
:''For current exchange rates, see Exchange_rate#External links''. A currency is a unit of exchange, facilitating the trade of goods and services. It is a form of money, where money is defined as a medium of exchange (rather than e.g. a store of value). A currency zone is a country or region in which a specific currency is the dominant medium of exchange. To facilitate international trade between currency zones, there are exchange rates i.e. prices at which currencies (and the goods and services of individual currency zones) can be exchanged against each other. Currencies can be classified as either floating currency or fixed currency based on their exchange rate regime. In most cases, each country "has" monopoly control over its own currency. Member countries of the European Monetary Union are a notable exception to this rule, as they have ceded control of monetary policy to the European Central Bank. 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. 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 operates with full independence from the government. 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 legislative fiat. In almost all Western countries, the monetary authority is largely independent from the government. Several countries can use the same name, each for their own currency (e.g. Canadian dollars and US dollars), several countries can use the same currency (e.g. the euro), or a country can declare the currency of another country to be legal tender (e.g. Panama and El_Salvador have declared US currency to be legal tender). Each currency typically has one fractional currency, often valued at 1/100 of the main currency: 100 Cent (currency)s = 1 dollar, 100 centimes = 1 franc, 100 at (currency) = 1 kip (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 khoum, while the Malagasy ariary is divided into 5 iraimbilanja. However, due to inflation, both fractional units have in practice fallen into disuse. See Non-decimal currencies == History == === Early Currency === Currency is the creation of a circulating medium of exchange based on a store of value. Currency evolved from two basic innovations: the use of counters to assure that shipments arrived with the same goods that were shipped, and the use of silver ingots to represent stored value in the form of grain. Both of these developments had occurred by 2000 BC. 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. 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. === 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. It was with Archimedes' principle 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 Coinage). 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. 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. In China, however, the need for credit and for circulating medium led to the introduction of paper money. === The Era of Hard and Credit Money === Paper money was, in one sense, a return to the oldest form of currency: it represented a store of value backed by the credibility of the issuing authority. Drafts and checks issued privately had been in intermittent use for centuries, however, it was with the rise of global trade that paper money would find a permanent place in currency. 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 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. 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 was subject to Gresham's Law: people would exchange money rather than coins of the same value, and this increased the velocity of money and therefore increased inflationary pressures, a fact observed by David Hume in the 18th century. The result is that paper money would often lead to an inflationary bubble, which would then collapse when the demand for paper notes fell to zero, and people began demanding hard money. The printing of paper money was also associated with wars, and financing of wars, and therefore regarded as part of maintaining a standing army. 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 mint (coin) to print money and mint coins, and branches of their treasury to collect taxes and hold gold and silver stock. === Legal Tender Era === With the creation of central bank , currency entered into a new era in the history of currency. 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. (See Gold standard for a fuller discussion of the creation of a standard gold based currency). At this time both silver and gold were considered legal tender, and accepted by governments for taxes. 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 inflation . 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. 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. === The Paper Money Era === ''See Banknote#History of Paper Money.'' == Modern currencies == To find out which currency is used in a particular country, start at the countries of the world or look at the table of historical exchange rates. Nowadays ISO have introduced a system, ''ISO 4217'', using three-letter codes 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. Even the Pound (currency) is used in nearly a dozen different countries, all, of course, with wildly differing values. 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. The International Monetary Fund uses a variant system when referring to national currencies. :''For exchange rates, see Exchange_rate#External links'' See Non-decimal currencies == Currency names == Currency names of the world in alphabetic order by currency name: *Afghani - Afghanistan *Ariary - Madagascar *Baht - Thailand *Balboa (currency) - Panama (United States dollar used for paper money) *Birr (currency) - Ethiopia *Venezuelan bolívar - Venezuela *Boliviano - Bolivia *Cedi - Ghana *Colón (currency) **Costa Rican colón - Costa Rica **El Salvador colón - El Salvador *Dalasi - The Gambia *Macedonian Denar - Republic of Macedonia *Dinar ** Algerian dinar - Algeria ** Bahraini dinar - Bahrain ** Iraqi dinar - Iraq ** Jordanian dinar - Jordan, State of Palestine ** Kuwaiti dinar - Kuwait ** Libyan dinar - Libya ** Tunisian dinar - Tunisia ** Serbian dinar - Serbia ** Sudanese dinar - Sudan ** Iranian rial - The dinar is a subdivision of the Iranian Rial *Dinar-Haut - Biffeche *Dirham - Morocco, United Arab Emirates (UAE) *Dollar ** Australian dollar - Australia; also in Christmas Island, Cocos (Keeling) Islands, Heard Island and McDonald Islands, Norfolk Island, Kiribati, Nauru and Tuvalu ** Barbados dollar - Barbados ** Bahamian dollar - Bahama ** Belize dollar - Belize ** Bermuda dollar - Bermuda ** Brunei dollar - Brunei ** Canadian dollar - Canada ** Cayman Islands dollar - Cayman Islands ** East Caribbean dollar - Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and the Grenadines ** Fijian dollar - Fiji ** Guyanese dollar - Guyana ** Hong Kong dollar - Hong Kong ** International dollar - hypothetical currency pegged 1:1 to the United States dollar ** Jamaican dollar - Jamaica ** Liberian dollar - Liberia ** Namibian dollar - Namibia ** New Zealand dollar - New Zealand ** Singapore dollar - Singapore ** Solomon Islands dollar - Solomon Islands ** Suriname dollar - Suriname ** New Taiwan dollar - Taiwan ** Trinidad and Tobago dollar - Trinidad and Tobago ** Tuvaluan dollar - Tuvalu ** United States dollar - United States of America; also used in several other countries, including Ecuador and Panama, as well as many former UN Trust Territories ** Zimbabwe dollar - Zimbabwe *Dong (currency) - Vietnam *Drachma - (Greece now uses euro) *Dram (currency) - Armenia *Escudo - Cape Verde, (Portugal now uses euro) *Euro ** European Union (as an organisation; the euro is not legal tender in every EU country.) ** EU members: Austria, Belgium, Finland, France (except pacific territories using CFP franc), Germany, Greece, Republic of Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain. ** Countries that have made legal agreements with the EU to use the euro: Monaco, San Marino, Vatican City. ** Territories that unilaterally use the euro: Andorra, Montenegro and Kosovo. ** Currencies pegged to the euro: Cape Verde escudo,CFA franc, CFP franc, Comorian franc, Bulgaria lev, Estonia kroon, Lithuania litas, the Convertible Mark of Bosnia and Herzegovina *Forint - Hungary *Franc ** Swiss franc - Switzerland, Liechtenstein. ** CFA franc - Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Côte d'Ivoire, Republic of the Congo, Equatorial Guinea, Gabon, Guinea-Bissau, Mali, Niger, Senegal, Togo ** CFP franc - France's Pacific territories of New Caledonia, French Polynesia, and Wallis and Futuna. ** Comorian franc - Comoros (pegged to the French franc, then the euro). ** Congolese franc - Democratic Republic of Congo (suppressed in 1967 by Mobutu, re-established in 1998 by Laurent Kabila) ** Burundi franc - Burundi ** Rwandan franc - Rwanda ** Djiboutian franc - Djibouti (pegged to the US dollar since 1973) ** Guinean franc - Guinea (suppressed in 1972 by dictator Sékou Touré, re-established in 1986 by his successor Lansana Conté) ** Malagasy franc - Madagascar (the Malagasy franc is scheduled to disappear by the end of 2004, replaced by the more national sounding Ariary; this controversial decision was taken by the new president of Madagascar Marc Ravalomanana) ** Formerly using French franc: Andorra, Monaco (the French mint was also minting some Monaco Franc coins with the head of the prince of Monaco on them; no Monaco franc banknotes), France (including French Guiana, Guadeloupe, Martinique, Réunion, Saint-Pierre and Miquelon and Mayotte). ** Formerly using Belgian franc: Belgium, Luxembourg. ** Formerly using Luxemburgese franc: Luxembourg (1 Luxembourg franc was equal to 1 Belgian franc; Belgian francs were legal tender inside Luxembourg, but Luxembourg francs were not legal tender in Belgium). *Gourde - Haiti *Guaraní (currency) - Paraguay *Guilder - Aruba, Netherlands Antilles (Netherlands now uses euro) *Hryvnia - Ukraine *Kina_(currency) - Papua New Guinea *Kip (currency) - Laos *Koruna - Czech Republic, Slovakia *Kroon - Estonia *Króna - Faroe Islands, Iceland ** Faroese króna ** Icelandic króna *Krona - Sweden *Krone - Denmark, Greenland, Norway ** Danish krone - Denmark, Greenland ** Norwegian krone - Norway *Kuna (currency) - Croatia *Kwacha ** Malawian kwacha - Malawi ** Zambian kwacha - Zambia *Kwanza - Angola *Kyat - Myanmar *Lat - Latvia *Lari (Georgia) - Georgia (country) *Lek (currency) - Albania *Lempira - Honduras *Leone - Sierra Leone *Leu ** Romanian Leu - Romania ** Moldovan Leu - Republic of Moldova *Lev - Bulgaria *Lilangeni - Swaziland *Lira ** Italian lira (obsolete, replaced by Euro) - Italy ** San Marino lira (obsolete, replaced by Euro) - San Marino ** Vatican City lira (obsolete, replaced by Euro) - Vatican City ** Cyprus pound - Cyprus (more often referred to as Cyprus pound) ** Maltese lira - Malta ** Turkish lira (replaced by the New Turkish lira) - Turkey *Litas - Lithuania *Loti - Lesotho *Manat ** Manat (Azerbaijan) - Azerbaijan ** Manat (Turkmenistan) - Turkmenistan *Deutsche Mark - (Germany now uses euro) *Convertible Mark - Bosnia and Herzegovina *Markka - (Finland now uses euro) *Mozambique Metical - Mozambique *Nafka - Eritrea *Naira - Nigeria *Ngultrum - Bhutan *Ouguiya - Mauritania *Pataca - Macau *Peseta - (Andorra, Spain now use euro) *Peso ** Argentine peso - Argentina ** Chilean peso - Chile ** Colombian peso - Colombia ** Cuban peso - Cuba ** Dominican peso - Dominican Republic ** Mexican peso - Mexico ** Philippine peso - Philippines ** Uruguayan peso - Uruguay *Pound (currency) - Cyprus, Malta, Egypt, Falkland Islands, Gibraltar, Guernsey, Jersey, Saint Helena, South Sudan, United Kingdom (Republic of Ireland now uses euro) ** Cyprus pound - Cyprus ** Egyptian pound - Egypt ** Falkland pound - Falkland Islands ** Gibraltar pound ** Saint Helenian pound - Saint Helena ** Sudanese pound - Southern Sudan ** Irish pound (obsolete, replaced by Euro) - Ireland ** Israeli pound - obsolete. Used in Israel until 1980. ** Lebanese pound - Lebanon ** Pound sterling - United Kingdom ** Syrian pound - Syria *Pula (currency) - Botswana *Quetzal (currency) - Guatemala *Rand (currency) - South Africa *Real %28currency%29 - Brazil *Renminbi - People's Republic of China *Rial ** Iranian rial - Iran ** Omani Rial - Oman ** Yemeni rial - Yemen *Riel - Cambodia *Ringgit - Malaysia *Riyal ** Qatari Riyal - Qatar ** Saudi riyal - Saudi Arabia *Ruble ** Belarusian ruble - Belarus ** Russian ruble - Russia ** Transnistrian ruble - Transnistria *Rufiyah - Maldives *Rupee ** Indian Rupee - India ** Mauritian Rupee - Mauritius ** Nepalese Rupee - Nepal ** Pakistani Rupee - Pakistan ** Seychelles Rupee - Seychelles ** Sri Lankan Rupee - Sri Lanka *Rupiah - Indonesia *Schilling - (Austria now uses euro) *Shekel ** New Israeli sheqel - Israel, Gaza Strip, West Bank *Shilling ** Irish_ten_shilling_coin - Ireland ** Kenyan shilling - Kenya ** Somali shilling - Somalia ** Tanzanian shilling - Tanzania ** Ugandan shilling - Uganda *Sol (currency) - Peru *Som - Kyrgyzstan, Uzbekistan ** Kyrgyzstani som - Kyrgyzstan ** Uzbekistani Som - Uzbekistan *Sucre (currency) - Ecuador *Taka - Bangladesh *Tenge - Kazakhstan *Tugrik - Mongolia *Tolar - Slovenia *Vatu - Vanuatu *Won - North Korea, South Korea *Yen - Japan *Renminbi - People's Republic of China *Zaire (currency) - Zaire *Zloty - Poland == Privately-issued currencies == Several large companies issue points to their customers, to be redeemed for products and services produced by that company. Often, a network of companies will join to share in the offering and redemption of points. While these can hardly be considered stable currency systems, they present many of the same features as "legitimate" currency: they are a store of value, issued in discrete units; they are controlled by a central issuing authority; and they have varying rates of exchange with other forms of currency. For example, frequent flyer miles can be bought using U.S. dollars. *frequent flyer miles: A type of private currency, different versions of which are issued by most major airlines to encourage customer loyalty. Other customer loyalty incentives have followed this model, including points systems offered by soft drink manufacturers such as PepsiCo. Metro tokens, issued by city transit authorities, can be considered a highly specialized form of currency. *E-gold: Privately issued digital currency backed by gold *Scrip: A type of private currency where a certain value is captured, and used to purchase goods from a company. Examples of scrip include gift certificates, gift cards, and Disney Dollars or Canadian Tire Money. However, scrip is not considered a currency in itself, but merely a store of value, denominated in another currency. *Liberty Dollar: A currency backed by silver, with a one-to-one exchange rate with the U.S. Dollar. == Local currencies == In economics, a local currency is a currency not backed by a national government, and intended to trade only in a small area. 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. see: local currency also called community currency == World currency == With such developments as the Euro allowing for facilitated trade and perhaps a corresponding increase in a wider identity, proposals for a global currency have accelerated, even while it is recognized that several political and economic factors would need to be addressed and intermediate steps taken before such a concept might be accepted by the diverse nations of the world. == See also == *ISO 4217 Currency codes ===Historic Currencies=== *Ancient Greece **Drachma *Ancient Rome **denarius **antoninianus **sestertius **Dupondius **As (coin) *Asia **Tael (China) *Europe **12 national currencies were replaced by the Euro in 1999 **Thaler (Europe, various) **Spanish peso or Spanish dollar, pieces of eight **Crown (coin) **British coinage *Middle East **Mithqal (Iran) *North America **Continental Currency (Colonial America) **Trade dollar ===Accounting units=== *Franc Poincaré *Special Drawing Rights *European Currency Unit *Pseudo currency *Currency sign *Krugerrand *Fictional currency *Local currencies *Petrocurrency ===Lists=== *List of currencies *List of international trade topics *List of historical exchange rates == External links== * [http://www.oanda.com/convert/classic/ An excellent currency portal: current and historical currency foreign exchange forex rates, currency calculator and comprehensive information] * [http://dictionary.reference.com/search?q=currency Excellent table of various currencies (from dictionary.com)] * [http://aes.iupui.edu/rwise/ Ron Wise's World Paper Money Homepage] * [http://www.xe.net/ucc/ Universal currency converter] * [http://ostermiller.org/calc/currency.html Currency exchange rate conversion calculator] from ostermiller.org *[http://tokyoahead.com/main/staticpages/index.php/chart2 Historical Currency Charts, Matrix & Converter] *[http://haas.ca/articles/20040311-currency.cfm Minting New Security] *[http://exchange-rates.org Current and historical exchange rates and charts] *[http://www.ratesfx.com/resources/currency.html Currency resources on the net] ===Records=== * [http://tomchao.com/trivia.html A site compiling information on currency and currency-related world records] Currency Numismatics ga:Airgeadra ka:ვალუტა simple:Currency
Wouldn't it be better if the currency codes appeared in parentheses after each country name in the first table? --User:Pinkunicorn The history section of this page is ''desparately'' in need of a re-write. It is misleading, garbled and ummm.... {bites tongue}. I have no time to fix it right now. Perhaps someone else could have a go . User:Octothorn 07:31 22 May 2003 (UTC) With the advent of the Euro, the Lira, Peseta, and other European currency signs now belong in the history section. Why is the Tanzanian shilling not included in the list? It is erroneous to imply the ISO 4217 ''obsoletes'' national currency symbols; that is not its purpose. It should, however, be considered to obsolete previous ad-hoc symbols for distinguishing national currencies with the same symbol, particularly the many dollars (e.g., CDN$, A$, NZ$, etc.). User:18.24.0.120 04:11, 26 Jan 2004 (UTC) Which is the proper format, to capitalize or not capitalize the currency name? For example, we have Australian dollar, but Mexican Peso User:Nik42 19:49, 16 Jan 2005 (UTC) ::Never mind, I fixed it. I noticed that the ones like Mexican Peso were redirects to the non-capitalized versions User:Nik42 02:32, 18 Jan 2005 (UTC) Some sections, like Privately-issued currencies are repeated. This should be fixed. == Crowns == If krona/krone are to be merged (which I support), then the Czech koruna and Estonian kroon should also join the family. User:Jpatokal 13:57, 17 Feb 2005 (UTC) :disagree as this edit looses information, ie what currency applies to which country (and v.v.). Yes they are a 'family' of ''Crowns'' but the individual names and relevance (ie country of origin) must be retained across that edit - the primary point of having a reference work like WP imho! List them in a tree, but don't 'merge'. --User:VampWillow:User_talk:VampWillow 15:24, 18 Feb 2005 (UTC) ::Huh? I'm not proposing that country names be removed, I'm proposing that we move all the crowns under the same heading, and then list the exact name and country under the heading. User:Jpatokal 03:21, 21 Feb 2005 (UTC) == Deletet some repeated text == I just removed some text that was repeated: A currency is a unit of exchange, facilitating the transfer of goods and services. It is a form of money, where money is defined as a medium of exchange rather than e.g. a store of value. A currency zone is a country or region in which a specific currency is the dominant medium of exchange. To facilitate trade between currency zones, there are exchange rates i.e. prices at which currencies (and the goods and services of individual currency zones) can be exchanged against each other. Modern currencies can be classified as either floating currencies or fixed currencies based on their exchange rate regime. Typically, each country has given monopoly to a single currency, controlled by a state owned central bank, although exceptions to this rule exist. Several countries can use the same name, each for their own currency (e.g. Canadian dollars and US dollars), several countries can use the same currency (e.g. the euro), or a country can declare the currency of another country to be legal tender (e.g. Panama and El Salvador have declared US currency to be legal tender). Each currency typically has one fractional currency, often valued at 1/100 of the main currency: 100 cents = 1 dollar, 100 centimes = 1 franc. 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 khoum, while the Malegasy ariary is divided into 5 iraimbilanja. However, due to inflation, both fractional units have in practice fallen into disuse. was repeated under: The Paper Money Era == Independence vs. Private Corporation == To preempt a revert war, I think we should settle whether the Fed is an independent agency or a private corporation. The case law cited refers to Tort liablity rather than monetary independence. The relevant staute stating that Congress can dissolve Fed Reserve is here: http://www4.law.cornell.edu/uscode/12/usc_sec_12_00000341----000-.html. The text: "To have succession after February 25, 1927, until dissolved by Act of Congress or until forfeiture of franchise for violation of law." In an article on currency, the relevant axis on analysis is monetary policy. The Fed's power in this area is clearly given by Congress, and what Congress gives, it can take away. The Fed's status as a private corporation in regards to Tort law is much less relevant in a currency article. Also, we don't want to bog down on the US Fed's status in the intro paragraphs that should give general overview to all users from all countries. No US-only focus. User:Feco 03:06, 7 Apr 2005 (UTC) Further, refer to Federal_Reserve#Who_owns_the_Federal_Reserve on this. Discussion about the Fed's status belongs on the Fed' wiki page to begin with. I'll also refrain that a court ruling about tort liablity of Federal government for the Federal Reserve's actions DOES NOT apply to monetary policy. User:Feco 03:46, 7 Apr 2005 (UTC) Governments don't rule central banks, central banks rule governments. If you want to just give the "public relations" perspective on things then remove my editings and replace them with a link to the FED's website. But if you want to provide something which accurately depicts the reality of currency, what it is and how it functions in society and how it is manipulated in ways not beneficial to citizenry of soverign nations, then at the very least you it should just MENTION that ultimate *OWNERSHIP* of central bank *SHARES* lie with *PRIVATE* entities (namely the banking families of Europe who have been around for quite some time now). http://en.wikipedia.org/wiki/Criticism_of_the_Federal_Reserve Yes, the criticism article is linked to from the Fed wiki article. It is NOT linked to from the Currency article, because there is no place for it here. The generic overview of monetary authority and how it relates to currency is sufficient. People looking for more in-depth research will go to the Fed article. FYI- in the US, shares of Fed Reserve branches are held by member banks. This is by law. The shares are non-tradable, carry no voting authorty, and pay a paltry dividend (which is partial compensation for the fact that Fed pays no interest on member banks' deposits). The "owners" of CBanks have no authority over the exercise of monetary policy, since the authority to exercise policy is explicitly granted to monetary authorites by legislative bodies. That authority can easily be revoked if the Bank oversteps its bounds (say, by promoting the interest of its shadowy 'owners'). Per your post above, I'm going to "just give the PR perspective" and revert your edits. User:Feco 18:25, 7 Apr 2005 (UTC) == canadian money ==
This is a category for topics relating to currencies in general. For specific modern currencies see regional subcategories. For historical currencies, see :Category:Historical currencies. Money
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Currency
:''For current exchange rates, see Exchange_rate#External links''. A currency is a unit of exchange, facilitating the trade of goods and services. It is a form of money, where money is defined as a medium of exchange (rather than e.g. a store of value). A currency zone is a country or region in which a specific currency is the dominant medium of exchange. To facilitate international trade between currency zones, there are exchange rates i.e. prices at which currencies (and the goods and services of individual currency zones) can be exchanged against each other. Currencies can be classified as either floating currency or fixed currency based on their exchange rate regime. In most cases, each country "has" monopoly control over its own currency. Member countries of the European Monetary Union are a notable exception to this rule, as they have ceded control of monetary policy to the European Central Bank. 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. 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 operates with full independence from the government. 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 legislative fiat. In almost all Western countries, the monetary authority is largely independent from the government. Several countries can use the same name, each for their own currency (e.g. Canadian dollars and US dollars), several countries can use the same currency (e.g. the euro), or a country can declare the currency of another country to be legal tender (e.g. Panama and El_Salvador have declared US currency to be legal tender). Each currency typically has one fractional currency, often valued at 1/100 of the main currency: 100 Cent (currency)s = 1 dollar, 100 centimes = 1 franc, 100 at (currency) = 1 kip (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 khoum, while the Malagasy ariary is divided into 5 iraimbilanja. However, due to inflation, both fractional units have in practice fallen into disuse. See Non-decimal currencies == History == === Early Currency === Currency is the creation of a circulating medium of exchange based on a store of value. Currency evolved from two basic innovations: the use of counters to assure that shipments arrived with the same goods that were shipped, and the use of silver ingots to represent stored value in the form of grain. Both of these developments had occurred by 2000 BC. 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. 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. === 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. It was with Archimedes' principle 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 Coinage). 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. 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. In China, however, the need for credit and for circulating medium led to the introduction of paper money. === The Era of Hard and Credit Money === Paper money was, in one sense, a return to the oldest form of currency: it represented a store of value backed by the credibility of the issuing authority. Drafts and checks issued privately had been in intermittent use for centuries, however, it was with the rise of global trade that paper money would find a permanent place in currency. 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 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. 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 was subject to Gresham's Law: people would exchange money rather than coins of the same value, and this increased the velocity of money and therefore increased inflationary pressures, a fact observed by David Hume in the 18th century. The result is that paper money would often lead to an inflationary bubble, which would then collapse when the demand for paper notes fell to zero, and people began demanding hard money. The printing of paper money was also associated with wars, and financing of wars, and therefore regarded as part of maintaining a standing army. 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 mint (coin) to print money and mint coins, and branches of their treasury to collect taxes and hold gold and silver stock. === Legal Tender Era === With the creation of central bank , currency entered into a new era in the history of currency. 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. (See Gold standard for a fuller discussion of the creation of a standard gold based currency). At this time both silver and gold were considered legal tender, and accepted by governments for taxes. 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 inflation . 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. 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. === The Paper Money Era === ''See Banknote#History of Paper Money.'' == Modern currencies == To find out which currency is used in a particular country, start at the countries of the world or look at the table of historical exchange rates. Nowadays ISO have introduced a system, ''ISO 4217'', using three-letter codes 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. Even the Pound (currency) is used in nearly a dozen different countries, all, of course, with wildly differing values. 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. The International Monetary Fund uses a variant system when referring to national currencies. :''For exchange rates, see Exchange_rate#External links'' See Non-decimal currencies == Currency names == Currency names of the world in alphabetic order by currency name: *Afghani - Afghanistan *Ariary - Madagascar *Baht - Thailand *Balboa (currency) - Panama (United States dollar used for paper money) *Birr (currency) - Ethiopia *Venezuelan bolívar - Venezuela *Boliviano - Bolivia *Cedi - Ghana *Colón (currency) **Costa Rican colón - Costa Rica **El Salvador colón - El Salvador *Dalasi - The Gambia *Macedonian Denar - Republic of Macedonia *Dinar ** Algerian dinar - Algeria ** Bahraini dinar - Bahrain ** Iraqi dinar - Iraq ** Jordanian dinar - Jordan, State of Palestine ** Kuwaiti dinar - Kuwait ** Libyan dinar - Libya ** Tunisian dinar - Tunisia ** Serbian dinar - Serbia ** Sudanese dinar - Sudan ** Iranian rial - The dinar is a subdivision of the Iranian Rial *Dinar-Haut - Biffeche *Dirham - Morocco, United Arab Emirates (UAE) *Dollar ** Australian dollar - Australia; also in Christmas Island, Cocos (Keeling) Islands, Heard Island and McDonald Islands, Norfolk Island, Kiribati, Nauru and Tuvalu ** Barbados dollar - Barbados ** Bahamian dollar - Bahama ** Belize dollar - Belize ** Bermuda dollar - Bermuda ** Brunei dollar - Brunei ** Canadian dollar - Canada ** Cayman Islands dollar - Cayman Islands ** East Caribbean dollar - Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and the Grenadines ** Fijian dollar - Fiji ** Guyanese dollar - Guyana ** Hong Kong dollar - Hong Kong ** International dollar - hypothetical currency pegged 1:1 to the United States dollar ** Jamaican dollar - Jamaica ** Liberian dollar - Liberia ** Namibian dollar - Namibia ** New Zealand dollar - New Zealand ** Singapore dollar - Singapore ** Solomon Islands dollar - Solomon Islands ** Suriname dollar - Suriname ** New Taiwan dollar - Taiwan ** Trinidad and Tobago dollar - Trinidad and Tobago ** Tuvaluan dollar - Tuvalu ** United States dollar - United States of America; also used in several other countries, including Ecuador and Panama, as well as many former UN Trust Territories ** Zimbabwe dollar - Zimbabwe *Dong (currency) - Vietnam *Drachma - (Greece now uses euro) *Dram (currency) - Armenia *Escudo - Cape Verde, (Portugal now uses euro) *Euro ** European Union (as an organisation; the euro is not legal tender in every EU country.) ** EU members: Austria, Belgium, Finland, France (except pacific territories using CFP franc), Germany, Greece, Republic of Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain. ** Countries that have made legal agreements with the EU to use the euro: Monaco, San Marino, Vatican City. ** Territories that unilaterally use the euro: Andorra, Montenegro and Kosovo. ** Currencies pegged to the euro: Cape Verde escudo,CFA franc, CFP franc, Comorian franc, Bulgaria lev, Estonia kroon, Lithuania litas, the Convertible Mark of Bosnia and Herzegovina *Forint - Hungary *Franc ** Swiss franc - Switzerland, Liechtenstein. ** CFA franc - Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Côte d'Ivoire, Republic of the Congo, Equatorial Guinea, Gabon, Guinea-Bissau, Mali, Niger, Senegal, Togo ** CFP franc - France's Pacific territories of New Caledonia, French Polynesia, and Wallis and Futuna. ** Comorian franc - Comoros (pegged to the French franc, then the euro). ** Congolese franc - Democratic Republic of Congo (suppressed in 1967 by Mobutu, re-established in 1998 by Laurent Kabila) ** Burundi franc - Burundi ** Rwandan franc - Rwanda ** Djiboutian franc - Djibouti (pegged to the US dollar since 1973) ** Guinean franc - Guinea (suppressed in 1972 by dictator Sékou Touré, re-established in 1986 by his successor Lansana Conté) ** Malagasy franc - Madagascar (the Malagasy franc is scheduled to disappear by the end of 2004, replaced by the more national sounding Ariary; this controversial decision was taken by the new president of Madagascar Marc Ravalomanana) ** Formerly using French franc: Andorra, Monaco (the French mint was also minting some Monaco Franc coins with the head of the prince of Monaco on them; no Monaco franc banknotes), France (including French Guiana, Guadeloupe, Martinique, Réunion, Saint-Pierre and Miquelon and Mayotte). ** Formerly using Belgian franc: Belgium, Luxembourg. ** Formerly using Luxemburgese franc: Luxembourg (1 Luxembourg franc was equal to 1 Belgian franc; Belgian francs were legal tender inside Luxembourg, but Luxembourg francs were not legal tender in Belgium). *Gourde - Haiti *Guaraní (currency) - Paraguay *Guilder - Aruba, Netherlands Antilles (Netherlands now uses euro) *Hryvnia - Ukraine *Kina_(currency) - Papua New Guinea *Kip (currency) - Laos *Koruna - Czech Republic, Slovakia *Kroon - Estonia *Króna - Faroe Islands, Iceland ** Faroese króna ** Icelandic króna *Krona - Sweden *Krone - Denmark, Greenland, Norway ** Danish krone - Denmark, Greenland ** Norwegian krone - Norway *Kuna (currency) - Croatia *Kwacha ** Malawian kwacha - Malawi ** Zambian kwacha - Zambia *Kwanza - Angola *Kyat - Myanmar *Lat - Latvia *Lari (Georgia) - Georgia (country) *Lek (currency) - Albania *Lempira - Honduras *Leone - Sierra Leone *Leu ** Romanian Leu - Romania ** Moldovan Leu - Republic of Moldova *Lev - Bulgaria *Lilangeni - Swaziland *Lira ** Italian lira (obsolete, replaced by Euro) - Italy ** San Marino lira (obsolete, replaced by Euro) - San Marino ** Vatican City lira (obsolete, replaced by Euro) - Vatican City ** Cyprus pound - Cyprus (more often referred to as Cyprus pound) ** Maltese lira - Malta ** Turkish lira (replaced by the New Turkish lira) - Turkey *Litas - Lithuania *Loti - Lesotho *Manat ** Manat (Azerbaijan) - Azerbaijan ** Manat (Turkmenistan) - Turkmenistan *Deutsche Mark - (Germany now uses euro) *Convertible Mark - Bosnia and Herzegovina *Markka - (Finland now uses euro) *Mozambique Metical - Mozambique *Nafka - Eritrea *Naira - Nigeria *Ngultrum - Bhutan *Ouguiya - Mauritania *Pataca - Macau *Peseta - (Andorra, Spain now use euro) *Peso ** Argentine peso - Argentina ** Chilean peso - Chile ** Colombian peso - Colombia ** Cuban peso - Cuba ** Dominican peso - Dominican Republic ** Mexican peso - Mexico ** Philippine peso - Philippines ** Uruguayan peso - Uruguay *Pound (currency) - Cyprus, Malta, Egypt, Falkland Islands, Gibraltar, Guernsey, Jersey, Saint Helena, South Sudan, United Kingdom (Republic of Ireland now uses euro) ** Cyprus pound - Cyprus ** Egyptian pound - Egypt ** Falkland pound - Falkland Islands ** Gibraltar pound ** Saint Helenian pound - Saint Helena ** Sudanese pound - Southern Sudan ** Irish pound (obsolete, replaced by Euro) - Ireland ** Israeli pound - obsolete. Used in Israel until 1980. ** Lebanese pound - Lebanon ** Pound sterling - United Kingdom ** Syrian pound - Syria *Pula (currency) - Botswana *Quetzal (currency) - Guatemala *Rand (currency) - South Africa *Real %28currency%29 - Brazil *Renminbi - People's Republic of China *Rial ** Iranian rial - Iran ** Omani Rial - Oman ** Yemeni rial - Yemen *Riel - Cambodia *Ringgit - Malaysia *Riyal ** Qatari Riyal - Qatar ** Saudi riyal - Saudi Arabia *Ruble ** Belarusian ruble - Belarus ** Russian ruble - Russia ** Transnistrian ruble - Transnistria *Rufiyah - Maldives *Rupee ** Indian Rupee - India ** Mauritian Rupee - Mauritius ** Nepalese Rupee - Nepal ** Pakistani Rupee - Pakistan ** Seychelles Rupee - Seychelles ** Sri Lankan Rupee - Sri Lanka *Rupiah - Indonesia *Schilling - (Austria now uses euro) *Shekel ** New Israeli sheqel - Israel, Gaza Strip, West Bank *Shilling ** Irish_ten_shilling_coin - Ireland ** Kenyan shilling - Kenya ** Somali shilling - Somalia ** Tanzanian shilling - Tanzania ** Ugandan shilling - Uganda *Sol (currency) - Peru *Som - Kyrgyzstan, Uzbekistan ** Kyrgyzstani som - Kyrgyzstan ** Uzbekistani Som - Uzbekistan *Sucre (currency) - Ecuador *Taka - Bangladesh *Tenge - Kazakhstan *Tugrik - Mongolia *Tolar - Slovenia *Vatu - Vanuatu *Won - North Korea, South Korea *Yen - Japan *Renminbi - People's Republic of China *Zaire (currency) - Zaire *Zloty - Poland == Privately-issued currencies == Several large companies issue points to their customers, to be redeemed for products and services produced by that company. Often, a network of companies will join to share in the offering and redemption of points. While these can hardly be considered stable currency systems, they present many of the same features as "legitimate" currency: they are a store of value, issued in discrete units; they are controlled by a central issuing authority; and they have varying rates of exchange with other forms of currency. For example, frequent flyer miles can be bought using U.S. dollars. *frequent flyer miles: A type of private currency, different versions of which are issued by most major airlines to encourage customer loyalty. Other customer loyalty incentives have followed this model, including points systems offered by soft drink manufacturers such as PepsiCo. Metro tokens, issued by city transit authorities, can be considered a highly specialized form of currency. *E-gold: Privately issued digital currency backed by gold *Scrip: A type of private currency where a certain value is captured, and used to purchase goods from a company. Examples of scrip include gift certificates, gift cards, and Disney Dollars or Canadian Tire Money. However, scrip is not considered a currency in itself, but merely a store of value, denominated in another currency. *Liberty Dollar: A currency backed by silver, with a one-to-one exchange rate with the U.S. Dollar. == Local currencies == In economics, a local currency is a currency not backed by a national government, and intended to trade only in a small area. 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. see: local currency also called community currency == World currency == With such developments as the Euro allowing for facilitated trade and perhaps a corresponding increase in a wider identity, proposals for a global currency have accelerated, even while it is recognized that several political and economic factors would need to be addressed and intermediate steps taken before such a concept might be accepted by the diverse nations of the world. == See also == *ISO 4217 Currency codes ===Historic Currencies=== *Ancient Greece **Drachma *Ancient Rome **denarius **antoninianus **sestertius **Dupondius **As (coin) *Asia **Tael (China) *Europe **12 national currencies were replaced by the Euro in 1999 **Thaler (Europe, various) **Spanish peso or Spanish dollar, pieces of eight **Crown (coin) **British coinage *Middle East **Mithqal (Iran) *North America **Continental Currency (Colonial America) **Trade dollar ===Accounting units=== *Franc Poincaré *Special Drawing Rights *European Currency Unit *Pseudo currency *Currency sign *Krugerrand *Fictional currency *Local currencies *Petrocurrency ===Lists=== *List of currencies *List of international trade topics *List of historical exchange rates == External links== * [http://www.oanda.com/convert/classic/ An excellent currency portal: current and historical currency foreign exchange forex rates, currency calculator and comprehensive information] * [http://dictionary.reference.com/search?q=currency Excellent table of various currencies (from dictionary.com)] * [http://aes.iupui.edu/rwise/ Ron Wise's World Paper Money Homepage] * [http://www.xe.net/ucc/ Universal currency converter] * [http://ostermiller.org/calc/currency.html Currency exchange rate conversion calculator] from ostermiller.org *[http://tokyoahead.com/main/staticpages/index.php/chart2 Historical Currency Charts, Matrix & Converter] *[http://haas.ca/articles/20040311-currency.cfm Minting New Security] *[http://exchange-rates.org Current and historical exchange rates and charts] *[http://www.ratesfx.com/resources/currency.html Currency resources on the net] ===Records=== * [http://tomchao.com/trivia.html A site compiling information on currency and currency-related world records] Currency Numismatics ga:Airgeadra ka:ვალუტა simple:Currency
Currency
Wouldn't it be better if the currency codes appeared in parentheses after each country name in the first table? --User:Pinkunicorn The history section of this page is ''desparately'' in need of a re-write. It is misleading, garbled and ummm.... {bites tongue}. I have no time to fix it right now. Perhaps someone else could have a go . User:Octothorn 07:31 22 May 2003 (UTC) With the advent of the Euro, the Lira, Peseta, and other European currency signs now belong in the history section. Why is the Tanzanian shilling not included in the list? It is erroneous to imply the ISO 4217 ''obsoletes'' national currency symbols; that is not its purpose. It should, however, be considered to obsolete previous ad-hoc symbols for distinguishing national currencies with the same symbol, particularly the many dollars (e.g., CDN$, A$, NZ$, etc.). User:18.24.0.120 04:11, 26 Jan 2004 (UTC) Which is the proper format, to capitalize or not capitalize the currency name? For example, we have Australian dollar, but Mexican Peso User:Nik42 19:49, 16 Jan 2005 (UTC) ::Never mind, I fixed it. I noticed that the ones like Mexican Peso were redirects to the non-capitalized versions User:Nik42 02:32, 18 Jan 2005 (UTC) Some sections, like Privately-issued currencies are repeated. This should be fixed. == Crowns == If krona/krone are to be merged (which I support), then the Czech koruna and Estonian kroon should also join the family. User:Jpatokal 13:57, 17 Feb 2005 (UTC) :disagree as this edit looses information, ie what currency applies to which country (and v.v.). Yes they are a 'family' of ''Crowns'' but the individual names and relevance (ie country of origin) must be retained across that edit - the primary point of having a reference work like WP imho! List them in a tree, but don't 'merge'. --User:VampWillow:User_talk:VampWillow 15:24, 18 Feb 2005 (UTC) ::Huh? I'm not proposing that country names be removed, I'm proposing that we move all the crowns under the same heading, and then list the exact name and country under the heading. User:Jpatokal 03:21, 21 Feb 2005 (UTC) == Deletet some repeated text == I just removed some text that was repeated: A currency is a unit of exchange, facilitating the transfer of goods and services. It is a form of money, where money is defined as a medium of exchange rather than e.g. a store of value. A currency zone is a country or region in which a specific currency is the dominant medium of exchange. To facilitate trade between currency zones, there are exchange rates i.e. prices at which currencies (and the goods and services of individual currency zones) can be exchanged against each other. Modern currencies can be classified as either floating currencies or fixed currencies based on their exchange rate regime. Typically, each country has given monopoly to a single currency, controlled by a state owned central bank, although exceptions to this rule exist. Several countries can use the same name, each for their own currency (e.g. Canadian dollars and US dollars), several countries can use the same currency (e.g. the euro), or a country can declare the currency of another country to be legal tender (e.g. Panama and El Salvador have declared US currency to be legal tender). Each currency typically has one fractional currency, often valued at 1/100 of the main currency: 100 cents = 1 dollar, 100 centimes = 1 franc. 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 khoum, while the Malegasy ariary is divided into 5 iraimbilanja. However, due to inflation, both fractional units have in practice fallen into disuse. was repeated under: The Paper Money Era == Independence vs. Private Corporation == To preempt a revert war, I think we should settle whether the Fed is an independent agency or a private corporation. The case law cited refers to Tort liablity rather than monetary independence. The relevant staute stating that Congress can dissolve Fed Reserve is here: http://www4.law.cornell.edu/uscode/12/usc_sec_12_00000341----000-.html. The text: "To have succession after February 25, 1927, until dissolved by Act of Congress or until forfeiture of franchise for violation of law." In an article on currency, the relevant axis on analysis is monetary policy. The Fed's power in this area is clearly given by Congress, and what Congress gives, it can take away. The Fed's status as a private corporation in regards to Tort law is much less relevant in a currency article. Also, we don't want to bog down on the US Fed's status in the intro paragraphs that should give general overview to all users from all countries. No US-only focus. User:Feco 03:06, 7 Apr 2005 (UTC) Further, refer to Federal_Reserve#Who_owns_the_Federal_Reserve on this. Discussion about the Fed's status belongs on the Fed' wiki page to begin with. I'll also refrain that a court ruling about tort liablity of Federal government for the Federal Reserve's actions DOES NOT apply to monetary policy. User:Feco 03:46, 7 Apr 2005 (UTC) Governments don't rule central banks, central banks rule governments. If you want to just give the "public relations" perspective on things then remove my editings and replace them with a link to the FED's website. But if you want to provide something which accurately depicts the reality of currency, what it is and how it functions in society and how it is manipulated in ways not beneficial to citizenry of soverign nations, then at the very least you it should just MENTION that ultimate *OWNERSHIP* of central bank *SHARES* lie with *PRIVATE* entities (namely the banking families of Europe who have been around for quite some time now). http://en.wikipedia.org/wiki/Criticism_of_the_Federal_Reserve Yes, the criticism article is linked to from the Fed wiki article. It is NOT linked to from the Currency article, because there is no place for it here. The generic overview of monetary authority and how it relates to currency is sufficient. People looking for more in-depth research will go to the Fed article. FYI- in the US, shares of Fed Reserve branches are held by member banks. This is by law. The shares are non-tradable, carry no voting authorty, and pay a paltry dividend (which is partial compensation for the fact that Fed pays no interest on member banks' deposits). The "owners" of CBanks have no authority over the exercise of monetary policy, since the authority to exercise policy is explicitly granted to monetary authorites by legislative bodies. That authority can easily be revoked if the Bank oversteps its bounds (say, by promoting the interest of its shadowy 'owners'). Per your post above, I'm going to "just give the PR perspective" and revert your edits. User:Feco 18:25, 7 Apr 2005 (UTC) == canadian money ==
Currency
This is a category for topics relating to currencies in general. For specific modern currencies see regional subcategories. For historical currencies, see :Category:Historical currencies. Money
See other meanings of words starting from letter:
C
CA | CB | CD | CE | CF | CG | CH | CI | CJ | CK | CL | CM | CN | CO | CP | CR | CS | CT | CU | CW | CX | CY | CZ |Words begining with Currency:
Currency
Currency
Currency
Currency_(Harry_Potter)
Currency_(typography)
Currency_(typography)
Currency_Act
Currency_act
Currency_band
Currency_bill_tracking
Currency_board
Currency_board
Currency_Center
Currency_Centre
Currency_code
Currency_code
Currency_codes
Currency_codes
Currency_collecting
Currency_control
Currency_crisis
Currency_detector
Currency_devaluation
Currency_exchange
Currency_exchanges
Currency_exchange_rate
Currency_Future
Currency_images
Currency_market
Currency_of_Canada
Currency_of_Maldives
Currency_of_the_United_States
Currency_of_the_United_States_of_America
Currency_reserves
Currency_sign
Currency_sign
Currency_stubs
Currency_Symbol
Currency_symbol
Currency_symbols
Currency_tracking
Currency_trading
Currency_union
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