"than what was taxed out of circulation, the currency depreciated in relation to the British pound sterling. The resultant inflation was harmful to merchants in Great Britain, who were forced to accept the depreciated currency from colonists for payment of debts. The Act limited the future issue of bills of credit to certain circumstances. It allowed the existing bills to be used as legal tender for public debts (i.e. paying taxes), but disallowed their use for private debts (e.g. for paying merchants). The Currency Act 1764 (4 Geo. III c. 34) extended the 1751 Act to all of the British"
"as legal tender after decimalisation (as 5p and 10p respectively) until 1993, but are now officially demonetised. At various times, the pound sterling was commodity money or bank notes backed by silver or gold, but it is currently fiat money, backed only by the economy in the areas where it is accepted. The pound sterling is the world's oldest currency still in use and which has been in continuous use since its inception. The ""pound"" was a unit of account in Anglo-Saxon England, equal to 240 silver pennies and equivalent to one pound weight of silver. It evolved into the"
"Dinar The dinar is the principal currency unit in several countries and was used historically in several more. The modern dinar's historical antecedents are the gold dinar, the main coin of the medieval Islamic empires, first issued in AH 77 (696–697 AD) by Caliph Abd al-Malik ibn Marwan. The word is derived from the silver denarius coin of ancient Rome, first minted about 211 BC. The English word ""dinar"" is the transliteration of the Arabic دينار (""dīnār""), which was borrowed via the Syriac ""dīnarā"" from the Greek δηνάριον (""dēnárion""), itself from the Latin ""dēnārius"". A gold coin known as the"
"in 1704 when the ruble became equal to 100 kopeks. In 1992 the Soviet ruble (code: SUR) was replaced with the Russian ruble (code: RUR) at the rate 1 SUR = 1 RUR. In 1998 preceding the financial crisis, the Russian ruble was redenominated with the new code ""RUB"" and was exchanged at the rate of 1 RUB = 1,000 RUR. The ruble is the oldest national currency after the Pound sterling, and the world's first decimal currency. The ruble has been used in the Russian territories since the 13th century. The modern Russian ruble was created in December 1991"
"Silver coin Silver coins are possibly the oldest mass-produced form of coinage. Silver has been used as a coinage metal since the times of the Greeks; their silver drachmas were popular trade coins. The ancient Persians used silver coins between 612-330 BC. Before 1797, British pennies were made of silver. As with all collectible coins, many factors determine the value of a silver coin, such as its rarity, demand, condition and the number originally minted. Ancient silver coins coveted by collectors include the Denarius and Miliarense, while more recent collectible silver coins include the Morgan Dollar and the Spanish Milled"
"today are the 10 centimes coins dating back to 1879. They are therefore among the world’s oldest coins still valid today. To date, they have the same design and the same alloy (75% copper and 25% nickel). Until 1967, the circulating coins with face values of ½ franc to 5 francs were of silver alloy. These were withdrawn because the price of silver alloy exceeded its face value. The 2-centime coins were made invalid in 1978 and the 1-centime coins in 2007 long after they had fallen out of daily use. Since 2004, moreover, the existing pure nickel 20 centime"
"as the main foreign trade and exchange bank. Foreign visitors to China were required to conduct transactions with Foreign Exchange Certificates issued by the Bank of China between 1979 and 1994. These have been abolished, and all transactions now occur in Renminbi. History of Chinese currency The history of Chinese currency spans more than 3000 years. Currency of some type has been used in China since the Neolithic age which can be traced back to between 3000 and 4500 years ago. Cowry shells are believed to have been the earliest form of currency used in Central China, and were used"
"the United States dollar was considered the world's most dominant reserve currency. The world's need for dollars has allowed the United States government as well as Americans to borrow at lower costs, granting them an advantage in excess of $100 billion per year. Reserve currencies come and go. International currencies in the past have included the Greek drachma, coined in the fifth century B.C., the Roman denari, the Byzantine solidus and Arab dinar of the middle-ages, the Venetian ducato and the Florentine florin of the Renaissance, the seventeenth century Dutch guilder and the French franc. The Dutch guilder emerged as"
"and use coins as money. Its earliest coins were made of electrum, a naturally occurring alloy of silver and gold. The British Museum has a Phocaean coin containing the image of a seal dating from 600 to 550 BC. Phocaea Phocaea, or Phokaia (Ancient Greek: Φώκαια, ""Phókaia""; modern-day Foça in Turkey) was an ancient Ionian Greek city on the western coast of Anatolia. Greek colonists from Phocaea founded the colony of Massalia (modern day Marseille, in France) in 600 BC, Emporion (modern day Empúries, in Catalonia, Spain) in 575 BC and Elea (modern day Velia, in Campania, Italy) in 540"
"been used as money; typically, the one that loses the least value over time becomes the accepted form. Chemically, gold is of all major metals the one most resistant to corrosion. The use of gold as money began thousands of years ago in Asia Minor. During the early and high Middle Ages, the Byzantine gold solidus, commonly known as the bezant, was used widely throughout Europe and the Mediterranean. However, as the Byzantine Empire's economic influence declined, so too did the use of the bezant. In its place, European territories chose silver as their currency over gold, leading to the"
"from $5.4 trillion in April 2013 but up from $4.0 trillion in April 2010. Measured by value, foreign exchange swaps were traded more than any other instrument in April 2016, at $2.4 trillion per day, followed by spot trading at $1.7 trillion. The $5.09 trillion break-down is as follows: Currency trading and exchange first occurred in ancient times. Money-changers (people helping others to change money and also taking a commission or charging a fee) were living in the Holy Land in the times of the Talmudic writings (""Biblical times""). These people (sometimes called ""kollybistẻs"") used city stalls, and at feast"
"the Roman solidus, were the equivalent coins in France, while the (nuevo) sol (PEN) remains the currency of Peru. As in France, the Peruvian sol was originally named after the Roman solidus, but the name of the Peruvian currency is now much more closely linked to the Spanish word for the sun (""sol""). This helps explain the name of its temporary replacement, the inti, named for the Incan sun god. Shilling The shilling is a unit of currency formerly used in Austria, the United Kingdom, Australia, New Zealand, United States, and other British Commonwealth countries. Currently the shilling is used"
"bank, known as the Federal Reserve, was formed in 1913 to provide a stable currency and monetary policy. The U.S. dollar has been regarded as one of the more stable currencies in the world and many nations back their own currency with U.S. dollar reserves. The U.S. dollar has maintained its position as the world's primary reserve currency, although it is gradually being challenged in that role. Almost two thirds of currency reserves held around the world are held in U.S. dollars, compared to around 25% for the next most popular currency, the euro. Rising U.S. national debt and quantitative"
"Dollar. Other than collector's silver coins, silver bullion coins are popular among people who desire a ""hedge"" against currency inflation or store of value. Silver has an international currency symbol of XAG under ISO 4217. The earliest coins in the world were minted in the kingdom of Lydia in Asia Minor around 600 BC. The coins of Lydia were made of electrum, which is a naturally occurring alloy of gold and silver, that was available within the territory of Lydia. The concept of coinage, i.e. stamped lumps of metal of a specified weight, quickly spread to adjacent regions, such as"
"(4,060 t) and Peru (3,780 t). The earliest known coins were minted in the kingdom of Lydia in Asia Minor around 600 BC. The coins of Lydia were made of electrum, which is a naturally occurring alloy of gold and silver, that was available within the territory of Lydia. Since that time, silver standards, in which the standard economic unit of account is a fixed weight of silver, have been widespread throughout the world until the 20th century. Notable silver coins through the centuries include the Greek drachma, the Roman denarius, the Islamic dirham, the karshapana from ancient India and"
"6th century BC. Ancient India had some of the earliest coins in the world, along with the Chinese wen and Lydian staters. The rupee coin has been used since then, even during British India, when it contained 11.66 g (1 tola) of 91.7% silver with an ASW of 0.3437 of a troy ounce (that is, silver worth about US$10 at modern prices). At the end of the 19th century, the Indian silver rupee went onto a gold exchange standard at a fixed rate of one rupee to one shilling and fourpence in British currency, i.e. 15 rupees to 1 pound"
". In 1858, pounds, shillings, and pence were abolished in favour of dollars and cents, and the nickname began to be used for the 1¢ coin, but the term for a 25¢ coin has endured. In the vernacular Quebec French and are also frequently used to refer to money in general, especially small amounts. The name of the medieval Italian silver ""soldo"" (plural ""soldi""), coined since the 11th century, was derived from ""solidus"". This word is still in common use today in Italy in its plural ""soldi"" with the same meaning as the English equivalent """"money"""". The word """"saldo"""", like"
"daily by some 343 million Europeans . Outside Europe, a number of overseas territories of EU members also use the euro as their currency. Additionally, 240 million people worldwide use currencies pegged to the euro. The euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. , with more than €1.2 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world, having surpassed the U.S. dollar. The name ""euro"" was officially adopted on 16 December 1995"
"Spain. Dinar The dinar is the principal currency unit in several countries and was used historically in several more. The modern dinar's historical antecedents are the gold dinar, the main coin of the medieval Islamic empires, first issued in AH 77 (696–697 AD) by Caliph Abd al-Malik ibn Marwan. The word is derived from the silver denarius coin of ancient Rome, first minted about 211 BC. The English word ""dinar"" is the transliteration of the Arabic دينار (""dīnār""), which was borrowed via the Syriac ""dīnarā"" from the Greek δηνάριον (""dēnárion""), itself from the Latin ""dēnārius"". A gold coin known as"
"into the Middle Ages. It served as a model for the currencies of the Muslim caliphates and the European states during the Middle Ages and the Modern Era. Roman currency names survive today in many countries (e.g., the Arabic dinar (from the ""denarius"" coin), the Peruvian sol (from the ""solidus"" coin), and the British pound and Mexican peso (both translations of the Roman ""libra"")). The manufacture of coins in the Roman culture, dating from about the 4th century BC, significantly influenced later development of coin minting in Europe. The origin of the word ""mint"" is ascribed to the manufacture of"
"in a referendum in 2003, and Sweden maintains its own currency, the Swedish krona (SEK). The Swedish Riksbank—founded in 1668 and thus making it the oldest central bank in the world—is currently focusing on price stability with its inflation target of 2%. According to ""Economic Survey of Sweden 2007"" by OECD, the average inflation in Sweden has been one of the lowest among European countries since the mid-1990s, largely because of deregulation and quick utilization of globalization. The largest trade flows are with Germany, United States, Norway, United Kingdom, Denmark and Finland. The Swedish economic picture has brightened significantly since"
"History of Chinese currency The history of Chinese currency spans more than 3000 years. Currency of some type has been used in China since the Neolithic age which can be traced back to between 3000 and 4500 years ago. Cowry shells are believed to have been the earliest form of currency used in Central China, and were used during the Neolithic period. Around 210 BC, the first emperor of China Qin Shi Huang (260–210 BC) abolished all other forms of local currency and introduced a uniform copper coin. Paper money was invented in China in the 9th century, but the"
"are most commonly 100 sub-units to the base currency unit, but currencies based on 1,000 sub-units also exist, especially in Arab countries. The Chinese Yuan is widely considered to be the first to use decimal currency . For example: Historically, non-decimal currencies were much more common: such as the British pound sterling before decimalisation in 1971. Until 1971, the pound sterling had sub-units of account of shillings (20 to a pound) and pence (12 to a shilling). Like other currencies, it also had coins with other names (ha'pence, guineas, and crowns); and in addition, until 1960 the penny was divided"
"History of the rupee The history of the Rupee traces back to the Ancient India in circa 6th century BC. Ancient India was the earliest issuers of coins in the world, along with the Chinese wen and Lydian staters. The word ""rupee"" is derived from a Sanskrit word ""rūpa"", which means ""wrought silver, a coin of silver"", in origin an adjective meaning ""shapely"", with a more specific meaning of ""stamped, impressed"", whence ""coin"". It is derived from the noun ""rūpa"" ""shape, likeness, image"". The word ""rūpa"" itself could have Vedic or Dravidian roots. Vedic origin is more likely, as Sanskrit"
"to Rs 21. [[Category:Currencies of India]] [[Category:Currencies of Pakistan]] [[Category:Economic history of India]] [[Category:History of money|Rupee]] [[Category:Financial history of India]] History of the rupee The history of the Rupee traces back to the Ancient India in circa 6th century BC. Ancient India was the earliest issuers of coins in the world, along with the Chinese wen and Lydian staters. The word ""rupee"" is derived from a Sanskrit word ""rūpa"", which means ""wrought silver, a coin of silver"", in origin an adjective meaning ""shapely"", with a more specific meaning of ""stamped, impressed"", whence ""coin"". It is derived from the noun ""rūpa"""
"most widely used coin in the Greek world. After Alexander's conquests, the ""drachma"" was used in many of the Hellenistic kingdoms in the Middle East, including the Ptolemaic kingdom in Alexandria. The Arabic unit of currency known as the ""dirham"", known from pre-Islamic times up to the present day, inherited its name from the ""drachma"". In the late 2nd century BC, silver coins depicting Alexander with ram horns were used as a principal coinage in Arabia and were issued by an Arab ruler by the name of Abi'el who ruled in the south-eastern region of the Arabian Peninsula. In 1971,"
"many of Europe's currencies, including the British pound, Italian lira, Spanish dinero and the Portuguese dinheiro. In Ancien Régime France, the denier was used as a notional measure of interest rates on loans. Thus, a rate of 4% (1/25) would be expressed as ""denier 25""; a rate of 5% (1/20) as ""denier 20""; and so forth. French denier The denier (; d.) or penny was a medieval coin which takes its name from the Frankish coin first issued in the late seventh century; in English it is sometimes referred to as a silver penny. Its appearance represents the end of"
"Coinage of Asia The earliest coinage of Asia is also the oldest coinage of the world. Coins were invented several times independently of each other. The earliest coins from the Mediterranean region are from the kingdom of Lydia, and are now dated ca. 600 BCE. The dating of the earliest coins of China and India is difficult and the subject of debate. Nevertheless, the first coins of China are at least as old as the earliest Lydian coins and possibly older, while the earliest coins of India seems to have appeared at a later stage. Pre-modern Chinese coins were always"
"is not understood. The Arabs who conquered large parts of the land that once belonged to the Eastern Roman Empire issued their own gold dinar. The lasting legacy of the ""denarius"" can be seen in the use of ""d"" as the abbreviation for the British penny until 1971. It also survived in France as the name of a coin, the denier. The denarius also survives in the common Arabic name for a currency unit, the ""dinar"" used from pre-Islamic times, and still used in several modern Arab nations. The major currency unit in former Principality of Serbia, Kingdom of Serbia"
"£sd £sd (occasionally written Lsd, spoken as ""pounds, shillings and pence"" or pronounced /ɛlɛsˈdiː/ ell-ess-dee) is the popular name for the pre-decimal currencies once common throughout Europe, especially in the British Isles and hence in several countries of the British Empire and subsequently the Commonwealth. The abbreviation originates from the Latin currency denominations ""librae"", ""solidi"", and ""denarii"". In the United Kingdom, which was one of the last to abandon the system, these were referred to as ""pounds"", ""shillings"", and ""pence"" (""pence"" being the plural of ""penny""). This system originated in the classical Roman Empire. It was re-introduced into Western Europe"
"was a unit of weight, and relied on the mass of something like 160 grains of barley. The first usage of the term came from Mesopotamia circa 3000 BC. Societies in the Americas, Asia, Africa and Australia used shell money – often, the shells of the cowry (""Cypraea moneta L."" or ""C. annulus L.""). According to Herodotus, the Lydians were the first people to introduce the use of gold and silver coins. It is thought by modern scholars that these first stamped coins were minted around 650–600 BC. The system of commodity money eventually evolved into a system of representative"
"until January 29, 2001. From 1905 to 1917, the Danish West Indies used the bit as part of its currency system. In 1904, two new currency denominations were introduced, the ""bit"" and ""francs"" which were overlaid on the old ""cent"" and ""daler"" denominations. The four units were related as 5 bits = 1 cent, 100 bits = 20 cents = 1 franc, 100 cents = 5 francs = 1 daler. Coins were issued each denominated in two units, bits and cents, francs and cents, or francs and daler. Postage stamps were denominated in bits and francs; the lowest value was"
"found on almost every continent populated by humans: America, Asia, Africa and Australia. The shell most widely used worldwide as currency was the shell of ""Cypraea moneta"", the money cowry. This species is most abundant in the Indian Ocean, and was collected in the Maldive Islands, in Sri Lanka, along the Malabar coast, in Borneo and on other East Indian islands, and in various parts of the African coast from Ras Hafun to Mozambique. Cowry shell money was an important part of the trade networks of Africa, South Asia, and East Asia. In western Africa, shell money was usual legal"