diff --git a/oxrlib/config.py b/oxrlib/config.py
index 6df93891031db651ed8f9134fc73c743c649b8e0..e85cb3aa4a02d3dcf00b4bd0665cf9425fa20e9b 100644
--- a/oxrlib/config.py
+++ b/oxrlib/config.py
@@ -20,6 +20,7 @@ def currency_list(s):
 class Configuration:
     DATE_SEPS = frozenset('.-/ ')
     DEFAULT_CONFIG_PATH = pathlib.Path(HOME_PATH, '.config', 'oxrlib.ini')
+    NO_DENOMINATION = object()
     PREPOSITIONS = frozenset(['in', 'to', 'into'])
     TODAY = datetime.date.today()
 
@@ -97,6 +98,17 @@ class Configuration:
             action='store_false', dest='ledger',
             help="Turn off an earlier --ledger setting",
         )
+        hist_parser.add_argument(
+            '--denomination',
+            metavar='CODE', type=currency_code,
+            help="In Ledger conversion output, always show rates to convert "
+            "to this currency",
+        )
+        hist_parser.add_argument(
+            '--no-denomination',
+            dest='denomination', action='store_const', const=self.NO_DENOMINATION,
+            help="Turn off an earlier --denomination setting",
+        )
         hist_parser.add_argument(
             '--signed-currency', '--sign-currency',
             type=currency_code, action='append', dest='signed_currencies',
@@ -132,14 +144,16 @@ class Configuration:
         return configparser.ConfigParser()
 
     def _read_from_conffile(self, argname, sectionname, fallback, convert_to=None,
-                            confname=None, getter='get', unset=None):
+                            confname=None, getter='get', unset=None,
+                            *, convert_fallback=False):
         if getattr(self.args, argname) is not unset:
             return
         elif confname is None:
             confname = argname
         get_method = getattr(self.conffile, getter)
         value = get_method(sectionname, confname, fallback=fallback)
-        if convert_to is not None:
+        if (convert_to is not None
+            and (value is not fallback or convert_fallback)):
             value = self._convert_or_error(convert_to, value, confname)
         setattr(self.args, argname, value)
 
@@ -162,7 +176,12 @@ class Configuration:
             # Don't let the user specify ambiguous dates.
             self.error("historical data not available from year {}".format(year))
         self._read_from_conffile('base', 'Historical', 'USD', currency_code)
-        self._read_from_conffile('signed_currencies', 'Historical', self.args.base, currency_list)
+        if self.args.denomination is self.NO_DENOMINATION:
+            self.args.denomination = None
+        else:
+            self._read_from_conffile('denomination', 'Historical', None, currency_code)
+        self._read_from_conffile('signed_currencies', 'Historical', self.args.base,
+                                 currency_list, convert_fallback=True)
         self._read_from_conffile('ledger', 'Historical', False, getter='getboolean')
         self.args.to_currency = self.args.base
         if self.args.word4 and (self.args.word3.lower() in self.PREPOSITIONS):