Currency
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, federal reserve 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. Government control of currency enables it to steal from the people and future generations by inflation.
Seigniorage
Seigniorage is the profit made by issuing currency, which is the difference between the face value of money (both coins and paper bills) and the cost of producing it. It serves as a source of revenue for governments and central banks, allowing them to fund operations without raising [[]]taxes. Additionally, seigniorage can influence inflation, as creating more money can lead to a decrease in its value if not managed properly.
In the US, printing $100 bill costs just 12 cents — that difference, called seigniorage, nets the U.S. government $50–100 billion every year. Worldwide, this hidden scam siphons off a staggering $804 billion annually from the global economy.
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In 1983/4 and 1988 respectively, the $1 and $2 notes were replaced with coins.[5] In 1991, the 1c and 2c coins were withdrawn from circulation.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
