A sample picture of a fictional ATM card. The largest part of the world's money exists only as accounting numbers which are transferred between financial computers. Various plastic cards and other devices give individual consumers the power to electronically transfer such money to and from their bank accounts, without the use of currency.
Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money. Fiat money, like any check or note of debt, is without use value as a physical commodity. It derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private". Counterfeit money can cause good money to lose its value.
Ancient Chinese coinage includes some of the earliest known coins. These coins, used as early as the Spring and Autumn period (770–476 BCE), took the form of imitations of the cowrie shells that were used in ceremonial exchanges. The Spring and Autumn period also saw the introduction of the first metal coins; however, they were not initially round, instead being either knife shaped or spade shaped. Round metal coins with a round, and then later square hole in the center were first introduced around 350 BCE. The beginning of the Qin Dynasty (221–206 BCE), the first dynasty to unify China, saw the introduction of a standardised coinage for the whole Empire. Subsequent dynasties produced variations on these round coins throughout the imperial period. At first the distribution of the coinage was limited to use around the capital city district, but by the beginning of the Han Dynasty, coins were widely used for such things as paying taxes, salaries and fines.
Ancient Chinese coins are markedly different from their European counterparts. Chinese coins were manufactured by being cast in molds, whereas European coins were typically cut and hammered or, in later times, milled. Chinese coins were usually made from mixtures of metals such copper, tin and lead, from bronze, brass or iron: precious metals like gold and silver were uncommonly used. The ratios and purity of the coin metals varied considerably. Most Chinese coins were produced with a square hole in the middle. This was used to allow collections of coins to be threaded on a square rod so that the rough edges could be filed smooth, and then threaded on strings for ease of handling. Read more...
In 1930, President Hoover vetoed the Gadsden Purchase half dollar bill. Hoffecker had been the moving force behind that bid, and he sought another commemorative coin proposal that he could control if authorizing legislation was passed. He chose the travels of Spanish officer Álvar Núñez Cabeza de Vaca in the early 16th century. Hoffecker took liberties both with the timing of Cabeza de Vaca's travels and their location; though Hoffecker's hometown of El Paso, Texas is featured on the coin, Cabeza de Vaca came nowhere near its site. All this made little difference to Congress, which passed the Old Spanish Trail coin bill without opposition, and it was signed into law by President Franklin D. Roosevelt. Read more...
In Jewish and Christian tradition, the love of money is condemned as a sin primarily based on texts such as Ecclesiastes 5:10 and 1 Timothy 6:10. The Jewish and Christian condemnation relates to avarice and greed rather than money itself. The Jewish and Christian texts (scriptures) are full of parables and use easy to understand subjects, such as money, to convey the actual message, there are further parallels in Solon and Aristotle, and Massinissa—who ascribed love of money to Hannibal and the Carthaginians.. Avarice is one of the Seven deadly sins in the Jewish and Christian classifications of vices (sins). Read more...
Formal – adoption of foreign currency by virtue of bilateral or multilateral agreement with the monetary authority, sometimes supplemented by issue of local currency in currency peg regime.
Formal with common policy – establishment by multiple countries of a common monetary policy and monetary authority for their common currency.
By the end of the 20th century, the United States dollar was considered the world's dominant reserve currency. The world's need for dollars has allowed the United States government as well as Americans to borrow at lower costs, giving the United States an advantage in excess of $100 billion per year. Read more...
By the late 1880s, there were increasing calls for the replacement of the Seated Liberty design, used since the 1830s on most denominations of silver coins. In 1891, Mint DirectorEdward O. Leech, having been authorized by Congress to approve coin redesigns, ordered a competition, seeking a new look for the silver coins. As only the winner would receive a cash prize, invited artists refused to participate and no entry from the public proved suitable. Leech instructed Barber to prepare new designs for the dime, quarter, and half dollar, and after the chief engraver made changes to secure Leech's endorsement, they were approved by President Benjamin Harrison in November 1891. Striking of the new coins began the following January. Read more...
Oliver Christian Bosbyshell (January 3, 1839 – August 1, 1921) was Superintendent of the United States Mint at Philadelphia from 1889 to 1894. He also claimed to have been the first Union soldier wounded by enemy action in the Civil War, stating that he received a bruise on the forehead from an object thrown by a Confederate sympathizer while his unit was marching through Baltimore in April 1861.
Bosbyshell was born in Mississippi. His parents were of old Philadelphia stock, and he was raised in Schuylkill County, Pennsylvania. After briefly working on the railroad and then studying law, Bosbyshell enlisted in the Union cause on the outbreak of war. Following a brief period of service in the 25th Pennsylvania Volunteer Regiment, he joined the 48th Pennsylvania, remaining in that regiment for three years. He saw action in such battles as Second Bull Run and Antietam. He rose to the rank of major and led his regiment, but was mustered out upon the expiration of his term of service in October 1864, having been refused a leave of absence. Read more...
1792 portrait of Matthew Boulton
Matthew BoultonFRS (/ˈboʊltən/; 3 September 1728 – 17 August 1809) was an English manufacturer and business partner of Scottish engineer James Watt. In the final quarter of the 18th century, the partnership installed hundreds of Boulton & Wattsteam engines, which were a great advance on the state of the art, making possible the mechanisation of factories and mills. Boulton applied modern techniques to the minting of coins, striking millions of pieces for Britain and other countries, and supplying the Royal Mint with up-to-date equipment.
Born in Birmingham, he was the son of a Birmingham manufacturer of small metal products who died when Boulton was 31. By then Boulton had managed the business for several years, and thereafter expanded it considerably, consolidating operations at the Soho Manufactory, built by him near Birmingham. At Soho, he adopted the latest techniques, branching into silver plate, ormolu and other decorative arts. He became associated with James Watt when Watt's business partner, John Roebuck, was unable to pay a debt to Boulton, who accepted Roebuck's share of Watt's patent as settlement. He then successfully lobbied Parliament to extend Watt's patent for an additional 17 years, enabling the firm to market Watt's steam engine. The firm installed hundreds of Boulton & Watt steam engines in Britain and abroad, initially in mines and then in factories. Read more...
The present value of $1,000, 100 years into the future. Curves represent constant discount rates of 2%, 3%, 5%, and 7%.
The time value of money is the greater benefit of receiving money now rather than an identical sum later. It is founded on time preference.
The time value of money explains why interest is paid or earned: interest, whether it is on a bank deposit or debt, compensates the depositor or lender for the time value of money. Read more...
Operation Bernhard was an exercise by Nazi Germany to forge British bank notes. The initial plan was to drop the notes over Britain to bring about a collapse of the British economy during the Second World War. The first phase was run from early 1940 by the Sicherheitsdienst (SD) under the title Unternehmen Andreas (Operation Andreas, Operation Andrew). The unit successfully duplicated the rag paper used by the British, produced near-identical engraving blocks and deduced the algorithm used to create the alpha-numeric serial code on each note. The unit closed in early 1942 after its head, Alfred Naujocks, fell out of favour with his superior officer, Reinhard Heydrich.
The operation was revived later in the year; the aim was changed to forging money to finance German intelligence operations. Instead of a specialist unit within the SD, prisoners from Nazi concentration camps were selected and sent to Sachsenhausen concentration camp to work under SS Major Bernhard Krüger. The unit produced British notes until mid-1945; estimates vary of the number and value of notes printed, from £132.6 million up to £300 million. By the time the unit ceased production, they had perfected the artwork for US dollars, although the paper and serial numbers were still being analysed. The counterfeit money was laundered in exchange for money and other assets. Counterfeit notes from the operation were used to pay the Turkish agent Elyesa Bazna—code named Cicero—for his work in obtaining British secrets from the British ambassador in Ankara, and £100,000 from Operation Bernhard was used to obtain information that helped to free the Italian leader Benito Mussolini in the Gran Sasso raid in September 1943. Read more...
The silver half dime, equal to five cents, had been issued since the 1790s. The American Civil War caused economic hardship, driving gold and silver from circulation; in response, in place of low-value coins, the government at first issued paper currency. In 1865, Congress abolished the five-cent fractional currency note after Spencer M. Clark, head of the Currency Bureau (today the Bureau of Engraving and Printing), placed his own portrait on the denomination. After the successful introduction of two-cent and three-cent pieces without precious metal, Congress also authorized a five-cent piece consisting of base metal; the Mint began striking this version in 1866. Read more...
The Octopus card has also grown to be used for payment in many retail shops in Hong Kong, including most convenience stores, supermarkets, and fast food restaurants. Other common Octopus payment applications include parking meters, car parks, petrol stations, vending machines, fee payment at public libraries and swimming pools, and more. The cards are also commonly used for non-payment purposes, such as school attendance and access control for office buildings and housing estates. Read more...
Foreign exchange reserves assets can comprise banknotes, deposits, bonds, treasury bills and other government securities of the reserve currency. Some countries hold a part of their reserves in gold, and special drawing rights are also considered reserve assets. Often, for convenience, the cash or securities are retained by the central bank of the reserve or other currency and the “holdings” of the foreign country are tagged or otherwise identified as belonging to the other country without them actually leaving the vault of that central bank. From time to time they may be physically moved to the home or other country. Read more...
Legal tender is a medium of payment recognized by a legal system to be valid for meeting a financial obligation. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the debt is nevertheless discharged. The creditor is not obligated to give change. Some jurisdictions allow contract law to overrule the status of legal tender, allowing for example merchants to specify that they will not accept cash payments. Coins and banknotes are usually defined as legal tender in many countries, but personal cheques, credit cards, and similar non-cash methods of payment are usually not. Some jurisdictions may include a specific foreign currency as legal tender, at times as its exclusive legal tender or concurrently with its domestic currency. Some jurisdictions may forbid or restrict payment made by other than legal tender.
In some jurisdictions legal tender can be refused as payment if no debt exists prior to the time of payment (where the obligation to pay may arise at the same time as the offer of payment). For example, vending machines and transport staff do not have to accept the largest denomination of banknote. Shopkeepers may reject large banknotes: this is covered by the legal concept known as invitation to treat. Read more...
The Europa Coin Programme, also known as the European Silver Programme, or the Eurostar Programme, is an initiative dedicated to the issuance of collector-oriented legal tender coins in precious metals to celebrate European identity. The issuing authorities of EU member countries voluntarily contribute coins to the Europa Coin Programme. Multiple countries have participated in the programme, beginning in 2004. Some coins are denominated in euro, others are denominated in other currencies. Europa coins are legal tender. Read more...
A promissory note, sometimes referred to as a note payable, is a legal instrument (more particularly, a financial instrument and a debt instrument), in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms. Read more...
A selection of metal coins.
A coin is a small, flat, (usually, depending on the country or value) round piece of metal or plastic used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order to facilitate trade. They are most often issued by a government. Coins often have images, numerals, or text on them.
Coins are usually metal or an alloy, or sometimes made of manmade materials. They are usually disc shaped. Coins made of valuable metal are stored in large quantities as bullion coins. Other coins are used as money in everyday transactions, circulating alongside banknotes. Usually the highest value coin in circulation (excluding bullion coins) is worth less than the lowest-value note. In the last hundred years, the face value of circulation coins has occasionally been lower than the value of the metal they contain, for example due to inflation. If the difference becomes significant, the issuing authority may decide to withdraw these coins from circulation, possibly issuing new equivalents with a different composition, or the public may decide to melt the coins down or hoard them (see Gresham's law). Read more...
An Intelligent Banknote Neutralisation System (IBNS) is a security system which protects valuables against unauthorised access to its contents by rendering it unusable by marking all the cash as stolen by a degradation agent when an attempted attack on the system is detected. Ink is a popular agent, which functions by staining cash with a permanent dye. Such marked money is highly conspicuous and cannot be readily used. More recently, a bonding agent (glue) was released as an alternative degradation agent.
Well-neutralised banknotes cannot be brought back into circulation easily. They can be linked to the crime scene and restricted procedures are in place to exchange them at the financial institution. This makes stealing neutralised banknotes uneconomical and impractical. The IBNS removes the anticipated reward of the crime and increases the risk of being caught. This not only foils the theft but acts as a deterrent against further attacks. Read more...
Banknotes with a face value of 5000 in different currencies.
A banknote (often known as a bill, paper money, or simply a note) is a type of negotiablepromissory note, made by a bank, payable to the bearer on demand. Banknotes were originally issued by commercial banks, which were legally required to redeem the notes for legal tender (usually gold or silver coin) when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the market served by the issuing bank. Commercial banknotes have primarily been replaced by national banknotes issued by central banks.
National banknotes are generally legal tender, meaning that medium of payment is allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Historically, banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment. This practice of "backing" notes with something of substance is the basis for the history of central banks backing their currencies in gold or silver. Today, most national currencies have no backing in precious metals or commodities and have value only by fiat. With the exception of non-circulating high-value or precious metal issues, coins are used for lower valued monetary units, while banknotes are used for higher values. Read more...
Monopoly money is a type of play money used in the board game Monopoly. It is different from most currencies, including the American currency or British currency upon which it is based, in that it is smaller, one-sided, and comes in different colors. Additionally, being a game element, it is not legal tender and has little to no monetary value in most jurisdictions. Read more...
The British farthing (derived from the Old Englishfeorthing, a fourth part) was a British coin worth a quarter of an old penny (1⁄960 of a pound sterling). It ceased to be struck after 1956 and was demonetised from 1 January 1961.
The British farthing is a continuation of the English farthing, struck by English monarchs prior to the Act of Union 1707, which unified the crowns of England and Scotland into the Kingdom of Great Britain. Only pattern farthings were struck under Queen Anne as there was a glut of farthings from previous reigns. The coin was struck intermittently under George I and George II, but by the reign of George III, counterfeits were so prevalent the Royal Mint ceased striking copper coinage after 1775. The next farthings were the first struck by steam power, in 1799 by Matthew Boulton at his Soho Mint under licence. Boulton coined more in 1806, and the Royal Mint resumed production in 1821. The farthing was struck fairly regularly under George IV and William IV. By then it carried a scaled-down version of the penny's design, and would continue to mirror the penny and halfpenny until after 1936. Read more...
The tenge (Kazakh: теңге, teńge, Kazakh pronunciation: [tʲɘŋˈgʲɘ]; Russian: тенге́, Russian pronunciation: [tʲɪn⁽ʲ⁾ˈɡʲe]; sign: ₸ ; code: KZT) is the currency of Kazakhstan. It is divided into 100 tıyn (тиын, also transliterated as tiyin or tijin). The ISO-4217 code is KZT. Read more...
The South Korean won (/wʌn/; Korean: 원, Korean pronunciation: [wʌn]; symbol: ₩; code: KRW) or Korean Republic won (Korean: 대한민국 원) is the official currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and appears only in foreign exchange rates. The won is issued by the Bank of Korea, based in the capital city of Seoul. Read more...
The one hundred euro note (€100) is one of the higher value euro banknotes and has been used since the introduction of the euro (in its cash form) in 2002. The note is used daily by some 343 million Europeans and in the 23 countries which have it as their sole currency (with 22 legally adopting it). In August 2019, there were approximately 2,939,000,000 hundred euro banknotes in circulation in the eurozone. It is the third most widely circulated denomination, accounting for 12.7% of the total banknotes.
It is the third largest note measuring 147 millimetres (5.8 in) × 82 millimetres (3.2 in) and has a green colour scheme. The hundred euro notes depict bridges and arches/doorways in the Baroque and Rococo style (between the 17th and 18th century). The hundred euro note contains several complex security features such as watermarks, invisible ink, holograms and microprinting that document its authenticity. Read more...
The Lincoln cent (sometimes called the Lincoln penny) is a one-cent coin that has been struck by the United States Mint since 1909. The obverse or heads side was designed by Victor David Brenner, as was the original reverse, depicting two stalks of wheat (thus "wheat pennies", struck 1909–1958). The coin has seen several reverse, or tails, designs and now bears one by Lyndall Bass depicting a Union shield. All coins struck by the United States government with a value of 1/100 of a dollar are called cents because the United States has always minted coins using decimals. The penny nickname is a carryover from the coins struck in England, which went to decimals for coins in 1971.
In 1905, sculptor Augustus Saint-Gaudens was hired by the Mint to redesign the cent and the four gold coins, which did not require congressional approval. Two of Saint-Gaudens's proposed designs for the cent were eventually adapted for the gold pieces, but Saint-Gaudens died in August 1907 before submitting additional designs for the cent. In January 1909, the Mint engaged Brenner to design a cent depicting the late president Abraham Lincoln, 1909 being the centennial year of his birth. It was the first widely circulating design of a U.S. president on a coin, an idea that had been seen as too monarchical in the past, namely by George Washington. Nevertheless, Brenner's design was eventually approved, and the new coins were issued to great public interest on August 2, 1909. Read more...
The Russian ruble or rouble (Russian: рубльrublʹ, plural: рубли́rubli; sign: ₽, руб; code: RUB) is the currency of the Russian Federation, the two partially recognised republics of Abkhazia and South Ossetia and the two unrecognised republics of Donetsk and Luhansk. The ruble is subdivided into 100 kopeks (sometimes written as kopecks or copecks; Russian: копе́йкаkopeyka, plural: копе́йкиkopeyki).
The europa was a token coinage created in 1928 by Joseph Archer [fr], a politician and industrialist from the Nièvre region of France. The currency was promoted by Philibert Besson [fr], the elected deputy for the Haute-Loire who, along with Archer, was an important figure in the early European federalist movement. The coins were minted in the name of a hypothetical "Federated States of Europe" (États Fédérés d'Europe). Unlike contemporary currencies that were based on the gold standard, the europa was intended to derive its notional value from labour.
The currency never circulated except unofficially between federalists of the Nièvre region. Two denominations were produced, both depicting Louis Pasteur and a map of Europe on the obverse and reverse respectively: one valued at 1 europa and another at 1/10 of a europa. Read more...
Nepalese silver mohar in the name of king Bhupatindra malla (ruled 1696-1722) of Bhadgaon (Bhaktapur), dated Nepal Era 816 ( = AD 1696), obverse. Silver mohars of this type were also exported to Tibet where they circulated along with other Malla mohars.
The mohar was the currency of the Kingdom of Nepal from the second half of the 17th century until 1932. Silver and gold mohars were issued, each subdivided into 128 dams. Copper dams were also issued, together with copper paisa worth 4 copper dams. The values of the copper, silver and gold coinages relative to one another were not fixed until 1903. In that year, the silver mohar became the standard currency, divided into 50 paisa. It was replaced in 1932 by the rupee, also called the mohru (Moru), at a rate of 2 mohars = 1 rupee. Read more...
The Canadian dollar (symbol: $; code: CAD; French: dollar canadien) is the currency of Canada. It is abbreviated with the dollar sign $, or sometimes CA$, Can$ or C$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents (¢).
Owing to the image of a loon on the one-dollar coin, the currency is sometimes referred to as the loonie by English-speaking Canadians and foreign exchange traders and analysts, or as the huard (the word for the common loon in French) by French-speaking Canadians. Read more...
The concept of the yen was a component of the Meiji government's modernization program of Japan's economy, which postulated the pursuit of a uniform currency throughout the country, modelled after the European decimal currency system. Before the Meiji Restoration, Japan's feudal fiefs all issued their own money, hansatsu, in an array of incompatible denominations. The New Currency Act of 1871 did away with these and established the yen, which was defined as 1.5 g (0.048 troy ounces) of gold, or 24.26 g (0.780 troy ounces) of silver, as the new decimal currency. The former han (fiefs) became prefectures and their mints private chartered banks, which initially retained the right to print money. To bring an end to this situation, the Bank of Japan was founded in 1882 and given a monopoly on controlling the money supply. Read more...
The apsar (Abkhazian: аҧсар, āpsār) is a currency of Abkhazia. So far, only coins in denominations of 1, 10, 25, 50, and 100 apsars and banknote for 500 apsars have been issued. While the coins are legal tender in the Republic of Abkhazia, their usage is very limited, and the coins are mostly made for collectors. In Abkhazia, the Russian ruble is used in practice. The first apsar coins were introduced in 2008.
The name derives from the Apsars, a tribe mentioned in The Georgian Chronicles who inhabited the region in the Middle Ages and who are believed to be the ancestors of the Abkhaz people. Read more...
The silver center cent is an Americanpattern coin, one of the precursors to the large cent and an early example of a bimetallic coin. Less than a dozen specimens are known to exist today, and they generally fetch substantial prices; an uncirculated silver center cent sold at auction for $414,000 in January 2002. That price was eclipsed by an example graded PCGS MS61 offered at auction in April 2012, with a price tag of more than $1 million. Read more...
The economic turmoil of the American Civil War caused government-issued coins, even the non-silver Indian Head cent, to vanish from circulation, hoarded by the public. One means of filling this gap was private token issues, often made of bronze. The cent at that time was struck of a copper-nickel alloy, the same diameter as the later Lincoln cent, but somewhat thicker. The piece was difficult for the Philadelphia Mint to strike, and Mint officials, as well as the annual Assay Commission, recommended the coin's replacement. Despite opposition from those wishing to keep the metal nickel in the coinage, led by Pennsylvania Congressman Thaddeus Stevens, Congress passed the Coinage Act of 1864, authorizing bronze cents and two-cent pieces. Read more...
The Flowing Hair dollar was the first dollar coin issued by the United States federal government. The coin was minted in 1794 and 1795; its size and weight were based on the Spanish dollar, which was popular in trade throughout the Americas.
In 1791, following a study by Alexander Hamilton, Congress passed a joint resolution calling for the establishment of a national mint. Later that year, in his third State of the Union address, President George Washington urged Congress to provide for a mint, which was officially authorized by the Coinage Act of 1792. Despite the authorization, silver and gold coins were not struck until 1794. The Flowing Hair dollar, designed by Robert Scot, was initially produced in 1794, and again in 1795. In October 1795 the design was replaced by the Draped Bust dollar. Read more...
The British florin, or two shilling coin, was issued from 1849 until 1967, with a final issue for collectors dated 1970. Valued at one tenth of a pound (24 old pence), it was the last coin circulating immediately prior to decimalisation to be demonetised, in 1993, having for a quarter of a century circulated alongside the ten pence piece, identical in specifications and value.
The florin was introduced as part of an experiment in decimalisation that went no further at that time. The original florins, dated 1849, attracted controversy for omitting a reference to God from Queen Victoria's titles; that type is accordingly known as the "Godless florin", and was in 1851 succeeded by the "Gothic florin", for its design and style of lettering. Throughout most of its existence, the florin bore some variation of either the shields of the United Kingdom, or the emblems of its constituent nations on the reverse, a tradition broken between 1902 and 1910, when the coin featured a windswept figure of a standing Britannia. Read more...
The dram (Armenian: դրամ; sign: ֏; code: AMD) is the monetary unit of Armenia and the neighboring unrecognized Republic of Artsakh (Nagorno-Karabakh). It was historically subdivided into 100 luma (Armenian: լումա). The word "dram" translates into English as "money" and is cognate with the Greek drachma and the Arabic dirham, as well as the English weight unit dram. The first instance of a dram currency was in the period from 1199 to 1375, when silver coins called dram were issued. Read more...
The renminbi (abbreviated RMB; simplified Chinese: 人民币; traditional Chinese: 人民幣; pinyin: rénmínbì; literally: 'people's currency'; symbol: 元/¥; code: CNY) is the official currency of the People's Republic of China, and one of the world's major reserve currencies. The yuan (Chinese: 元; pinyin: yuán) is the basic unit of the renminbi, but is also used to refer to the Chinese currency generally, especially in international contexts where "Chinese yuan" is widely used to refer to the renminbi. The distinction between renminbi and yuan is that renminbi is the name of the currency and yuan refers to its primary unit. One yuan is subdivided into 10 jiao (Chinese: 角; pinyin: jiǎo), and a jiao in turn is subdivided into 10 fen (Chinese: 分; pinyin: fēn). The renminbi is issued by the People's Bank of China, the monetary authority of China.
The renminbi is sometimes referred to as the redback in the US financial press. Read more...
By 1916, the dime, quarter, and half dollar designed by Mint Chief Engraver Charles E. Barber had been struck for 25 years, and could be replaced by the Treasury, of which the Mint is a part, without Congressional authorization. Mint officials were under the misapprehension that the designs had to be changed, and held a competition among three sculptors, in which Barber, who had been in his position for 36 years, also took part. Weinman's designs for the dime and half dollar were selected. Read more...
The coin stems from the desire of the Columbian Exposition's organizers to gain federal money to complete construction of the fair. Congress granted an appropriation, and allowed it to be in the form of commemorative half dollars, which legislators and organizers believed could be sold at a premium. Fair official James Ellsworth wanted the new coin to be based on a 16th-century painting he owned by Lorenzo Lotto, reputedly of Columbus, and pushed for this through the design process. When initial sketches by Mint Chief Engraver Charles E. Barber proved unsatisfactory, fair organizers turned to a design by artist Olin Levi Warner, which after modification by Barber and by his assistant, George T. Morgan, was struck by the Mint. Read more...
Reverse FERNANDVS ET ELISABET DEI GR[ATIA] "Ferdinand and Elisabeth, by the Grace of God" Displays the arms of the Catholic Monarchs post 1492, with Granada in base. Letter S on the left is the sign of the mint of Seville and VIII on the right i.e. eight in roman numerals
The Spanish dollar was widely used by many countries as the first international currency because of its uniformity in standard and milling characteristics. Some countries countersigned the Spanish dollar so it could be used as their local currency. Read more...
Issuance of banknotes ৳10 and larger is controlled by Bangladesh Bank, and for the ৳2 and ৳5 banknotes, which are the responsibility of the ministry of finance of the government of Bangladesh. The most commonly used symbol for the taka is "৳" and "Tk", used on receipts while purchasing goods and services. ৳1 is subdivided into 100 poysha. Read more...
The lari (Georgian: ლარი; ISO 4217: GEL) is the currency of Georgia. It is divided into 100 tetri. The name lari is an old Georgian word denoting a hoard, property, while tetri is an old Georgian monetary term (meaning 'white') used in ancient Colchis from the 6th century BC. Earlier Georgian currencies include the maneti, abazi, and Georgian coupon. Read more...
The Soviet ruble (Russian: рубль; see below for other languages of the USSR) was the currency of the Union of Soviet Socialist Republics (USSR). One ruble was divided into 100 kopeks (Russian: копе́йка, pl. копе́йки – kopeyka, kopeyki). Many of the ruble designs were created by Ivan Dubasov. The production of Soviet rubles was the responsibility of the Federal State Unitary Enterprise, or Goznak, which was in charge of the printing of and materials production for banknotes and the minting of coins in Moscow and Leningrad. In addition to regular currency, some other currency units were used, such as several forms of convertible ruble, transferable ruble, clearing ruble, Vneshtorgbank cheque, etc.; also, several forms of virtual rubles (called "non-cash ruble" or "cachless ruble": "Безналичный рубль" beznalichny rubl) were used for inter-enterprise accounting and international settlement in the Comecon zone. In 1991, after the breakup of the USSR, the Soviet ruble continued to be used in the post-Soviet states, forming a "ruble zone", until it was replaced with the Russian ruble by 1993. Read more...
Gold coins are an example of legal tender that are traded for their intrinsic value, rather than their face value.
Tibetan silver tangka with Ranjana (Lantsa) script, dated 15-28 (= AD 1894), reverse
A hoard of punch-marked coins
A check, used as a means of converting funds in a demand deposit to cash
Tibetan silver tangka with Ranjana (Lantsa) script, dated 15-28 (= AD 1894), obverse
Tibetan undated silver tangka, struck in 1953/54, obverse.
A sample picture of a fictional ATM card. The largest part of the world's money exists only as accounting numbers which are transferred between financial computers. Various plastic cards and other devices give individual consumers the power to electronically transfer such money to and from their bank accounts, without the use of currency.
An advisory board to the Dutchgovernment recommends reducing speed limits on roads and using public money to purchase outdated cattle farms as part of a raft of measures to tackle global warming-linked nitrogen emissions in the country. (Associated Press)
Authorities raid the German bank Deutsche Bank as part of a money laundering probe into €200 billion of suspicious payments identified into the accounts of Danske Bank's branch in Estonia. Danske Bank's Estonian boss from 2007 to 2015 is found dead near Tallinn at his home in circumstances police describe as neither suspicious nor accidental. (City A.M.)
Boeing announces each relative of victims of two air disasters will be paid US$144,500 by the aircraft manufacturer, and will not have to waive their right to litigate to receive the money. (Reuters)
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