Currency
Currency is a form of money that is used as a medium of exchange for goods and services. It is the most common form of money used in the world today. Currency is issued by governments and is backed by the full faith and credit of the issuing government. It is also accepted as legal tender in the country in which it is issued. Currency is typically printed on paper or minted in coins, although some countries have begun to issue digital currency.
History of Currency
The history of currency dates back to ancient times when people used bartering to exchange goods and services. This system of bartering was eventually replaced by coins and paper money. Coins were first used in the Middle East around 600 BC. Paper money was first used in China during the Tang Dynasty in the 7th century AD. The use of paper money spread throughout the world and eventually replaced coins as the primary form of currency.
Comparison of Currency Types
| Currency Type | Issuing Country | Accepted as Legal Tender |
|---|---|---|
| Paper Money | Various | Yes |
| Coins | Various | Yes |
| Digital Currency | Various | Yes |
Summary
Currency is a form of money that is used as a medium of exchange for goods and services. It is issued by governments and is accepted as legal tender in the country in which it is issued. The history of currency dates back to ancient times when people used bartering to exchange goods and services. Paper money and coins are the two most common forms of currency, although some countries have begun to issue digital currency. For more information about currency, visit the websites of the World Bank, the International Monetary Fund, and the Bank for International Settlements.
See Also
- Money
- Banking
- Exchange Rate
- Inflation
- Interest Rate
- Investment
- Debt
- Credit
- Financial Markets
- Financial Instruments
