Long term currency movements

This chart presents exchange rates against the US Dollar over a long period of time.
The values are indexed to 1.0 in 1900.
Over 121 years most currencies depreciated against the dollar.
The number of Italian lira (then Euros) that could be bought with one US dollar is 280 times more now than in 1900 – a huge depreciation.
Only the Swiss Franc has meaningfully appreciated against the dollar in this period.