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Exonumia Credit cards, Medals, Tokens Notaphily Banknotes Scripophily Stocks, Bonds v • d • e

A currency is a unit of exchange, facilitating the transfer of goods and/or services. Numismatics (numisma nomisma "coin" from the νομίζειν nomízein, "to use according to law" is the study or collection of Currency This article is a collection of concise Numismatic and Coin collecting terms for the beginner or professional main - title Coin keywords numismatics coin review A banknote (often known as a bill, paper money or simply a note) is a kind of Negotiable instrument, a Promissory note made by a Wikipedia talkFeatured lists for an explanation of this and other inclusion tags below -->This list of circulating currencies contains the 182 current In Economics, a local currency, in its common usage is a Currency not backed by a national government (and not necessarily Legal tender) and intended Company scrip is Currency issued in certain industries to pay Workers Such Scrip can only be exchanged by Wage -earners in company stores Local Exchange Trading Systems (LETS also known as LETSystems are local non-profit exchange networks in which goods and services can be traded without the need for printed In Economics, a time-based currency is an Alternative currency where the unit of exchange is the Person-hour. Fictional currency is Currency in works of Fiction. It is often invented bearing little or no resemblance to any modern or historic currency A mint is an industrial facility which manufactures Coins for Currency. Coining is a form of precision stamping in which a workpiece is subjected to a sufficiently high stress to induce plastic flow on the surface of the material In Numismatics, the term milled coinage (also known as machine-struck coinage) is used to describe coins which are produced by some form of machine rather than by Hammered coinage describes the most common form of coins produced since the invention of Coins in the first millennium BC until the early modern period of ca Cast coinage refers to Coins made by pouring melted metal into a mold i Exonumia is the study of Coin -like objects such as Token coins and Medals and other items used in place of legal currency or for commemoration A credit card is part of a system of Payments named after the small Plastic card issued to users of the system A medal is usually a Coin -like sculpted object of metal or other material that has been engraved with an Insignia, Portrait or other artistic rendering In the study of Numismatics, token coins or tokens are coin-like objects used instead of Coins The field of tokens is part of Exonumia. Notaphily is the study of paper Money or Banknotes A notaphilist is a collector of banknotes paper money paper currency or plastic notes A banknote (often known as a bill, paper money or simply a note) is a kind of Negotiable instrument, a Promissory note made by a Scripophily is the study and collection of Stocks and bonds A specialized field of Numismatics, scripophily is an interesting area of collecting due to both Software for Fixed assets management and Stock control developed in 2004. In Finance, a bond is a Debt security, in which the authorized issuer owes the holders a debt and is obliged to repay the principal and Interest An economic transaction or Trade involves the voluntary exchange of goods and services between two or more entities Trade is the willing exchange of goods, services, or both Trade is also called Commerce. A service is the non-material equivalent of a good. A service provision is an economic activity that does not result in Ownership, and this is what differentiates It is one form of money, where money is anything that serves as a medium of exchange, a store of value, and a standard of value. Money is anything that is generally accepted as Payment for Goods and services and repayment of Debts. To act as a store of value, a Commodity, a form of Money, or Financial capital must be able to be reliably saved stored and retrieved - and be predictably A currency is the dominant medium of exchange. To facilitate trade between currency zones, there are exchange rates, which are the prices at which currencies (and the goods and services of individual currency zones) can be exchanged against each other. International trade is exchange of Capital, Goods, and Services across International borders or Territories. In Finance, the exchange rates (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how Currencies can be classified as either floating currencies or fixed currencies based on their exchange rate regime. A floating currency is a Currency that uses a Floating exchange rate as its Exchange rate regime. A fixed exchange rate, sometimes called a pegged exchange rate, is a type of Exchange rate regime wherein a Currency 's value is matched to the value of The exchange rate regime is the way a country manages its Currency in respect to foreign currencies and the Foreign exchange market. In common usage, currency sometimes refers to only paper money, as in coins and currency, but this is misleading. Coins and paper money are both forms of currency.

In most cases, each country has monopoly control over the supply and production of its own currency. In Political geography and International politics, a country is a Political division of a geographical entity In Economics, a monopoly (from Greek monos, alone or single + polein, to sell exists when a specific individual or enterprise has sufficient Member countries of the European Union's Economic and Monetary Union are a notable exception to this rule, as they have ceded control of monetary policy to the European Central Bank. The European Union ( EU) is a political and economic union of twenty-seven member states, located primarily in In economics a Monetary union is a situation where several countries have agreed to share a single currency amongst themselves The European Central Bank (ECB is one of the world's most important Central banks responsible for Monetary policy covering the 15 member countries of the

In cases where a country does have control of its own currency, that control is exercised either by a central bank or by a Ministry of Finance. A central bank, reserve bank, or monetary authority is the entity responsible for the Monetary policy of a country or of a group of member states The finance minister is a Cabinet position in a Government. A minister of Finance (also called financial affairs the treasury the economy or economic In either case, the institution that has control of monetary policy is referred to as the monetary authority. Monetary authorities have varying degrees of autonomy from the governments that create them. In the United States, the Federal Reserve System operates without direct interference from the legislative or executive branches. The United States of America —commonly referred to as the It is important to note that a monetary authority is created and supported by its sponsoring government, so independence can be reduced or revoked by the legislative or executive authority that creates it. However, in practical terms, the revocation of authority is not likely. In almost all Western countries, the monetary authority is largely independent from the government. The term Western world, the West or the Occident ( Latin: occidens -sunset -west as distinct from the Orient) can have multiple meanings

Several countries can use the same name, each for their own currency (e. g. Canadian dollars and United States dollars), several countries can use the same currency (e. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been g. the euro), or a country can declare the currency of another country to be legal tender. Please update other articles as well to avoid contradiction within Wikipedia e Legal tender or forced tender is Payment that by Law, cannot be refused in settlement of a Debt ( Debtor cannot successfully be sued For example, Panama and El Salvador have declared U. Panama, officially the Republic of Panama (República de Panamá) is the southernmost country of Central America. El Salvador ( República de El Salvador,) is a country in Central America. S. currency to be legal tender, and from 1791-1857, Spanish silver coins were legal tender in the United States. Spain () or the Kingdom of Spain (Reino de España is a country located mostly in southwestern Europe on the Iberian Peninsula. At various times countries have either re-stamped foreign coins, or used currency board issuing one note of currency for each note of a foreign government held, as Ecuador currently does. A currency board is a Monetary authority which is required to maintain a Fixed exchange rate with a foreign currency For a topic outline on this subject see List of basic Ecuador topics.

Each currency typically has one fractional currency, often valued at ¹⁄₁₀₀ of the main currency: 100 cents = 1 dollar, 100 centimes = 1 franc, 100 pence = 1 pound. In many national currencies, the cent is a monetary unit that equals 1/100 of the basic monetary unit The dollar (often represented by the Dollar sign: "$" is the name of the official Currency in several countries dependencies and other Centime (from Latin centesimus) is French for " cent " and is used in English as the name of the fraction Currency in several Francophone Origins The franc was originally a French Gold coin of 387 g minted in 1360 on the occasion of the release of King John II ("the good", held by the The Pound Sterling ( symbol £; ISO code: GBP) subdivided into 100 pence (singular penny) is the Currency Units of ¹⁄₁₀ or ¹⁄₁₀₀₀ are also common, but some currencies do not have any smaller units. Mauritania and Madagascar are the only remaining countries that do not use the decimal system; instead, the Mauritanian ouguiya is divided into 5 khoums, while the Malagasy ariary is divided into 5 iraimbilanja. Mauritania (موريتانيا Mūrītāniyā officially the Islamic Republic of Mauritania, is a country Madagascar, or Republic of Madagascar (older name Malagasy Republic) is an Island nation in the Indian Ocean off the southeastern MRO is also the acronym for the Mars Reconnaissance Orbiter The ouguiya ( Arabic: أوقية Currency code: MRO is the The khoums ( Arabic خمس "fifth" is the subdivisory unit of the Mauritanian Ouguiya. Madagascar, or Republic of Madagascar (older name Malagasy Republic) is an Island nation in the Indian Ocean off the southeastern The ariary ( ISO 4217 code MGA is the currency of Madagascar. The iraimbilanja (singular and plural is the divisory currency unit of Madagascar, being equal to one fifth of an Ariary. However, due to inflation, both fractional units have in practice fallen into disuse. In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time

See non-decimal currencies for other (mostly historic) currencies with non-decimal divisions. A non-decimal currency is one which has sub-units that are a non-decimal fraction of the main unit

Contents 1 History 1.1 Early currency 1.2 Coinage 1.3 Era of hard and credit money 1.4 Legal tender era 1.5 Paper money era 2 Modern currencies 3 Local currencies 4 Accounting units 5 Proposed currencies 6 References 7 Lists 8 See also 9 External Links

History

Early currency

The origin of currency is the creation of a circulating medium of exchange based on a unit of account which quickly becomes a store of value. An economic transaction or Trade involves the voluntary exchange of goods and services between two or more entities A unit of account is a standard monetary unit of measurement of the market value/cost of goods services or assets To act as a store of value, a Commodity, a form of Money, or Financial capital must be able to be reliably saved stored and retrieved - and be predictably Currency evolved from two basic innovations: the use of counters to assure that shipments arrived with the same goods that were shipped, and later with the use of silver ingots to represent stored value in the form of grain. Both of these developments had occurred by 2000 BC. Originally money was a form of receipting grain stored in temple granaries in ancient Egypt and Mesopotamia. Ancient Egypt was an Ancient Civilization in eastern North Africa, concentrated along the lower reaches of the Nile River in what is now Mesopotamia (from the Greek meaning "land between the rivers" is an area geographically located between the Tigris and Euphrates rivers largely corresponding

This first stage of currency, where metals were used to represent stored value, and symbols to represent commodities, formed the basis of trade in the Fertile Crescent for over 1500 years. The Fertile Crescent is a Crescent -shaped region in the Middle East, originally incorporating the Levant and Ancient Mesopotamia, and often However, the collapse of the Near Eastern trading system pointed to a flaw: in an era where there was no place that was safe to store value, the value of a circulating medium could only be as sound as the forces that defended that store. Trade could only reach as far as the credibility of that military. By the late Bronze Age, however, a series of international treaties had established safe passage for merchants around the Eastern Mediterranean, spreading from Minoan Crete and Mycenae in the North West to Elam and Bahrein in the South East. The term Bronze Age refers to a period in human cultural development when the most advanced Metalworking (at least in systematic and widespread use included techniques for The Minoan civilization was a Bronze Age civilization which arose on the island of Crete. Crete ( Greek: Κρήτη transliteration: Krētē, modern transliteration Kriti) is the largest of the Greek islands and the "Lion Gate" redirects here For other uses see Lions' Gate (disambiguation. Elam is the name of an ancient civilization located in what is now southwest Iran. The Kingdom of Bahrain (in مملكة البحرين,, literally Kingdom of the Two Seas) is an Island country in the Persian Gulf Although it is not known what functioned as a currency to facilitate these exchanges, it is thought that ox-hide shaped ingots of copper, produced in Cyprus may have functioned as a currency. Cyprus (Κύπρος transliterated: Kýpros,; Kıbrıs officially the Republic of Cyprus (Κυπριακή Δημοκρατία Kypriakī́ Dīmokratía

It is thought that the increase in piracy and raiding associated with the Bronze Age collapse, possibly produced by the Peoples of the Sea, brought this trading system to an end. The Bronze Age collapse is the name given by those historians who see the transition from the The Sea Peoples is the term used for a confederacy of seafaring raiders of the second millennium BC who sailed into the eastern shores of the Mediterranean, caused political It was only with the recovery of Phoenician trade in the ninth and tenth centuries, that saw a return to prosperity, and the appearance of real coinage, possibly first in Anatolia with Croesus of Lydia and subsequently with the Greeks and Persians. This article refers to the historical King of Lydia For the opera by Reinhard Keiser, see Croesus (opera. Defining Lydia Aside from a legend related by Herodotus, who states that the name Lydia came from king Lydus at the time of the fall of Troy

In Africa many forms of value store have been used including beads, ingots, ivory, various forms of weapons, livestock, the manilla currency, ochre and other earth oxides, and so on. Ivory is formed from Dentine and constitutes the bulk of the Teeth and Tusks of animals such as the Elephant, Hippopotamus, Manillas are penannular (almost ring-like armlets mostly in Bronze or Copper, very rarely Gold, which served as a form of Money or Barter The manilla rings of West Africa were one of the currencies used from the 15th century onwards to buy and sell slaves. West Africa or Western Africa is the Westernmost Region of the African Continent. African currency is still notable for its variety, and in many places various forms of barter still apply. African currency was originally formed from basic items materials animals and even people available in the locality to create a Medium of exchange. Barter is a type of Trade in which goods or services are directly exchanged

Coinage

These factors led to the shift of the store of value being the metal itself: at first silver, then both silver and gold. Metals were mined, weighed, and stamped into coins. This was to assure the individual taking the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but they also created a new unit of account, which helped lead to banking. A unit of account is a standard monetary unit of measurement of the market value/cost of goods services or assets A banker or bank is a Financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money Archimedes' principle was that the next link in currency occurred: coins could now be easily tested for their fine weight of metal, and thus the value of a coin could be determined, even if it had been shaved, debased or otherwise tampered with (see Numismatics). Archimedes of Syracuse ( Greek:) ( c. 287 BC – c 212 BC was a Greek mathematician, Physicist, Engineer FINE was created in 1998 and is an informal association of the four main Fair Trade networks F Fairtrade Labelling Organizations International Numismatics (numisma nomisma "coin" from the νομίζειν nomízein, "to use according to law" is the study or collection of Currency

In most major economies using coinage, copper, silver and gold formed three tiers of coins. Gold coins were used for large purchases, payment of the military and backing of state activities. Silver coins were used for large, but common, transactions, and as a unit of account for taxes, dues, contracts and fealty, while copper coins represented the coinage of common transaction. This system had been used in ancient India since the time of the Mahajanapadas. Coinage of India, issued by Imperial dynasties and smaller Middle kingdoms of India began during the 1st millennium BCE, and consisted Mahajanapadas ( Sanskrit: महाजनपद Mahājanapadas) literally "Great Kingdoms" (from Maha, "great" and Janapada In Europe, this system worked through the medieval period because there was virtually no new gold, silver or copper introduced through mining or conquest. Thus the overall ratios of the three coinages remained roughly equivalent.

Era of hard and credit money

In premodern China, the need for credit and for circulating a medium that was less of a burden than exchanging thousands of copper coins led to the introduction of paper money, commonly known today as banknotes. Chinese civilization originated in various city-states along the Yellow River ( valley in the Neolithic era China ( Wade-Giles ( Mandarin) Chung¹kuo² is a cultural region, an ancient Civilization, and depending on perspective a National Copper (ˈkɒpɚ is a Chemical element with the symbol Cu (cuprum and Atomic number 29 A banknote (often known as a bill, paper money or simply a note) is a kind of Negotiable instrument, a Promissory note made by a A banknote (often known as a bill, paper money or simply a note) is a kind of Negotiable instrument, a Promissory note made by a This economic phenomenon was a slow and gradual process that took place from the late Tang Dynasty (618-907) into the Song Dynasty (960-1279). The Tang Dynasty ( Middle Chinese: dhɑng (June 18 618&ndashJune 4 907 was an imperial dynasty of China preceded by the Sui Dynasty and followed by The Song Dynasty ( Wade-Giles: Sung Ch'ao was a ruling dynasty in China between 960&ndash1279 CE it succeeded the Five Dynasties and Ten Kingdoms It began as a means for merchants to exchange heavy coinage for receipts of deposit issued as promissory notes from shops of wholesalers, notes that were valid for temporary use in a small regional territory. A receipt is a written acknowledgement that a specified article or sum of money has been received as an exchange for goods or services Wholesaling is the sale of Goods or Merchandise to Retailers to industrial commercial institutional or other professional Business users In the 10th century, the Song Dynasty government began circulating these notes amongst the traders in their monopolized salt industry. In Economics, a monopoly (from Greek monos, alone or single + polein, to sell exists when a specific individual or enterprise has sufficient The Song government granted several shops the sole right to issue banknotes, and in the early 12th century the government finally took over these shops to produce state-issued currency. Yet the banknotes issued were still regionally-valid and temporary; it was not until the mid 13th century that a standard and uniform government issue of paper money was made into an acceptable nationwide currency. The already widespread methods of woodblock printing and then Bi Sheng's movable type printing by the 11th century was the impetus for the massive production of paper money in premodern China. For the use of the technique in art see Woodcut on the technique and Old master print for the history in Europe and Woodblock printing in Japan. Bì Shēng ( 990-1051 AD was the inventor of the first known Movable type Printing system Movable type is the system of Printing and Typography that uses movable components to reproduce the elements of a document (usually individual letters or punctuation Printing is a process for reproducing text and image typically with ink on Paper using a printing press

At around the same time in the medieval Islamic world, a vigorous monetary economy was created during the 7th-12th centuries on the basis of the expanding levels of circulation of a stable high-value currency (the dinar). The monetary economy is that part of a society's Economic system where products and services are traded in exchange for money The Dinar is the name of the official currency in several countries Innovations introduced by Muslim economists, traders and merchants include the earliest uses of credit,^[1] cheques, promissory notes,^[2] savings accounts, transactional accounts, loaning, trusts, exchange rates, the transfer of credit and debt,^[3] and banking institutions for loans and deposits. Credit is the provision of resources (such as granting a Loan) by one party to another party where that second party does not reimburse the first party immediately thereby generating A cheque (spelled check in American English) is a Negotiable instrument instructing a Financial institution to pay a specific amount of A promissory note, also referred to as a note payable in Accounting, is a Contract where one party (the maker or issuer) makes an Savings accounts are accounts maintained by retail Financial institutions that pay Interest but can not be used directly as Money (by for example A transactional account ( North America: checking account or chequing account, United Kingdom and some other countries current account A loan is a type of Debt. This article focuses exclusively on monetary loans although in practice any material object might be lent In Common law legal systems a trust is an arrangement whereby Property (including real tangible and intangible is managed by one person (or persons or organizations In Finance, the exchange rates (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how Debt is that which is owed usually referencing Assets owed but the term can cover other obligations A banking institution provides banking services They include Banks * Credit unions * Savings and loan association Building A deposit account is a current account at a Banking institution that allows money to be deposited and withdrawn by the account holder with the transactions and resulting balance ^[4]

In Europe paper money was first introduced in Sweden in 1661. "Sverige" redirects here For other uses see Sweden (disambiguation and Sverige (disambiguation. Sweden was rich in copper, thus, because of copper's low value, extraordinarily big coins (often weighing several kilograms) had to be made. Because the coin was so big, it was probably more convenient to carry a note stating your possession of such a coin than to carry the coin itself.

The advantages of paper currency were numerous: it reduced transport of gold and silver, and thus lowered the risks; it made loaning gold or silver at interest easier, since the specie (gold or silver) never left the possession of the lender until someone else redeemed the note; and it allowed for a division of currency into credit and specie backed forms. It enabled the sale of stock in joint stock companies, and the redemption of those shares in paper. Software for Fixed assets management and Stock control developed in 2004. A joint stock company (JSC is a type of business entity it is a type of Corporation or Partnership. In financial markets, a share is a Unit of account for various financial instruments including Stocks Mutual funds Limited partnerships

However, these advantages held within them disadvantages. First, since a note has no intrinsic value, there was nothing to stop issuing authorities from printing more of it than they had specie to back it with. Second, because it created money that did not exist, it increased inflationary pressures, a fact observed by David Hume in the 18th century. David Hume (26 April 1711 25 August 1776 Scottish Philosopher, Economist, and Historian is an important figure in Western philosophy The result is that paper money would often lead to an inflationary bubble, which could collapse if people began demanding hard money, causing the demand for paper notes to fall to zero. The printing of paper money was also associated with wars, and financing of wars, and therefore regarded as part of maintaining a standing army. A standing army is an Army composed of full time career Soldiers who 'stand over' in other words who do not disband during times of peace

For these reasons, paper currency was held in suspicion and hostility in Europe and America. It was also addictive, since the speculative profits of trade and capital creation were quite large. Major nations established mints to print money and mint coins, and branches of their treasury to collect taxes and hold gold and silver stock. A mint is an industrial facility which manufactures Coins for Currency.

Legal tender era

With the creation of central banks, currency underwent several significant changes. A central bank, reserve bank, or monetary authority is the entity responsible for the Monetary policy of a country or of a group of member states During both the coinage and credit money eras the number of entities which had the ability to coin or print money was quite large. One could, literally, have "a license to print money"; many nobles had the right of coinage. Royal colonial companies, such as the Massachusetts Bay Company or the British East India Company could issue notes of credit—money backed by the promise to pay later, or exchangeable for payments owed to the company itself. This led to continual instability of the value of money. The exposure of coins to debasement and shaving, however, presented the same problem in another form: with each pair of hands a coin passed through, its value grew less.

The solution which evolved beginning in the late 18th century and through the 19th century was the creation of a central monetary authority which had a virtual monopoly on issuing currency, and whose notes had to be accepted for "all debts public and private". The creation of a truly national currency, backed by the government's store of precious metals, and enforced by their military and governmental control over an area was, in its time, extremely controversial. Advocates of the old system of Free Banking repealed central banking laws, or slowed down the adoption of restrictions on local currency. Free banking is a theory of Banking in which commercial banks and market forces control the provision of banking services (See Gold standard for a fuller discussion of the creation of a standard gold based currency). The gold standard is a monetary system in which a region's common media of exchange are paper notes that are normally freely convertible into pre-set fixed quantities of Gold

At this time both silver and gold were considered legal tender, and accepted by governments for taxes. Legal tender or forced tender is Payment that by Law, cannot be refused in settlement of a Debt ( Debtor cannot successfully be sued However, the instability in the ratio between the two grew over the course of the 19th century, with the increase both in supply of these metals, particularly silver, and of trade. This is called bimetallism and the attempt to create a bimetallic standard where both gold and silver backed currency remained in circulation occupied the efforts of inflationists. In Economics, bimetallism is a Monetary standard in which the value of the Monetary unit can be expressed as a certain amount of gold or as a certain amount In Economics, bimetallism is a Monetary standard in which the value of the Monetary unit can be expressed as a certain amount of gold or as a certain amount In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time Governments at this point could use currency as an instrument of policy, printing paper currency such as the United States Greenback, to pay for military expenditures. A United States Note (known popularly in its day as a "greenback" is a fiat paper currency that was issued directly into circulation by the United They could also set the terms at which they would redeem notes for specie, by limiting the amount of purchase, or the minimum amount that could be redeemed.

By 1900, most of the industrializing nations were on some form of gold standard, with paper notes and silver coins constituting the circulating medium. Governments too followed Gresham's Law: keeping gold and silver paid, but paying out in notes. Gresham's law is commonly stated "Bad money drives out good

Paper money era

Main articles: Banknote and Fiat currency

A banknote (more commonly known as a bill in the United States and Canada) is a type of currency, and commonly used as legal tender in many jurisdictions. A banknote (often known as a bill, paper money or simply a note) is a kind of Negotiable instrument, a Promissory note made by a The terms fiat currency and fiat money relate to types of currency or Money whose usefulness results not from any intrinsic value or guarantee that it can be A banknote (often known as a bill, paper money or simply a note) is a kind of Negotiable instrument, a Promissory note made by a With coins, banknotes make up the cash form of all modern money. main - title Coin keywords numismatics coin review Cash usually refers to Money in the form of Currency, such as Banknotes and Coins In Bookkeeping and Finance, Money is anything that is generally accepted as Payment for Goods and services and repayment of Debts.

Modern currencies

To find out which currency is used in a particular country, check list of circulating currencies. Wikipedia talkFeatured lists for an explanation of this and other inclusion tags below -->This list of circulating currencies contains the 182 current

Currently, the International Organization for Standardization has introduced a three-letter system of codes (ISO 4217) to define currency (as opposed to simple names or currency signs), in order to remove the confusion that there are dozens of currencies called the dollar and many called the franc. ISO 4217 is the International standard describing three-letter codes (also known as the currency code) to define the names of currencies established A currency sign is a graphic symbol often used as a shorthand for a Currency 's name The dollar (often represented by the Dollar sign: "$" is the name of the official Currency in several countries dependencies and other Origins The franc was originally a French Gold coin of 387 g minted in 1360 on the occasion of the release of King John II ("the good", held by the Even the pound is used in nearly a dozen different countries, all, of course, with wildly differing values. The pound, a unit of currency originated in England as the value of a pound mass of Silver. In general, the three-letter code uses the ISO 3166-1 country code for the first two letters and the first letter of the name of the currency (D for dollar, for instance) as the third letter. Wikipedia talkFeatured lists for an explanation of this and other inclusion tags below --> ISO 3166-1, as part of the ISO 3166 standard

The International Monetary Fund uses a variant system when referring to national currencies. The International Monetary Fund ( IMF) is an International organization that oversees the Global financial system by following the Macroeconomic

For exchange rates, see exchange rate and tables of historical exchange rates. In Finance, the exchange rates (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how Listed below is a table of historical exchange rates relative to the U

Local currencies

Main article: Local currency

In economics, a local currency is a currency not backed by a national government, and intended to trade only in a small area. In Economics, a local currency, in its common usage is a Currency not backed by a national government (and not necessarily Legal tender) and intended Advocates such as Jane Jacobs argue that this enables an economically depressed region to pull itself up, by giving the people living there a medium of exchange that they can use to exchange services and locally-produced goods (In a broader sense, this is the original purpose of all money. ) Opponents of this concept argue that local currency creates a barrier which can interfere with economies of scale and comparative advantage, and that in some cases they can serve as a means of tax evasion.

Local currencies can also come into being when there is economic turmoil involving the national currency. An example of this is the Argentine economic crisis of 2002 in which IOUs issued by local governments quickly took on some of the characteristics of local currencies.

Accounting units

• Franc Poincaré
• Special Drawing Rights
• European Currency Unit
• Currency sign
• Krugerrand
• Fictional currency
• Local currencies
• Petrocurrency
• Currency pair

Proposed currencies

• Eco - West African Monetary Zone (Gambia, Ghana, Guinea, Nigeria, Sierra Leone, possibly Liberia)
• Metica - Mozambique (never implemented)
• Perun - Montenegro (never implemented)
• Amero - American currency union (hypothetical)
• Asian Currency Unit - proposed for the ASEAN +3
• East African shilling - East African Community (Burundi, Kenya, Rwanda, Tanzania, Uganda)
• Khaleeji - Gulf Cooperation Council (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates)
• Currency for Caribbean area^[5]- CARICOM states except the Bahamas

References

Lists

• List of currencies
• List of circulating currencies
• List of historical currencies
• List of fictional currencies
• List of motifs on banknotes
• List of international trade topics
• List of historical exchange rates

See also

• ISO 4217 Currency codes
• Non-decimal currencies
• Exchange rate
• Foreign exchange
• Foreign exchange reserves
• Optimum currency area
• History of money
• World currency

External Links

• Univos - Universal World Dollars. Proposal for a common currency for the entire world.

A list of all Currencies, current and historic The local name of the currency is used in this list with the adjectival form of the country or region Wikipedia talkFeatured lists for an explanation of this and other inclusion tags below -->This list of circulating currencies contains the 182 current This is a list of historic currencies. Ancient Persia Daric (gold Sigloi (silver Persian coinage Fictional currency is Currency in works of Fiction. It is often invented bearing little or no resemblance to any modern or historic currency This is a list of current motifs on the Banknotes of different countries This is a list of International trade topics. Absolute advantage Agreement on Trade-Related Aspects of Intellectual Property Rights ISO 4217 is the International standard describing three-letter codes (also known as the currency code) to define the names of currencies established A non-decimal currency is one which has sub-units that are a non-decimal fraction of the main unit In Finance, the exchange rates (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how The foreign exchange ( currency or forex or FX) market refers to the market for currencies. Foreign exchange reserves (also called Forex reserves) in a strict sense are only the foreign Currency deposits held by Central banks and monetary In Economics, an optimum currency area ( OCA) also known as an optimal currency region ( OCR) is a geographical region in which it would maximize The history of money is a story spanning thousands of years Related to this Numismatics is the scientific study of Money and its History in all its varied In the Foreign exchange market and International finance, a world currency or global currency refers to a Currency in which the vast majority

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