| Nederlandse gulden (Dutch) fl. | |
|---|---|
| ISO 4217 | |
| Code | NLG |
| Unit | |
| Unit | guilder |
| Plural | guilders |
| Symbol | ƒ |
| Denominations | |
| Subunit | |
| 1⁄100 | cent |
| Plural | |
| cent | cents |
| Banknotes | |
| Freq. used | ƒ10, ƒ25, ƒ50, ƒ100, ƒ250 |
| Rarely used | ƒ5 (withdrawn in 1995), ƒ1000 |
| Coins | |
| Freq. used | 5c, 10c, 25c, ƒ1, ƒ2+1⁄2, ƒ5 |
| Rarely used | 1c (withdrawn 1 March 1983),1⁄2c,2+1⁄2c (withdrawn 1948), 50c (withdrawn 1930) |
| Demographics | |
| User(s) | None, previously: Netherlands(until 2002) Suriname(until 1962) Netherlands Antilles(until 1940) Luxembourg(until 1839) Belgium(until 1832) |
| Issuance | |
| Central bank | De Nederlandsche Bank |
| Website | www |
| Printer | Joh. Enschedé |
| Website | www |
| Mint | Royal Dutch Mint |
| Website | www |
| Valuation | |
| Inflation | 2.6% (December 2000) |
| Source | worldpress.org, 2000 est. |
| EU Exchange Rate Mechanism(ERM) | |
| Since | 13 March 1979 |
| Fixed rate since | 31 December 1998 |
| Replaced by euro, non cash | 1 January 1999 |
| Replaced by euro, cash | 1 March 2002 |
| 1 € = | ƒ2.20371 |
| This infobox shows the latest status before this currency was rendered obsolete. | |
Theguilder (Dutch:gulden,pronounced[ˈɣʏldə(n)]ⓘ) orflorin was thecurrency of theNetherlands from 1434 until 2002, when it was replaced by theeuro.
The Dutch namegulden was aMiddle Dutchadjective meaning 'golden',[1] and reflects the fact that, when first introduced in 1434, its value was about equal to (i.e., it was on par with) theItalian gold florin. The Dutch guilder was ade factoreserve currency in Europe in the 17th and 18th centuries.[2][3][4]
Between 1999 and 2002, theguilder was officially a "national subunit" of the euro. However, physical payments could only be made in guilders, as no euro coins or banknotes were available. The exact exchange rate, still relevant for old contracts and for exchange of the old currency for euros at the central bank, is exactly 2.20371 Dutch guilders for 1 euro.[5] Inverted, this gives approximately 0.453780 euros for 1 guilder.
Derived from the Dutch guilder are theNetherlands Antillean guilder (still in use inCuraçao andSint Maarten) and theSurinamese guilder (replaced in 2004 by theSurinamese dollar).
Thegulden emerged as the official currency of theBurgundian Netherlands after the 1434 monetary reform done underPhilip the Good.[6][7] This table summarizes the gulden's value in terms of silver until thegold standard was introduced in 1875.
| Year | g silver |
|---|---|
| 1434–1466 | 32.60 |
| 1500–1560 | 19.07 |
| 1618 | 10.16 |
| 1659–1800 | 9.67 |
| (Gulden banco) | 10.15 |
| 1840 | 9.45 |
| 1875 | 0.6048 g gold |
Prior to 1434 the Dutch issued currency conforming to theCarolingian monetary system, with a pound divided into 20shillings and a shilling divided into 12pennies. Dutch versions of thepenny first came out in the 9th century, followed by local versions of the one-shillinggros tournois [fr] in the 13th century. The most notable version of the latter, the Flemishgrote, subsequently depreciated faster than its counterparts in France, from its initial fine silver content of 4.044 g, to around 2.5 g by 1350, and to just 0.815 g before the reforms of 1434.[8]
Philip the Good devised a monetary system in 1434 relating the new Dutch currency to that of its neighbors: the Frenchlivre parisis of 38.25 g silver, and the Englishpound sterling of 215.8 g.[9][unreliable source?][6] The following units were defined:
Thestuiver weighed 3.4 g of23⁄48 silver fineness[7] and was divided into 8duiten or 16penningen. As each stuiver was worth approximately 2 English pence, Dutch silver denominations of 1 duit and1⁄4,1⁄2, 1 and 2 stuivers neatly matched with English denominations of1⁄4,1⁄2, 1, 2 and 4 pence sterling (the latter two sterling coins were rarely minted).
Frenchécus,English nobles and Dutch florins comprised the gold currency of the Low Countries and had a variable rate against the stuiver. A denomination worth 1 gulden did not exist until the 1464 issue of theSint Andries florin containing 2.735 g of fine gold, but this was a mere two years before the resumption of debasements in the stuiver.
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Thestuiver modestly depreciated between 1466 and 1475 before incurring more significant debasements up to the end of the 15th century. From 1469 to 1475 an agreement with England made the English groat (4-pence; 2.88 g fine silver) mutually exchangeable with the Burgundiandouble patard (or 2-stuiver) minted underCharles the Bold.[10]
Follow-up attempts to issue 1-gulden coins resulted in the minting of the gold Karolusgulden of 1.77 g fine gold in 1520, and the silver Karolusgulden of 19.07 grams fine silver in 1541. The bullion content of French and English currencies would eventually approach this value, with the French livre parisis becoming 20.4 g fine silver in 1549, and1⁄6th of apound sterling (3 shillings and 4 pence) becoming 19.2 g fine silver in 1551.
The pace of depreciation of the Gulden quickened in the second half of the 16th century amidst the huge influx of precious metals from Germany and Spanish America arriving through theHabsburg Netherlands.
The loss in silver content of local Dutch coins in the form ofstuivers,schellings (6 stuivers) anddaalders (1+1⁄2 gulden or 30 stuivers) was the result of different provinces continually testing the market with coins of slightly reduced silver, aiming for their acceptance at par with full-bodied coins. As the NorthernDutch Republic just declared its independence from the Spanish crown, there was no central authority powerful enough to penalize the provinces responsible for the deterioration of the quality of Dutch currency. The inevitable official acceptance of new, debased rates for the gulden only set the stage for the next round of depreciations.[11]
As a result, the gulden equivalent of different trade coins passing through the Low Countries also rose in value, as follows:[12]
The solution which immediately halted the downward spiral of the gulden was the establishment of theAmsterdam Wisselbank (Bank of Amsterdam) in 1609, mandated to accept and assay the bullion content of coins received from its depositors, and then to credit the equivalent of 1 Rijksdaalder (2+1⁄2 gulden after 1618) for each 25.40 g fine silver actually received. Combined with rules requiring payments above 600 gulden to be cleared through the bank, it halted incentives for provinces to tamper with the silver content of its coins.
In 1626, Pieter Schaghen wrote in Dutch of the purchase of "the Island Manhattes" (Manhattan) "from the Indians for the value of 60 guilders".[13]
Even with theBank of Amsterdam's success in halting the depreciation of Dutch currency, attempts to further increase the stuiver equivalent of trade coins continued among the provinces. After the 1630s came moves to raise the Patagon's value from 48 to 50 stuivers (4.17% advance), followed by moves to raise the Ducaton's value from 60 to 63 stuivers (5.0% advance). Fearing damage to its Europe-wide reputation if 50-stuiver deposits in rixdollars were repaid in cheaper 50-stuiver patagons, in the 1640s the bank firmly rejected the advanced values of these coins and upheld its old values of 48 and 60 stuivers.
This was the origin of a permanent Gulden Banco valued at 5% more against provincial Gulden currency valuations. In 1659 the Dutch Republic made this duality permanent by issuing its own trade coins, namely:
The result was agulden banco unit of 10.15 g silver and agulden currency unit of 9.67 g silver as determined from the ducaton. These reforms helped cement theDutch Republic's role as Europe's financial center, made theBank of Amsterdam the world's first modern central bank, and made the bank-stabilized gulden as Europe'sde facto reserve currency until the end of the 18th century. In 1694, a new mint ordinance recognized the gulden as a valid coin for the entire Republic.[15]
As the bank was also an active reseller ofnegotiepenningen, or trade coins that happen to be undervalued in the Netherlands (e.g. older rixdollars still valued at 50 stuivers currency), Dutch trade coins like lion dollars, rixdollars and silver ducats were exported and became staple currency for the rest of Europe until the end of the 18th century. TheRoyal Dutch Mint still mints the famed silver ducat to this day.[16]
A silver 1-gulden denomination weighing 10.61 g, 0.91 fine, was minted by theStates of Holland and West Friesland in 1680.[17] The gulden design featuredPallas Athena standing, holding a spear topped by a hat in her right hand,[18] resting with her left forearm on Gospels set on an ornate basis, with a small shield in the legend.
Following the collapse of theBank of Amsterdam in the aftermath of theNapoleonic Wars, in 1817 theUnited Kingdom of the Netherlands redefined the Gulden as either 9.613 g silver or 0.60561 g gold. It was decimally divided into 100 cents, and the 1-gulden coin was permanently issued. This standard was doomed to fail due to
Following Belgium's secession from the Netherlands in 1830, a more permanent solution was implemented in 1840 by reducing the gulden to 9.45 g fine silver and repealing its fixed equivalence in gold.
As a result of the adoption of thegold standard by the newly establishedGerman Empire in 1873, the Netherlands in 1875 repealed the free coinage of silver into gulden coins, substituted by the free coinage of gold into 10-gulden coins containing 6.048 g fine gold. This arrangement continued until the worldwide suspension of the gold standard in 1914 due to theFirst World War. The gold standard was revived in 1925 but was abandoned in 1936.
In 1914, the guilder was traded at a rate of 2.46 guilders = 1U.S. dollar. As of 1938, the rate was 1.82 guilders = 1U.S. dollar.[19] One Dutch guilder in 1914 could buy roughly the same amount of goods and services as US$10.02 or €8.17 in December 2017.[citation needed] In 1938, the guilder purchasing power would be approximately equal to US$9.54 or €7.78 in December 2017. Overall, the guilder remained a very stable currency and was also the third highest-valued currency unit in Europe in theinterwar period (after the Britishpound sterling and theIrish pound, which, at this time, were pegged to each other at par).
Following theGerman occupation, on 10 May 1940, the guilder was pegged to theReichsmark at a rate of 1 guilder = 1.5 Reichsmark. This rate was reduced to 1.327 on 17 July of the same year. The liberating Allied forces set an exchange rate of 2.652 guilders = 1U.S. dollar, which became the peg for the guilder within theBretton Woods system. In 1949, the peg was changed to 3.8 guilders = 1 dollar, approximately matching the devaluation of theBritish pound. In 1961, the guilder was revalued to 3.62 guilders = 1 dollar, a change approximately in line with that of theGerman mark. After 1967 guilders were made fromnickel instead of silver.
In 2002, the guilder was replaced by theeuro at an exchange rate of 2.20371 guilders = €1. Coins remained exchangeable for euros at branches of theNetherlands Central Bank until 1 January 2007. Most guilder banknotes that were valid at the time of conversion can be exchanged until the deadline of 1 January 2032.[20] There are some exceptions to this, and furthermore no banknote received as payment for commercial goods or services after 27 January 2002 is exchangeable.[21] SeeBanknotes of the Dutch guilder for a full list of guilder banknotes and their last valid exchange date.[22]
In the 18th century, coins were issued by the various provinces. There were copper 1 duit, silver 1, 2, 6 and 10 stuivers, 1 and 3 guilders,1⁄2 and 1 silver ducat rijksdaalder and1⁄2 and 1 silver rider ducaton. Gold 1 and 2 ducat trade coins were also minted. Between 1795 and 1806, theBatavian Republic issued coins in similar denominations to the earlier provincial issues. TheKingdom of Holland minted silver 10 stuivers, 1 florin and 1 guilder (equivalent), 50 stuivers and2+1⁄2 guilder (also equivalent) and 1 rijksdaalder, along with gold 10 and 20 guilders. Before decimalization, the Kingdom of the Netherlands briefly issued some 1 rijksdaalder coins.
The gold 1 and 2 ducat and silver ducat (rijksdaalder) are still minted today asbullion coins.
In 1817, the first coins of the decimal currency were issued, the copper 1 cent and silver 3 guilders. The remaining denominations were introduced in 1818. These were copper1⁄2 cents, silver 5, 10 and 25 cents,1⁄2 and 1 guilder, and gold 10 guilders. In 1826, gold 5-guilder coins were introduced.
In 1840, the silver content of the coinage was reduced (see above) and this was marked by the replacement of the 3 guilder coin by a2+1⁄2 guilder piece. The gold coinage was completely suspended in 1853, five years after the suspension of the gold standard. By 1874, production of silver coins greater in value than 10 cents had ceased, to be only fully resumed in the 1890s. Gold 10 guilder coins were struck again from 1875. In 1877, bronze2+1⁄2 cent coins were introduced. In 1907, silver 5-cent coins were replaced by round, cupro-nickel pieces. These were later replaced in 1913 by square shaped 5 cent pieces. In 1912, gold 5-guilder coins were reintroduced but the gold coinage was ended in 1933. The1⁄2 guilder saw discontinuation after 1930. Throughout the Wilhelmina period, a number of infrequent changes were made to the 10 and 25 cent coins as well, with the largest changes being periodic updates of the Queen's effigy and smaller changes to designs on the reverse (back).
In 1941, following the German occupation, production of all earlier coin types ceased and zinc coins were introduced by the occupational government for1,2+1⁄2,5,10 and25 cents. Large quantities of pre-war type silver 10 and 25 cent and 1 guilder coins were minted in theUnited States between 1943 and 1945 for use following liberation. Afterwards, the zinc coins were quickly demonetized and melted.
At the time of withdrawal in 2002, the following denominations of coins were circulating:
In 1948, all half cents and2+1⁄2 cents were taken out of circulation, though no further production of either denomination had continued after 1940 and 1942, respectively. New bronze 1 and 5 cent coins featuringQueen Wilhelmina on the obverse were issued, phasing out previous types. At the same time, new nickel 10 and 25 cent coins were introduced. In 1949, 1 and2+1⁄2 guilder banknotes were introduced. Five years later, the silver 1-guilder coin was reintroduced, followed by the silver2+1⁄2 guilder coin in 1959. The silver content was replaced with nickel in 1967, although no2+1⁄2 guilder coins were minted in 1967 and 1968. The silver coins were demonetized in 1973. In 1950,Queen Juliana's profile replaced the image of Wilhelmina on the obverse (front) of all coins.
In 1980, production of the 1-cent coin ceased and was demonetized three years later. Soon after, it was decided to replace the 5-guilder banknote with a coin of the same value. However, it was not until 1988 that a bronze-coated nickel 5 guilder coin was finally introduced. The 5 guilder banknote remained legal tender until 1995. The2+1⁄2 guilder coin gradually began losing widespread use shortly after the introduction of the 5 guilder coin, and mintage figures for the denomination declined until the discontinuation of the guilder. 1980 also saw a circulating two coin commemorative series of 1 and2+1⁄2 guilder coins celebratingQueen Beatrix's ascension to the throne.
| Post-war series (1948) Designer:L. O. Wenckebach | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Image | Value | Technical parameters | Description | Issued from | Withdrawn | ||||||
| Diameter (mm) | Mass (g) | Composition | Edge | Obverse | Reverse | ||||||
| ƒ 0.01 | 14.00 | 2.00 | Bronze | Smooth | Queen Wilhelmina(1948) Queen Juliana(from 1950) | Value; year of issue | 1948–1980 | 1983 | |||
| ƒ 0.05 | 21.00 | 3.50 | Orange branch; value; year of issue | 2002 | |||||||
| ƒ 0.10 | 15.00 | 1.50 | Nickel | Reeded | Crown; value; year of issue | ||||||
| ƒ 0.25 | 19.00 | 3.00 | |||||||||
| ƒ 1 | 25.00 | 6.50 | Silver: 72% | Lettering: GOD ★ ZIJ ★ MET ★ ONS ★ | Queen Juliana | Coat of arms; Lettering: Nederland; value; year of issue | 1954–1967 | 1973 | |||
| 6.00 | Nickel | 1967–1980 | 2002 | ||||||||
| ƒ 2½ | 33.00 | 15.00 | Silver: 72% | 1959–1966 | 1973 | ||||||
| 29.00 | 10.00 | Nickel | 1969–1980 | 2002 | |||||||
All circulating coins went through a complete redesign in 1982, a short while after Queen Beatrix's coronation. They depict abstract designs featuring grids and a layered silhouette profile of the Queen as opposed to the more formal designs of the previous generation of coins. Production of these coins ceased after 2001.
All the coins carried a profile image of the Queen on the obverse and a simple grid on the other side. The1-guilder,2+1⁄2 guilder, andfive guilder coins hadGod zij met ons ('God be with us') inscribed on the edge.
| Last series (1982) Designer:Bruno Ninaber van Eyben | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Image | Value | Technical parameters | Description | Issued from | Withdrawn | Lapse | |||||
| Diameter (mm) | Mass (g) | Composition | Edge | Obverse | Reverse | ||||||
| ƒ 0.05 | 21.00 | 3.50 | Bronze | Smooth | Queen Beatrix | Value; year of issue | 1982–2001 | 2002 | 2007 | ||
| ƒ 0.10 | 15.00 | 1.50 | Nickel | Reeded | |||||||
| ƒ 0.25 | 19.00 | 3.00 | |||||||||
| ƒ 1 | 25.00 | 6.00 | Lettering: GOD ★ ZIJ ★ MET ★ ONS ★ | ||||||||
| ƒ 2½ | 29.00 | 10.00 | |||||||||
| ƒ 5 | 23.50 | 9.25 | Nickel-bronze | Reeded lettering: GOD ★ ZIJ ★ MET ★ ONS ★ | 1987–2001 | ||||||
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Between 1814 and 1838, theDutch Bank issued notes in denominations of 25, 40, 60, 80, 100, 200, 300, 500 and 1000 guilders. These were followed, from 1846 by state notes (muntbiljetten) in denominations of 5, 10, 20, 50, 100, 500, 1000 guilders, with the 10 and 50 guilders issued until 1914.
In 1904, the Dutch Bank recommenced the issuance of paper money. By 1911, it was issuing notes for 10, 25, 40, 60, 100, 200, 300 and 1000 guilders. In 1914, because of silver shortage for minting, the government introducedsilver certificates (zilverbonnen) for 1,2+1⁄2 and 5 guilders. Although the 5 guilder notes were only issued that year, the 1 guilder notes continued until 1920 and the2+1⁄2 guilder until 1927.
In 1926, the Dutch Bank introduced 20 guilder notes, followed by 50 guilder in 1929 and 500 guilder in 1930. These introductions followed the cessation of production of the unusual 40, 60 and 300 guilder notes during the 1920s.
In 1938, silver notes were reintroduced for 1 and2+1⁄2 guilders. DuringWorld War II, the Dutch Bank continued to issue paper money, although there were some design changes, most notably, the replacement of a portrait ofQueen Emma by aRembrandt portrait on the 10-guilder note. The Allies printed state notes dated 1943 for use following liberation. These were in denominations of 1,2+1⁄2, 10, 25, 50 and 100 guilders. More state notes were issued for 1 and2+1⁄2 guilders in 1945 and 1949.
Following the war, the Dutch Bank introduced notes for 10, 20, 25, 50, 100 and 1000 guilders. The last 20 guilder notes were dated 1955, whilst 5 guilder notes were introduced in 1966 (replaced by coins in 1988) and 250 guilder notes in 1985.
At the time of withdrawal, the following denominations of banknotes were circulating:
All but the 50 and 250 guilder notes had been issued in a new series that was the same colour as the older notes, but with a mostly abstract pattern, featuring a different bird for each denomination.
Persons depicted on those older banknotes were:
These 1970s "face"-notes and the 1980s ƒ50 (sunflower), ƒ100 (snipe), and ƒ250 (lighthouse) banknotes were designed byOotje Oxenaar. Eventually, these notes were progressively replaced from 1990 onwards by notes featuring intricate abstract designs made byJaap Drupsteen, with new designs for the ƒ10, ƒ25, ƒ100, and ƒ1000 introduced before the discontinuation of the guilder for the euro.
An anti-counterfeit warning appeared on the reverse side of all guilder banknotes prior to the final series with the exception of the ƒ250 "lighthouse" note, repeated multiple times inmicroprint (a technique later used on somebanknotes of theIndonesian rupiah):
Wetboek van Strafrecht artikel 208: Hij die muntspeciën of munt- of bankbiljetten namaakt of vervalst, met het oogmerk om die muntspeciën of munt- of bankbiljetten als echt en onvervalst uit te geven of te doen uitgeven, wordt gestraft met gevangenisstraf van ten hoogste negen jaren.
Criminal Code Article 208: Anyone who counterfeits or falsifies coins or banknotes with the intention of issuing or having them issued as genuine and unaltered shall be punished with a prison sentence of no more than nine years.
Eventually, this warning was replaced with a subtle message on the obverse side: "De namaker of vervalser wordt gestraft" (Counterfeiters or falsifiers will be punished), which first appeared inside a small square on the ƒ250 "lighthouse" note while still referencing the aforementioned Article 208. Said reference was not shown on later banknotes.
| Forebears II series (1966–1973) Designer:Ootje Oxenaar | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Image | Value | Euro equivalent | Dimensions (mm) | Main colour | Description | Issue | Withdrawn | Lapse | |||
| Obverse | Reverse | ||||||||||
| [25] | ƒ 5 | €2.27 | 136 × 76 | Green | Joost van den Vondel | Stadsschouwburg | 19 December 1966 | 1 May 1995 | 1 May 2025 | ||
| [26] | 14 June 1976 | ||||||||||
| [27] | ƒ 10 | €4.54 | 142 × 76 | Blue | Frans Hals | Cylinder pattern | 4 January 1971 | 1 January 2002 | 1 January 2032 | ||
| [28] | ƒ 25 | €11.34 | 148 × 76 | Red | J. P. Sweelinck | Sound waves | 15 December 1972 | 1 May 1995 | 1 May 2025 | ||
| ƒ 100 | €45.38 | 154 × 76 | Brown | Michiel de Ruyter | Compass rose | 23 July 1986 | 23 July 2016 | ||||
| [29] | ƒ 1000 | €453.78 | 160 × 76 | Dark green | Baruch de Spinoza | Triangular patterns | 15 January 1973 | 1 January 2002 | 1 January 2032 | ||
| Nature series (1981–1986) Designer:Ootje Oxenaar | |||||||||||
| [30] | ƒ 50 | €22.69 | 148 × 76 | Yellow | Sunflower | IJsselmeerpolders; map ofFlevoland; field of sunflowers | 7 September 1982 | 1 January 2002 | 1 January 2032 | ||
| [31] | ƒ 100 | €45.38 | 154 × 76 | Brown | Common snipe | Great snipe | 16 March 1981 | ||||
| [32] | ƒ 250 | €113.45 | 160 × 76 | Purple | Westerlichttoren | Bornrif and coastline; list ofWest Frisian islands | 7 January 1986 | ||||
| Ornamental series (1993–1997) Designer:Jaap Drupsteen | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Image | Value | Euro equivalent | Dimensions (mm) | Main colour | Description | Issue | Withdrawn | Lapse | |||
| Watermark | See-through register | Microlettering (on reverse) | |||||||||
| [33] | ƒ 10 | €4.54 | 136 × 76 | Blue | Kingfisher | Stickleback | IJsvogel byArie van den Berg, authentication guide | 1 September 1997 | 1 January 2002 | 1 January 2032 | |
| [34] | ƒ 25 | €11.34 | 142 × 76 | Red | Robin | Poppy,tulip | Authentication guide | 27 March 1990 | |||
| [35] | ƒ 100 | €45.38 | 154 × 76 | Brown | Little owl | Mouse | De uil byC. Buddingh', authentication guide | 7 September 1993 | |||
| [36] | ƒ 1000 | €453.78 | 166 × 76 | Green | Lapwing | Lapwing egg | Het briefje van duizend byKoos van Zomeren, authentication guide | 3 April 1996 | |||
| Preceded by | Dutch currency 1434–20021 1434–1832 (Belgium) 1434–1839 (Luxembourg) 1828–1940 (Netherlands Antilles) 1828–1962 (Surinam) | Succeeded by Euro (2002,Netherlands) Belgian franc (1832,Belgium, 1839,Luxembourg),Netherlands Antillean guilder (1940,Netherlands Antilles),Surinamese guilder (1962,Suriname) |
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