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Euro coins and banknotes
Euro coins and banknotes

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are as a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment.

Money was historically an emergent market phenomenon that possess intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity 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", in the case of the United States dollar. Contexts which erode public confidence, such as the circulation of counterfeit money or domestic hyperinflation, can cause good money to lose its value.

The money supply of a country comprises all currency in circulation (banknotes and coins currently issued) and, depending on the particular definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). Bank money, whose value exists on the books of financial institutions and can be converted into physical notes or used for cashless payment, forms by far the largest part of broad money in developed countries. (Full article...)

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The Coinage Act of 1965, Pub. L. 89–81, 79 Stat. 254, enacted July 23, 1965, eliminated silver from the circulating United States dime (ten-cent piece) and quarter dollar coins. It also reduced the silver content of the half dollar from 90 percent to 40 percent; silver in the half dollar was subsequently eliminated by a 1970 law.

There had been coin shortages beginning in 1959, and the United States Bureau of the Mint expanded production to try to meet demand. The early 1960s was a time of increased use of silver both in the coinage and in industry, putting pressure on the price of silver, which was capped at just over $1.29 per ounce by government sales at that price. The silver in a dollar's worth of quarters would be worth more as bullion than as money if the price of the metal rose past $1.38 per ounce, and there was widespread hoarding of silver coins. Demand for the Kennedy half dollar as a collectable drove it from circulation after its debut in 1964. The Bureau of the Mint increased production, helping reduce the coin shortages by May 1965, but government stocks of silver were being rapidly reduced, and threatened to run out by 1968. After extensive study by the Treasury Department, President Lyndon B. Johnson in June 1965 recommended that Congress pass legislation to allow for silverless dimes and quarters, and debased silver half dollars. Although there was some opposition, mainly from legislators representing Western mining states, the bill progressed rapidly through Congress, and was enacted with Johnson's signature on July 23, 1965. (Full article...)
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Currency South Korea.jpg
The Korean Republic won, unofficially the South Korean won (Symbol: ; Code: KRW; 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 it appears only in foreign exchange rates. The currency is issued by the Bank of Korea, based in the capital city of Seoul. (Full article...)

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The following are images from various currency-related articles on Wikipedia.
  • Image 1President J. K. Paasikivi illustrated in a former Finnish 10 mark banknote from 1980 (from Money)
    President J. K. Paasikivi illustrated in a former Finnish 10 mark banknote from 1980 (from Money)
  • Image 2Sino Tibetan silver tangka, dated 58th year of Qian Long era, reverse. Weight 5.57 g. Diameter: 30 mm (from Tibetan tangka)
    Sino Tibetan silver tangka, dated 58th year of Qian Long era, reverse. Weight 5.57 g. Diameter: 30 mm (from Tibetan tangka)
  • Image 3Tibetan undated silver tangka, struck in 1953/54, reverse. (from Tibetan tangka)
    Tibetan undated silver tangka, struck in 1953/54, reverse. (from Tibetan tangka)
  • Image 4Tibetan "gaden" Tangka, undated (ca. AD 1840), reverse (from Tibetan tangka)
    Tibetan "gaden" Tangka, undated (ca. AD 1840), reverse (from Tibetan tangka)
  • Image 5Tibetan undated silver tangka (2nd half of 18th century) with eight times the syllable "dza" in vartula script,reverse (from Tibetan tangka)
    Tibetan undated silver tangka (2nd half of 18th century) with eight times the syllable "dza" in vartula script,reverse (from Tibetan tangka)
  • Image 6Tibetan undated silver tangka (2nd half of 18th century) with eight times the syllable "dza" in vartula script,obverse (from Tibetan tangka)
    Tibetan undated silver tangka (2nd half of 18th century) with eight times the syllable "dza" in vartula script,obverse (from Tibetan tangka)
  • Image 7A hoard of mostly Mauryan  punch-marked coins (from Punch-marked coins)
    A hoard of mostly Mauryan punch-marked coins (from Punch-marked coins)
  • Image 8Tibetan undated silver tangka, struck in 1953/54, obverse. (from Tibetan tangka)
    Tibetan undated silver tangka, struck in 1953/54, obverse. (from Tibetan tangka)
  • Image 9Athens coin (c. 500/490-485 BC) discovered in Pushkalavati. This coin is the earliest known example of its type to be found so far east. (from Punch-marked coins)
    Athens coin (c. 500/490-485 BC) discovered in Pushkalavati. This coin is the earliest known example of its type to be found so far east. (from Punch-marked coins)
  • Image 10Tibetan "gaden" Tangka, undated (ca. AD 1840), obverse (from Tibetan tangka)
    Tibetan "gaden" Tangka, undated (ca. AD 1840), obverse (from Tibetan tangka)
  • Image 11Sino Tibetan silver tangka, dated 58th year of Qian Long era, obverse. Weight 5.57 g. Diameter: 30 mm (from Tibetan tangka)
    Sino Tibetan silver tangka, dated 58th year of Qian Long era, obverse. Weight 5.57 g. Diameter: 30 mm (from Tibetan tangka)
  • Image 13"Bent bar" minted under Achaemenid administration, Gandhara, c.350 BC. (from Punch-marked coins)
    "Bent bar" minted under Achaemenid administration, Gandhara, c.350 BC. (from Punch-marked coins)
  • Image 14Money Base, M1 and M2 in the U.S. from 1981 to 2012 (from Money)
    Money Base, M1 and M2 in the U.S. from 1981 to 2012 (from Money)
  • Image 15Undated Kelzang tangka (1910), obverse (from Tibetan tangka)
    Undated Kelzang tangka (1910), obverse (from Tibetan tangka)
  • Image 16Punch-marked coins discovered from Chandraketugarh. (from Punch-marked coins)
    Punch-marked coins discovered from Chandraketugarh. (from Punch-marked coins)
  • Image 17Gold coins are an example of legal tender that are traded for their intrinsic value, rather than their face value. (from Money)
    Gold coins are an example of legal tender that are traded for their intrinsic value, rather than their face value. (from Money)
  • Image 18A person counts a bundle of different Swedish banknotes. (from Money)
    A person counts a bundle of different Swedish banknotes. (from Money)
  • Image 19In a 1786 James Gillray caricature, the plentiful money bags handed to King George III are contrasted with the beggar whose legs and arms were amputated, in the left corner. (from Money)
    In a 1786 James Gillray caricature, the plentiful money bags handed to King George III are contrasted with the beggar whose legs and arms were amputated, in the left corner. (from Money)
  • Image 20Tenga of Muhammad Khudayar Khan, struck at the Kokand mint, dated 1862–1863 (from Kokand tenga)
    Tenga of Muhammad Khudayar Khan, struck at the Kokand mint, dated 1862–1863 (from Kokand tenga)
  • Image 21A 1914 British gold sovereign (from Money)
    A 1914 British gold sovereign (from Money)
  • Image 22Tibetan silver tangka with Ranjana (Lantsa) script, dated 15-28 (= AD 1894), reverse (from Tibetan tangka)
    Tibetan silver tangka with Ranjana (Lantsa) script, dated 15-28 (= AD 1894), reverse (from Tibetan tangka)
  • Image 23Huizi currency, issued in 1160 (from Money)
    Huizi currency, issued in 1160 (from Money)
  • Image 24A 640 BC one-third stater electrum coin from Lydia (from Money)
    A 640 BC one-third stater electrum coin from Lydia (from Money)
  • Image 25Printing paper money at a printing press in Perm (from Money)
    Printing paper money at a printing press in Perm (from Money)
  • Image 26Undated Kelzang tangka (1910), reverse (from Tibetan tangka)
    Undated Kelzang tangka (1910), reverse (from Tibetan tangka)
  • Image 27A 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. (from Money)
    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. (from Money)
  • Image 28Tibetan kong par tangka, dated 13-45 (= AD 1791),reverse (from Tibetan tangka)
    Tibetan kong par tangka, dated 13-45 (= AD 1791),reverse (from Tibetan tangka)
  • Image 29Tibetan silver tangka with Ranjana (Lantsa) script, dated 15-28 (= AD 1894), obverse (from Tibetan tangka)
    Tibetan silver tangka with Ranjana (Lantsa) script, dated 15-28 (= AD 1894), obverse (from Tibetan tangka)
  • Image 30Paper money from different countries (from Money)
    Paper money from different countries (from Money)
  • Image 31A check, used as a means of converting funds in a demand deposit to cash (from Money)
    A check, used as a means of converting funds in a demand deposit to cash (from Money)
  • Image 32Tibetan kong par tangka, dated 13-45 (= AD 1791),obverse (from Tibetan tangka)
    Tibetan kong par tangka, dated 13-45 (= AD 1791),obverse (from Tibetan tangka)
  • Image 33Song Dynasty Jiaozi, the world's earliest paper money (from Money)
    Song Dynasty Jiaozi, the world's earliest paper money (from Money)
  • Image 34US dollar banknotes (from Money)
    US dollar banknotes (from Money)
  • Image 35Banknotes of different currencies with a face value of 5000 (from Money)
    Banknotes of different currencies with a face value of 5000 (from Money)

In the news

25 December 2022 –
A court in the Maldives sentences former president Abdulla Yameen to 11 years in prison on money laundering and bribery charges. (ABC News)

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