euro coins minted and issued by member states of the eurozone since 2004 as legal tender in all eurozone member states. The shilling itself was equal to twelve pence. The 5-cent coin was also changed to aluminum-bronze while the 10, 20, and 50 cents remained copper-nickel. These coins are not really intended to be used as means of payment, so generally they do not The schilling was one-twentieth of a pound or about 20.3 grams of silver. Australian notes are legal tender by virtue of the Reserve Bank Act 1959, s.36(1),[10] without an amount limit. The Somali shilling has been the currency of parts of Somalia since 1921, when the East African shilling was introduced to the former British Somaliland protectorate. Examples of these well-known sovereign mints include the United States Mint, Royal Canadian Mint, The Perth Mint, the Austrian Mint and more. A clash of radically different cultures has implications for the future of the economy and technology in America The coins also feature new designs, the one-dollar, now a bi-metallic coin featuring the Merlion, the fifty cents coin featuring the Port of Singapore, the twenty-cent coin depicts Changi International Airport, the ten-cent coin featuring public housing and the five-cent coin featuring the Esplanade. Two more designs were added in 2008 with the entry of Cyprus and Malta and another one in 2009 with Slovakia, and three more for Estonia, Latvia and Lithuania in 2011, 2014 and 2015, respectively. When you invest in a 529 plan, you are purchasing municipal securities whose value may vary based on market conditions. In 1966, Australia's currency was decimalised and the shilling was replaced by a tencent coin (Australian), where 10 shillings made up one Australian dollar. [18], In general, Canadian dollar banknotes issued by the Bank of Canada and coins issued under the authority of the Royal Canadian Mint Act are legal tender in Canada. Maundy money is legal tender but may not be accepted by retailers and is worth much more than face value due to its rarity value and silver content. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt. Only the national obverse sides of the coins differ; the common reverse sides do not. This map showed Europe, not just the EU, as one continuous landmass; however, Cyprus was moved west as the map cut off after the Bosporus (which was seen as excluding Turkey for political reasons).