A currency (from Middle English: curraunt, "in circulation", from Latin: currens, -entis), in the most specific use of the word, refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins. A more general definition is that a currency is a system of money (monetary units) in common use, especially in a nation. Under this definition, US dollars, British pounds, Australian dollars, and European euros are examples of currency. These various currencies are recognized stores of value and are traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance.
Other definitions of the term "currency" are discussed in their respective synonymous articles banknote, coin, and money. The latter definition, pertaining to the currency systems of nations, is the topic of this article. Currencies can be classified into two monetary systems: fiat money and commodity money, depending on what guarantees the value (the economy at large vs. the government's physical metal reserves). Some currencies are legal tender in certain political jurisdictions, which means they cannot be refused as payment for debt. Others are simply traded for their economic value. Digital currency has arisen with the popularity of computers and the Internet.

View More On Wikipedia.org
  1. ATCclears

    With increasing use of crypto, does the idea of having gold as an alternative to currencies become obsolete?

    What say you?
  2. ATCclears

    China creates its own digital currency

  3. ATCclears

    Notes from a 1982 currency collapse in Mexico

    I Survived an Economic Collapse - Mexcico Devaluation I Survived an Economic Collapse - Mexico Currency Devaluation 1982 Lesson: Rules can be broken
  4. ATCclears

    Argentina is headed into another financial crisis

    Argentine President Admits "More Poverty" To Come, Announces Price Controls, Higher Taxes, Smaller Govt
  5. CountryGent

    Cascadia Currency Conundrum

    Some months ago, I was in a voice meeting with, among a number of other individuals, the Commissioner of Financial Institutions in Puerto Rico. There were other government officials, at least one lawyer, management types, and IT professionals. I was one of the latter. The chief concern of...
  6. ATCclears

    In Venezuela, money has stopped working

    A comment from another website: Humorously, when you point out the failure of Venezuela to an American socialist proponent, you get the standard pat answer: “It wasn’t implemented right”. Opinion | In Venezuela, money has stopped working
Back Top