No Credit Card Here - Learn About World Currency
Currency refers to physical objects accepted as a medium of exchange for goods and services. These physical objects usually come in the form of coins and banknotes assigned from a government, which represent the entire nation's money supply. Other portions of a nation's money supply include bank deposits, ownership transferred through checks, and electronic transfer via debit cards. Deposit money and currency are acceptable means of payment in most transactions. Gold or silver coins of intrinsic value hold a standard established by ancient civilizations; however, nearly all modern monetary systems are based on fiat currency, a medium exchange with a value determined by government order. The government declares that an existing fiat currency is legal tender, which makes it unlawful to not accept fiat currency as a means of payment for all public and private debts.
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Currency Around the World
Several countries claim the dinar as the official currency accepted as a medium of exchange for goods and services. The gold dinar, an early Islamic coin with links to the Byzantine denarius auri, has roots in the contemporary dinar. In fact, the gold dinar currently in circulation is called the Islamic gold dinar. Nine different countries have previously used the dinar, including Abu Dhabi, Bosnia, Croatia, Iran, Republic of Serbian Krajina, Republika Srspska, South Yemen, Sudan, and Yugoslavia.
Several countries from around the world claim the dollar as the official currency accepted as a medium of exchange for goods and services, including the United States, Ecuador, Suriname, El Salvador, Panama, Belize, Hong Kong, Taiwan, Brunel, Australia, New Zealand, and Canada. The dollar sign ($) is a symbolic representation of the dollar and peso. Other countries that have previously used the dollar include: Malaysia, Spain, and Rhodesia. The dollar has an extensive history stemming from 1520, where Bohemian coins known as the "Joachimsthaler" led to the coinage of seven different currencies.
The euro is the official currency for 17 out of 27 member states of the European Union, including Austria, Belgium, Greece, Ireland, Italy, Estonia, Finland, Cyprus, Germany, France, Luxembourg, the Netherlands, Slovakia, Malta, Portugal, Spain, and Slovenia. Other countries that use the euro include: Montenegro, Monaco, the Vatican, San Marino, Andorra, and Kosovo. Over 327 million Europeans purchase goods and services on a daily basis using the euro as their primary currency. Additionally, more than 170 million people around the world use currencies currently pegged to the euro, which include over 150 million Africans. The euro stands as the second largest reserve currency in the world, right after the U.S. dollar. The euro was introduced January 1, 1999, while replacing the former European Currency Unit (ECU).
The franc consists of several currency units, including the Swiss franc, which is a major world reserve currency today. The term franc is derived from the Latin phrase "francorum rex," which translates into "King of the Franks." The phrase was inscribed in earlier versions of the French franc. The countries currently using francs include Switzerland, Liechtenstein, and the Francophone countries in Africa. Francs were used in France, Belgium, Luxembourg, Andorra, and Monaco before the introduction of the euro.
The krona (kr and SEK) has been the accepted currency in Sweden since 1873. The krona is often referred to as the "Swedish crown," which also circulates in the
Åland Islands. One krona equals 100 ore, which have been discontinued since September 30, 2010. Goods and services may still be priced in ore; however, all sums owed are rounded to the nearest krona when paying cash. There are several monetary units that cover the krona, including the Danish krone, Estonia, kroon, Faroese krona, Icelandic krona, Czech krona, Slovak krona, and the Czechoslovak koruna.
The Lira (L and lire) represents the monetary unit for a variety of countries. The Lira was previously used by Italy, Malta, San Marino, and the Vatican before the instatement of the euro in 1999. The term has origins in the Troy pound of high quality silver. The Troy pound was the Roman Empire's basic monetary unit. Europe simply resumed the Roman Empire's monetary system during the Carolinginan Empire, and was kept during the Middle Ages and Modern Age in England.
The mark is a measure of weight for gold and silver primarily used in western Europe. A mark is the equivalent of eight ounces, although variations in the accepted weight and associated value occurred throughout history. For instance, the mark never circulated as a coin in England; instead, it was attributed as a unit of account. The mark was introduced by the Danes in the 10th century, and became the equivalent of 100 pence by the turn of the 19th century. The German mark was a unit of account and coinage with a net worth of 16 shillings. The German mark has seen many variations; however, it has been the primary monetary currency since the early 1600s.
The peso originated in Spain and grew in importance internationally. The peso represents the monetary unit of several Spanish colonies. In fact, the peso's started as an 8-piece, a large silver coin equivalent to the thaler in Europe during the mid-1500's to early 1600's. The countries currently using the peso include Argentina, Chile, Columbia, Cuba, Dominican Republic, Mexico, Philippines, and Uruguay. Other countries that have previously used the peso include Bolivia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Paraguay, Peru, and Venezuela.
The pound is a monetary unit in some nations, including England where the value was deemed the same as a pound of silver. The English term ascribed to the pound means libra in Latin, which was the Roman Empire's unit of account. The English pound derives from the Roman libra, which is why a pound has the initials "lbs" associated with it. The pound's currency symbol resembles an L strike-through. In modern times, a pound may refer to numerous currencies currently in circulation, and now-obsolete currencies no longer accepted among nations.
The ruble is a unit of currency of Belarus, Russia, South Ossetia, Transnistria, and Abkhazia. Other nations that influenced the Soviet Union also used the ruble in past times. One ruble equates to 100 kopeks, a term used to refer 1/100 part of a Ukrainian hryvnia. The term "ruble" means to cut, chop, or hack in Russian.
The rupee refers to the monetary unit used in India, Nepal, Sri Lanka, Pakistan, Mauritius, Indonesia, Maldives, and Seychelles. The rupee was also formerly used in Burma and Afghanistan. The variation of rupee in Maldives is called the rufiyah, a cognate word of Hindi rupiya. The Pakistani and Indian rupees are divided into one hundred paise, while the Mauritian and Sri Lankan rupee are subdivided into 100 cent. The Nepalese rupees are divided into one hundred paisas. The Afghan rupee was divided into sixty paisas.
The yuan (¥ and CNY) is the monetary unit based in modern Chinese currencies. The yuan is the unit of account, while renminbi (RMB) is the physical currency. A yuan, otherwise known as a kual, has a subdivision of 10 jiao or mao, and one jiao is equal to 10 fen. The symbol for yuan (¥) also represents Japanese and Korean currencies. Additionally, the U.S. dollar is called the Meiyuan (??) or American dollar in Chinese. The Chinese yuan more commonly refers to the renminbi on the foreign exchange markets.
The Japanese yen is the official monetary unit of exchange in Japan. The yen is the third most-traded currency after the U.S. dollar and euro. It is used as a major competing reserve currency after the U.S. dollar, euro, and pound sterling. Large quantities of yen are counted in multiples of 10,000, which is the Western multiples equivalent of thousands.
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