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In Latin America , it is generally used to refer to non- Latin Americans. However, in the United States, its usage and offensiveness is disputed. The word derives from the term used by the Spanish for a Greek person: griego. The word gringo originally referred to any kind of foreigner.
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Numismatics portal. A currency [a] in the most specific sense is money in any form when in use or circulation as a medium of exchange , especially circulating banknotes and coins. Currencies may act as stores of value and be traded between nations in foreign exchange markets , which determine the relative values of the different currencies. Other definitions of the term "currency" appear in the respective synonymous articles: banknote , coin , and money.
This article uses the definition which focuses on the currency systems of countries. One can classify currencies into three monetary systems : fiat money , commodity money , and representative money , depending on what guarantees a currency's value the economy at large vs.
Some currencies function as legal tender in certain political jurisdictions. Others simply get traded for their economic value. Digital currency has arisen with the popularity of computers and the Internet.
Whether digital notes and coins will be successfully developed remains dubious. Many warnings issued by various countries note the opportunities that cryptocurrencies create for illegal activities, such as money laundering and terrorism.
Originally money was a form of receipt, representing grain stored in temple granaries in Sumer in ancient Mesopotamia and in Ancient Egypt. In this first stage of currency, metals were used as symbols to represent value stored in the form of commodities. This formed the basis of trade in the Fertile Crescent for over 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. A trade could only reach as far as the credibility of that military. By the late Bronze Age , however, a series of treaties had established safe passage for merchants around the Eastern Mediterranean , spreading from Minoan Crete and Mycenae in the northwest to Elam and Bahrain in the southeast.
It is not known what was used as a currency for these exchanges, but it is thought that ox-hide shaped ingots of copper, produced in Cyprus , may have functioned as a currency. 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 the trading system of oxhide ingots to an end.
It was only the recovery of Phoenician trade in the 10th and 9th centuries BC that led to 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. In Africa, many forms of value store have been used, including beads, ingots, ivory , various forms of weapons, livestock, the manilla currency , and ochre and other earth oxides.
The manilla rings of West Africa were one of the currencies used from the 15th century onwards to sell slaves. African currency is still notable for its variety, and in many places, various forms of barter still apply. The prevalance of metal coins possibly led to the metal itself being the store of value: first copper, then both silver and gold, and at one point also bronze. Now other non-precious metals are used for coins. Metals were mined, weighed, and stamped into coins.
This was to assure the individual accepting the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but the existence of standard coins also created a new unit of account , which helped lead to banking. Archimedes' principle provided the next link: coins could now be easily tested for their fine weight of the metal, and thus the value of a coin could be determined, even if it had been shaved, debased or otherwise tampered with see Numismatics.
Most major economies using coinage had several tiers of coins of different values, made of copper, silver, and gold. Gold coins were the most valuable and were used for large purchases, payment of the military, and backing of state activities. Units of account were often defined as the value of a particular type of gold coin. Silver coins were used for midsized transactions, and sometimes also defined a unit of account, while coins of copper or silver, or some mixture of them see debasement , might be used for everyday transactions.
This system had been used in ancient India since the time of the Mahajanapadas. The exact ratios between the values of the three metals varied greatly between different eras and places; for example, the opening of silver mines in the Harz mountains of central Europe made silver relatively less valuable, as did the flood of New World silver after the Spanish conquests.
However, the rarity of gold consistently made it more valuable than silver, and likewise silver was consistently worth more than copper. In premodern China , the need for credit and for a medium of exchange that was less physically cumbersome than large numbers of copper coins led to the introduction of paper money , i. Their introduction was a gradual process that lasted from the late Tang dynasty — into the Song dynasty — It began as a means for merchants to exchange heavy coinage for receipts of deposit issued as promissory notes by wholesalers ' shops.
These notes were valid for temporary use in a small regional territory. In the 10th century, the Song dynasty government began to circulate these notes amongst the traders in its monopolized salt industry.
The Song government granted several shops the 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 only locally and temporarily valid: it was not until the mid 13th century that a standard and uniform government issue of paper money became an acceptable nationwide currency. The already widespread methods of woodblock printing and then Bi Sheng 's movable type printing by the 11th century were the impetus for the mass production of paper money in premodern China.
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.
Innovations introduced by Muslim economists, traders and merchants include the earliest uses of credit , [8] cheques , promissory notes , [9] savings accounts , transaction accounts , loaning , trusts , exchange rates , the transfer of credit and debt , [10] and banking institutions for loans and deposits. In Europe, paper money was first introduced on a regular basis in Sweden in although Washington Irving records an earlier emergency use of it, by the Spanish in a siege during the Conquest of Granada.
As Sweden was rich in copper, many copper coins were in circulation, but its relatively low value necessitated extraordinarily big coins, often weighing several kilograms.
The advantages of paper currency were numerous: it reduced the need to transport gold and silver, which was risky; it facilitated loans of gold or silver at interest, since the underlying specie money in the form of gold or silver coins rather than notes never left the possession of the lender until someone else redeemed the note; and it allowed 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 a paper.
But there were also disadvantages. First, since a note has no intrinsic value, there was nothing to stop issuing authorities from printing more notes than they had specie to back them with.
Second, because it increased the money supply, it increased inflationary pressures, a fact observed by David Hume in the 18th century. Thus 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. 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. At that time, both silver and gold were considered a legal tender and accepted by governments for taxes.
However, the instability in the exchange rate between the two grew over the course of the 19th century, with the increases both in the supply of these metals, particularly silver, and in trade. The parallel use of both metals 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. 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 , most of the industrializing nations were on some form of gold standard , with paper notes and silver coins constituting the circulating medium. Private banks and governments across the world followed Gresham's law : keeping the gold and silver they received but paying out in notes.
This did not happen all around the world at the same time, but occurred sporadically, generally in times of war or financial crisis, beginning in the early 20th century and continuing across the world until the late 20th century, when the regime of floating fiat currencies came into force.
One of the last countries to break away from the gold standard was the United States in , an action which was known as the Nixon shock. No country has an enforceable gold standard or silver standard currency system.
A banknote more commonly known as a bill in the United States and Canada is a type of currency and is commonly used as legal tender in many jurisdictions. Together with coins , banknotes make up the cash form of all money.
Banknotes are mostly paper, but Australia's Commonwealth Scientific and Industrial Research Organisation developed a polymer currency in the s; it went into circulation on the nation's bicentenary in As of , polymer currency is used in over 20 countries over 40 if counting commemorative issues , [12] and dramatically increases the life span of banknotes and reduces counterfeiting.
The currency used is based on the concept of lex monetae ; that a sovereign state decides which currency it shall use. The International Organization for Standardization has introduced a system of three-letter codes ISO to denote currency as opposed to simple names or currency signs , in order to remove the confusion arising because there are dozens of currencies called the dollar and several called the franc.
Even the "pound" is used in nearly a dozen different countries; most of these are tied to the pound sterling , while the remainder has varying values. In general, the three-letter code uses the ISO country code for the first two letters and the first letter of the name of the currency D for dollar, for example as the third letter. United States currency, for instance, is globally referred to as USD.
Currencies such as the pound sterling have different codes, as the first two letters denote not the exact country name but an alternative name also used to describe the country.
The former currencies include the marks that were in circulation in Germany and Finland. The International Monetary Fund uses a different system when referring to national currencies. Distinct from centrally controlled government-issued currencies, private decentralized trust-less networks support alternative currencies such as Bitcoin , Ethereum , Litecoin , Monero , Peercoin or Dogecoin , which are classified as cryptocurrency since the transfer of value is assured through cryptographic signatures validated by all users.
There are also branded currencies, for example 'obligation' based stores of value, such as quasi-regulated BarterCard, Loyalty Points Credit Cards, Airlines or Game-Credits MMO games that are based on reputation of commercial products, or highly regulated 'asset-backed' 'alternative currencies' such as mobile-money schemes like MPESA called E-Money Issuance.
The currency may be Internet-based and digital, for instance, bitcoin [15] is not tied to any specific country, or the IMF's SDR that is based on a basket of currencies and assets held. Possession and sale of alternative forms of currencies is often outlawed by governments in order to preserve the legitimacy of the constitutional currency for the benefit of all citizens.
For example, Article I, section 8, clause 5 of the United States Constitution delegates to Congress the power to coin money and to regulate the value thereof. This power was delegated to Congress in order to establish and preserve a uniform standard of value and to insure a singular monetary system for all purchases and debts in the United States, public and private.
Along with the power to coin money, the United States Congress has the concurrent power to restrain the circulation of money which is not issued under its own authority in order to protect and preserve the constitutional currency. It is a violation of federal law for individuals, or organizations to create private coin or currency systems to compete with the official coinage and currency of the United States.
In most cases, a central bank has the exclusive power to issue all forms of currency, including coins and banknotes fiat money , and to restrain the circulation alternative currencies for its own area of circulation a country or group of countries ; it regulates the production of currency by banks credit through monetary policy. An exchange rate is a price at which two currencies can be exchanged against each other. This is used for trade between the two currency zones.
Exchange rates can be classified as either floating or fixed. In the former, day-to-day movements in exchange rates are determined by the market; in the latter, governments intervene in the market to buy or sell their currency to balance supply and demand at a static exchange rate.
In cases where a country has control of its own currency, that control is exercised either by a central bank or by a Ministry of Finance. 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. A monetary authority is created and supported by its sponsoring government, so independence can be reduced by the legislative or executive authority that creates it.
Several countries can use the same name for their own separate currencies for example, a dollar in Australia , Canada , and the United States. By contrast, several countries can also use the same currency for example, the euro or the CFA franc , or one country can declare the currency of another country to be legal tender.
Fiat money
A metaverse is a network of 3D virtual worlds focused on social connection. The term "metaverse" has its origins in the science fiction novel Snow Crash as a portmanteau of " meta " and " universe. The term has seen considerable use as a buzzword [4] [9] for public relations purposes to exaggerate development progress for various related technologies and projects. Several components of metaverse technologies have already been developed within modern internet-enabled video games. Social functions are often an integral feature in many massively multiplayer online games.
Cryptography
Fiat money from Latin : fiat , "let it be done" is a type of money that is not backed by any commodity such as gold or silver, and typically declared by a decree from the government to be legal tender. Throughout history, fiat money was sometimes issued by local banks and other institutions. In modern times, fiat money is generally established by government regulation. Fiat money does not have intrinsic value and does not have use value. It has value only because the people who use it as a medium of exchange agree on its value. Fiat money is an alternative to commodity money , which is a currency that has intrinsic value because it contains a precious metal such as gold or silver which is embedded in the coin. Fiat also differs from representative money , which is money that has intrinsic value because it is backed by and can be converted into a precious metal or another commodity.
List of portmanteaus
It is bordered on the northeast by Honduras , on the northwest by Guatemala , and on the south by the Pacific Ocean. El Salvador's capital and largest city is San Salvador. The country's population in is estimated to be 6. Among the Mesoamerican nations that historically controlled the region are the Lenca [12] after AD , [13] the Mayans , [14] and then the Cuzcatlecs.
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Polka dot is a pattern consisting of an array of large filled circles of the same size. Polka dots are commonly seen on children's clothing , toys , furniture , ceramics , and Central European folk art but they appear in a wide array of contexts. The pattern rarely appears in formal contexts, and is generally confined to more playful attire such as bathing suits and lingerie. Occasionally, white-on-black small dots appear on more formal clothing. It is likely that the term originated because of the popularity of the polka dance around the same time the pattern became fashionable, just as many other products and fashions of the era also adopted the "polka" name.
Fungibility
Individual contributors, also called editors, are known as Wikipedians. It is the largest and most-read reference work in history. On January 15, , Jimmy Wales [6] and Larry Sanger launched Wikipedia; Sanger coined its name as a portmanteau of "wiki" and "encyclopedia. Its combined editions comprise more than 58 million articles, attracting around 2 billion unique device visits per month and more than 17 million edits per month 1. Wikipedia has received praise for its enablement of the democratization of knowledge , extent of coverage, unique structure, culture, and reduced amount of commercial bias, but criticism for exhibiting systemic bias , particularly gender bias against women and alleged ideological bias.
Modern cryptography exists at the intersection of the disciplines of mathematics , computer science , electrical engineering , communication science , and physics. Applications of cryptography include electronic commerce , chip-based payment cards , digital currencies , computer passwords , and military communications. Cryptography prior to the modern age was effectively synonymous with encryption , converting information from a readable state to unintelligible nonsense.
From Wikipedia, the free encyclopedia. Wikimedia list article. This article has multiple issues. Please help improve it or discuss these issues on the talk page.
Wikimedia Foundation, Inc. WMF , also colloquially referred to as Wikimedia is a nonprofit organization headquartered in San Francisco, California , registered as a foundation under US law. It was established in by Jimmy Wales as a way to fund Wikipedia and its sibling projects through non-profit means. It has the stated goal of developing and maintaining open content , wiki -based projects and providing the full contents of those projects to the public free of charge. It was granted section c 3 status by the U. Internal Revenue Code as a public charity in
In economics , fungibility is the property of a good or a commodity whose individual units are essentially interchangeable and each of whose parts is indistinguishable from another part. For example, gold is fungible since a specified amount of pure gold is equivalent to that same amount of pure gold, whether in the form of coins, ingots , or in other states, whereas a unique item such as gold fashioned into a statue by a famous artist would not be considered fungible. Other fungible commodities include sweet crude oil , company shares, bonds, other precious metals , and currencies.
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