Difference between revisions of "Currency"
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'''Currency''' is a unit of [[money]] that facilitates the purchase of [[goods]] or [[services]]. Each modern [[nation]] has one currency, such as the [[dollar (U.S.)|U.S. dollar]] in the [[United States]], the [[pound sterling]] in [[The United Kingdom]], and the [[Euro]] in several countries across [[Europe]]. | '''Currency''' is a unit of [[money]] that facilitates the purchase of [[goods]] or [[services]]. Each modern [[nation]] has one currency, such as the [[dollar (U.S.)|U.S. dollar]] in the [[United States]], the [[pound sterling]] in [[The United Kingdom]], and the [[Euro]] in several countries across [[Europe]]. | ||
| − | More specifically, currency is something (as coins, treasury notes, and banknotes) that is in circulation as a medium of exchange, paper money in circulation, or a common article for bartering. <ref>http://www.m-w.com/cgi-bin/dictionary?va=currency</ref> | + | More specifically, currency is something (as coins, treasury notes, and banknotes) that is in circulation as a medium of exchange, paper money in circulation, or a common article for bartering.<ref>http://www.m-w.com/cgi-bin/dictionary?va=currency</ref> |
The [[Technological Development|invention]] of currency allowed civilization to advance beyond the barter system. | The [[Technological Development|invention]] of currency allowed civilization to advance beyond the barter system. | ||
| Line 7: | Line 7: | ||
==United States== | ==United States== | ||
| − | The denominations of currency produced in the United States are $1, $2, $5, $10, $20, $50, and $100. Larger denominations used be produced, including a $100,000 bill, featuring a portrait of [[Woodrow Wilson]], that was produced at one time. In 1969, President [[Richard Nixon]] issued an [[executive order]] withdrawing bills larger than $100 from circulation "to make life harder for the mafia". <ref>http://www.thehindubusinessline.com/2007/01/13/stories/2007011300280800.htm</ref> | + | The denominations of currency produced in the United States are $1, $2, $5, $10, $20, $50, and $100. Larger denominations used be produced, including a $100,000 bill, featuring a portrait of [[Woodrow Wilson]], that was produced at one time. In 1969, President [[Richard Nixon]] issued an [[executive order]] withdrawing bills larger than $100 from circulation "to make life harder for the mafia".<ref>http://www.thehindubusinessline.com/2007/01/13/stories/2007011300280800.htm</ref> |
==Euro Zone== | ==Euro Zone== | ||
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== Australia == | == Australia == | ||
| − | [[Australia]] converted to decimal currency on the | + | [[Australia]] converted to decimal currency on the 14th February 1966,<ref name="TAc">[http://www.dfat.gov.au/facts/currency.html The Australian currency] Australian Government, Department of Foreign Affairs and Trade</ref> issuing |
1c, 2c, 5c, 10c, 20c, and 50c coins, and $1, $2, $10, and $20 notes. | 1c, 2c, 5c, 10c, 20c, and 50c coins, and $1, $2, $10, and $20 notes. | ||
The $5 note was added the following year,<ref>[http://www.rba.gov.au/Museum/Displays/1960_1988_rba_and_reform_of_the_currency/australias_first_decimal_currency_notes.html#top The Reserve Bank and Reform of the Currency: 1960–1988—Australia's First Decimal Currency Notes], Museum of Australian Currency Notes.</ref> and $50 and $100 notes were added in 1973 and 1984 respectively.<ref name="inflation" /> | The $5 note was added the following year,<ref>[http://www.rba.gov.au/Museum/Displays/1960_1988_rba_and_reform_of_the_currency/australias_first_decimal_currency_notes.html#top The Reserve Bank and Reform of the Currency: 1960–1988—Australia's First Decimal Currency Notes], Museum of Australian Currency Notes.</ref> and $50 and $100 notes were added in 1973 and 1984 respectively.<ref name="inflation" /> | ||
| Line 22: | Line 22: | ||
The 5c coin is now the smallest denomination of Australian currency. | The 5c coin is now the smallest denomination of Australian currency. | ||
| − | From 1992 to 1996<ref>[http://www.rba.gov.au/Museum/Displays/1988_onwards_polymer_currency_notes/complete_series.html#top A New Era – Polymer Currency Notes: 1988 Onwards—A Complete Series of Polymer Notes], Museum of Australian Currency Notes.</ref> | + | From 1992 to 1996,<ref>[http://www.rba.gov.au/Museum/Displays/1988_onwards_polymer_currency_notes/complete_series.html#top A New Era – Polymer Currency Notes: 1988 Onwards—A Complete Series of Polymer Notes], Museum of Australian Currency Notes.</ref> Australia switched to using [[polymer]] (plastic) notes, the first country in the world to do so.<ref name="TAc" /> |
Australia's colourful notes incorporate a range of security features, including embossing, raised print, a clear window, and fluorescent ink.<ref>[http://www.rba.gov.au/CurrencyNotes/SecurityFeaturesAndCounterfeitDetection/security_features_on_australias_notes.html Security Features on Australia's Notes], Reserve Bank of Australia</ref> | Australia's colourful notes incorporate a range of security features, including embossing, raised print, a clear window, and fluorescent ink.<ref>[http://www.rba.gov.au/CurrencyNotes/SecurityFeaturesAndCounterfeitDetection/security_features_on_australias_notes.html Security Features on Australia's Notes], Reserve Bank of Australia</ref> | ||
Revision as of 14:30, June 24, 2016
Currency is a unit of money that facilitates the purchase of goods or services. Each modern nation has one currency, such as the U.S. dollar in the United States, the pound sterling in The United Kingdom, and the Euro in several countries across Europe.
More specifically, currency is something (as coins, treasury notes, and banknotes) that is in circulation as a medium of exchange, paper money in circulation, or a common article for bartering.[1]
The invention of currency allowed civilization to advance beyond the barter system.
United States
The denominations of currency produced in the United States are $1, $2, $5, $10, $20, $50, and $100. Larger denominations used be produced, including a $100,000 bill, featuring a portrait of Woodrow Wilson, that was produced at one time. In 1969, President Richard Nixon issued an executive order withdrawing bills larger than $100 from circulation "to make life harder for the mafia".[2]
Euro Zone
The denominations of currency produced in the Euro Zone are 1c, 2c, 5c, 10c, 20c, 50c, 1€, 2€ coins, and 5€, 10€, 20€, 50€, 100€, 200€ and 500€ notes.
Australia
Australia converted to decimal currency on the 14th February 1966,[3] issuing 1c, 2c, 5c, 10c, 20c, and 50c coins, and $1, $2, $10, and $20 notes. The $5 note was added the following year,[4] and $50 and $100 notes were added in 1973 and 1984 respectively.[5]
In 1983/4 and 1988 respectively, the $1 and $2 notes were replaced with coins.[5] In 1991, the 1c and 2c coins were withdrawn from circulation. The 5c coin is now the smallest denomination of Australian currency.
From 1992 to 1996,[6] Australia switched to using polymer (plastic) notes, the first country in the world to do so.[3]
Australia's colourful notes incorporate a range of security features, including embossing, raised print, a clear window, and fluorescent ink.[7]
There has been a political debate over what the pros and cons of removing the 5c from the currency.
See also
References
- ↑ http://www.m-w.com/cgi-bin/dictionary?va=currency
- ↑ http://www.thehindubusinessline.com/2007/01/13/stories/2007011300280800.htm
- ↑ 3.0 3.1 The Australian currency Australian Government, Department of Foreign Affairs and Trade
- ↑ The Reserve Bank and Reform of the Currency: 1960–1988—Australia's First Decimal Currency Notes, Museum of Australian Currency Notes.
- ↑ 5.0 5.1 The Reserve Bank and Reform of the Currency: 1960–1988—Inflation and the Note Issue, Museum of Australian Currency Notes.
- ↑ A New Era – Polymer Currency Notes: 1988 Onwards—A Complete Series of Polymer Notes, Museum of Australian Currency Notes.
- ↑ Security Features on Australia's Notes, Reserve Bank of Australia