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Nine Centuries of Exchange Rates: What 240 Countries and 900 Years of Data Reveal Nine Centuries of Exchange Rates: What 240 Countries and 900 Years of Data Reveal
18 min read Keywords:  forex, exchange rates, fat tails, gold, volatility, medieval finance, currency crisis, open data

We assembled forex-centuries, an open dataset of exchange rates from 1106 to 2026 covering 240 countries from 13 sources. Fat tails are universal. Pegged currencies are the most dangerous. Every currency loses against gold.