Definition of Currency
Currency is the most-practiced word for referring money of all form when in actual use or circulation; it is used as a medium of exchange, especially on the matter of circulation of paper money. This is generally accepted form of money, including coins and paper notes, which is circulated by government, and propagates within the economy. Currency plays a vital role in trading, where purchasing goods and consuming services involved.
In simple words, currency is the monetary system which is commonly used, especially in the nation. There are many currency or currencies for a distinct nation like British pounds, U.S. dollars, and European Euros are different type of currency in the economy. In this definition, currency is not defined as a physical object but as a value store which decide the relative values of the different currencies while trading between nations in foreign exchange markets. This has to keep in mind that each currency has its limitation on its acceptance.
Books on Currency
The CURRENCY of Ideas: Monetary Politics in the European Union By Kathleen R. McNamara (published by Cornell University Press, 1998)
Currency Derivatives: Pricing Theory, Exotic Options, and Hedging Applications By David F. DeRosa (published by John Wiley & Sons, 1998)
How Currency works?
There are numerous examples of currency, because each country believed to have their own currency by which they trade in the international market, or they can buy other currencies by
- Currency is divided into two categories, fiat money and tied to an underlying asset, whereas fiat money possesses no intrinsic value which is circulated by government. In terms of value as raw material, this type of currency is not very worthy. Under the title of fiat money, most paper money is included. The value of this type of currency comes from what it represents rather than what it is. And the second type asset-backed currency is referred to gold, silver and other valuable commodities that are rare in the current market.
- For example, Switzerland's official currency is the Swiss franc, and Japan's official currency is the yen. An exception would be the euro, which is used as the currency for several European countries. India uses Rupee as its currency.
So there is a list of currency that every country or nation uses for trading.
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