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A coin is a small, flat, 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. Obverse and its opposite, reverse, refer to the two flat faces of coins and medals. In this usage, obverse means the front face of the object and reverse means the back face. The obverse of a coin is commonly called heads, because it often depicts the head of a prominent person, and the reverse tails.
A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system. Many states nonetheless hold substantial gold reserves.
Numismatics is the study or collection of currency, including coins, tokens, paper money, medals and related objects.
The standard circulating coinage of the United Kingdom, British Crown Dependencies and British Overseas Territories is denominated in pennies and pounds sterling, and ranges in value from one penny sterling to two pounds. Since decimalisation, on 15 February 1971, the pound has been divided into 100 (new) pence. Before decimalisation, twelve pence made a shilling, and twenty shillings made a pound.
The shilling is a historical coin, and the name of a unit of modern currencies formerly used in the United Kingdom, Australia, New Zealand, other British Commonwealth countries and Ireland, where they were generally equivalent to 12 pence or one-twentieth of a pound before being phased out during the 20th century.
The Philippine peso, also referred to by its Tagalog name piso, is the official currency of the Philippines. It is subdivided into 100 sentimo, also called centavos.
Sterling is the currency of the United Kingdom and nine of its associated territories. The pound is the main unit of sterling, and the word "pound" is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling.
Roman currency for most of Roman history consisted of gold, silver, bronze, orichalcum and copper coinage. From its introduction to the Republic, during the third century BC, well into Imperial times, Roman currency saw many changes in form, denomination, and composition. A persistent feature was the inflationary debasement and replacement of coins over the centuries. Notable examples of this followed the reforms of Diocletian. This trend continued into Byzantine times.
The franc, also commonly distinguished as the French franc (FF), was a currency of France. Between 1360 and 1641, it was the name of coins worth 1 livre tournois and it remained in common parlance as a term for this amount of money. It was reintroduced in 1795. After two centuries of inflation, it was redenominated in 1960, with each new franc (NF) being worth 100 old francs. The NF designation was continued for a few years before the currency returned to being simply the franc. Many French residents, though, continued to quote prices of especially expensive items in terms of the old franc, up to and even after the introduction of the euro in 2002. The French franc was a commonly held international reserve currency of reference in the 19th and 20th centuries. Between 1998 and 2002, the conversion of francs to euros was carried out at a rate of 6.55957 francs to 1 euro.
Roman Republican currency refers to the coinage struck by the various magistrates of the Roman Republic, to be used as legal tender. In modern times, the abbreviation RRC, "Roman Republican Coinage" originally the name of a reference work on the topic by Michael H. Crawford, has come to be used as an identifying tag for coins assigned a number in that work, such as RRC 367.
The Congolese franc is the currency of the Democratic Republic of the Congo. It is subdivided into 100 centimes. However, centimes no longer have a practical value and are no longer used. In April 2022, 2,000 francs was equivalent to US$1.
The Guyanese dollar has been the unit of account in Guyana since 29 January 1839. Originally it was intended as a transitional unit to facilitate the changeover from the Dutch guilder system of currency to the British pound sterling system. The Spanish dollar was already prevalent throughout the West Indies in general, and from 1839, the Spanish dollar unit operated in British Guiana in conjunction with British sterling coins at a standard conversion rate of one dollar for every four shillings and twopence. In 1951 the British sterling coinage was replaced with a new decimal coinage which was simultaneously introduced through all the British territories in the Eastern Caribbean. When sterling began to depreciate in the early 1970s, a switch to a US dollar peg became increasingly attractive as an anti-inflationary measure and the Eastern Caribbean Currency Authority made the switch in October 1975. The Guyanese dollar is normally abbreviated with the dollar sign $, or alternatively G$ to distinguish it from other dollar-dominated currencies.
The dollar has been the currency of Barbados since 1935. Globally its currency has the ISO 4217 code BBD, however, unofficially in Barbados the International vehicle registration code code BDS is also commonly used, a currency code that is otherwise reserved for Bangladesh outside Barbados. As such the present dollar has the ISO 4217 code BBD. The Barbadian dollar is divided into 100 cents.
The history of money concerns the development throughout time of systems that provide the functions of money. Such systems can be understood as means of trading wealth indirectly; not directly as with bartering. Money is a mechanism that facilitates this process.
The silver real was the currency of the Spanish colonies in America and the Philippines. In the seventeenth century the silver real was established at two billon reals or sixty-eight maravedís. Gold escudos were also issued. The coins circulated throughout Spain's colonies and beyond, with the eight-real piece, known in English as the Spanish dollar, becoming an international standard and spawning, among other currencies, the United States dollar. A reform in 1737 set the silver real at two and half billon reals or eighty-five maravedís. This coin, called the real de plata fuerte, became the new standard, issued as coins until the early 19th century. The gold escudo was worth 16 reales de plata fuerte.
Silver coins are considered 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.
The Ruanda-Urundi franc was a currency issued for the Belgian mandate territory of Ruanda-Urundi in 1960–62 which continued to circulate within its successor states of Rwanda and Burundi until 1964. The currency replaced the Belgian Congo franc which had also circulated in Ruanda-Urundi from 1916–60 when the Belgian Congo became independent, leaving Ruanda-Urundi as the sole Belgian colonial possession in Africa. With the independence of Rwanda and Burundi in 1962, the shared Ruanda-Urundi franc continued to circulate until 1964 when it was eventually replaced by two separate national currencies.
Fiat money is a type of currency that is not backed by a commodity, such as gold or silver. It is typically designated by the issuing government to be legal tender. Throughout history, fiat money was sometimes issued by local banks and other institutions. In modern times, fiat money is generally authorized by government regulation.
Kissi penny, also seen transcribed as kissy or kisi penny or known as guenze, koli, and kilindi, was an iron currency made in Sierra Leone that circulated widely in the immediate vicinity of its production among Gbandi (Bandi), Gola, Kissi, Kpelle, Loma, Mandinka and Mende and other people of Liberia, Sierra Leone, and Guinea-Conakry.
The Celtic currency of Britain were the various items and coins used as currency between approximately 200 BC and AD 60. The earliest currency consisted of various forms of iron bars. Coins were first imported in large numbers in around 150 BC and domestic minting began around 100BC. Coin production was largely ended by the Roman conquest of Britain, first by the Claudian invasion of AD 43 and later by the Defeat of Boudica in AD 60 or 61. Cast coins may have been produced for a few more years around Hengistbury Head. Exact dating of coins often changes in the light of new research.
References
- 1 2 "Object : Currency Bars". A History of the World in 100 Objects . BBC. Retrieved 10 January 2022.
- ↑ "Iron Age: Coins & Currency". study.com. Retrieved 10 January 2022.
- ↑ "Earliest use of money". Van Arsdell Celtic Coinage of Britain. Retrieved 10 January 2022.
- ↑ "Findspot - Iron Age currency bars". Our Warwickshire. Retrieved 10 January 2022.
- ↑ "Meon Hill". Department of Classics and Ancient History. University of Warwick . Retrieved 10 January 2022.
- ↑ McGrory, David (1999-09-07). "Roman invasion; COVENTRY: The making of a city". Coventry Evening Telegraph (England). Free Online Library. Retrieved 10 January 2022.
- ↑ Lennox, Marsya (1999-09-10). "Property: Unlock the secret history of Shangri La". The Birmingham Post (England). Free Online Library. Retrieved 10 January 2022.
- ↑ "Object Talk: Ancient Money - Iron Age Currency Bars". Cheltenham Art Gallery and Museum . Retrieved 10 January 2022.
- ↑ Allen, Derek (February 1968). "Iron Currency Bars in Britain". Proceedings of the Prehistoric Society. 33: 307–335. doi:10.1017/S0079497X00014110.
- ↑ Parri, Ian (2005-11-12). "Ironage gifts to the gods resurface; 60 years after they were found 2000 year old artefacts come home". Daily Post (Liverpool, England). Free Online Library. Retrieved 10 January 2022.
Tongs and sickles turned up unaltered in basic design down the millennia. The hoard included swords - some purposefully bent in offering, as well as daggers, shields, horse bits, chariot wheels, lynch pins, and currency bars.
