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Transcript of Currency
1826 --> two versions of Argentine peso were induced Peso Fuerte (convertible)
Peso Moneda Corriente (unconvertible) 1890 --> Coin made in silver but changed becasue of economic crisis 1881 -->changed into one currency: Peso Moneda Nicional 1 US Dollar = 6.91 BOB The Dollar is a dominating currency Paper money is available in values of 2,5,10,20,50 and 100 pesos
Coins are available in values of 1,5,10,25 and 50 centavos and one peso Canada - Canadian Dollar Banknotes: 10, 20, 50, 100, 200
Coins: 10, 20, 50 (not used requently: 1, 2, 5) First introduced in 1864
1952 & 1975 the boliviano was devalued
1985 strong economic measures were taken
The banco central (Central Bank) issues the currency 1 US Dollar = 2.01 BRL - the Canadian dollar is the 6th most traded currency in the world. When is started: How it started: The Money: Interesting fact: - In the early 16th Century, items such as wampum and furs were actually considered currency. - With the colonization of France and England, various coins were introduced in the 18th and 19th Century. - Canadian bills or bank notes are commonly available in $5, $10, $20, $50 and $100 dollar denominations. The $1 and $2 bills have been replaced with coins (the loonie and the toonie).
- Canadian coins include the loonie, toonie, 25¢ quarter, 10¢ dime, 5¢ nickel and 1¢ penny, although production of the penny has been stopped, so hang on to one or two as a keepsake. - The Canadian Parliament passed the Uniform Currency Act in April 1871, tying up loose ends as to the currencies of the various provinces and replacing them with a common Canadian dollar. Arrival of Portuguese triggered the need of currency in Brazil
In the course of two centuries Spanish Reales brought from Peru were the most abundantly circulated coins
It was measured by the metal content
The real = official currency in 1690
1772 first paper bill introduced
1942- Real replaced by Cruzeiro
Cruzeiro was legal tender from 1942-1986 and 1990-1993
Real legal tender from 1993 until present time 1 US Dollar = 2.56 PEN Paraguay- Paraguayan guarani 1 US Dollar = 18.95 USD 1 US Dollar = 4050 PYG In 1863, Peru introduced the Soles de Oro replacing the circulating Bolivian Peso notes included the 10,000 Soles de Oro banknote, released in 1979, the 50,000 Soles de Oro banknote in 1982, and the 100,000 Soles de Oro banknote in 1985 First Fiat Currency Second Fiat Currency Coins: 1, 5, 10, 50, 100, 500, 1000 Guaranies
Banknotes: 1, 5, 10, 50, 100, 500, 1000, 5000, 50 000, 100 000 Guaranies On February 1, 1985 old soles notes could be exchanged for new inti banknotes
The initial value of the new currency was 11.65 PEI to 1 USD
At the end of that year, it took 516,989 PEI to purchase 1 USD
Coins denominated in the new currency were introduced on October 1, 1991 and the first banknotes appeared on November 13, 1991 The Guarani was divided into 100 céntimos but, because of inflation, céntimos are no longer in use. 5 October 1943 - The law creating the Guarani was passed The Peruvian Nuevo Sol The Peruvian Intis The Peruvian Soles de Oro
Replaced the peso at a rate of 1 Guarani = 100 pesos Third Fiat Currency The Guaraní is currently the least valued currency unit in the Americas. Coins denominated in the new currency were introduced on October 1, 1991 and the first banknotes appeared on November 13, 1991 Interesting Fact: The Money: 2004:
- Phenomenon! Currency appreciated in nominal terms against the US dollar (going from 30 to 24 pesos to the dollar) Economics
Mr.McCullough Banknotes are avaliable in 20, 50, 100, 200, 500, 1000, 2000 pesos
Coins are avaliable in 1, 2, 5, 10, 50 pesos uruguayos - Uruguayans became accustomed to constant devaluation of currency
-Consequence of Instability: prices for most big-ticket items (real estate, cars and even executives' salaries) are denominated in U.S. dollars.
-During the military rule, the peso was on a crawling peg to the dollar November 1973:
-The peso replaced by the nuevo peso (rate of 1 new peso for 1000 old pesos) 1993:
- present currency adopted and is subdivided into 100 centésimos. Panama - Panamanian Balboa Costa Rica - Costa Rican Colón Honduras - Lempira El Salvador - Salvadoran Colon The Euro is a dominating currency Hungary- Hungarian forint Bulgaria- Bulgarian lev Denmark- Danish krone Eurozone: (Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain) - Euro Bangladesh - Bangladeshi taka India – Indian Rupee Morocco- Morroccan dirham Kenya- Kenyan shilling United States - American Dollar - The U.S. dollar is the currency most used in international transactions
- Created by the Constitution and defined by the Coinage Act of 1792.
- Gold or Silver value: relative value in the economy, allows the value of things to remain fairly constant over time, except for the influx and outflux of gold and silver in the nation's economy. Banknotes: $1, $2, $5, $10, $20, $50, $100
Coins: 1, 5, 10, 25, 50 cents and $1 - 1794: The first United States dollar was minted - 1862: paper money Issued without the backing of precious metals, due to the Civil War.- The value of the U.S. dollar declined significantly during wartime 1 US Dollar = 12.2MXN 1 US Dollar = 1 PAB 1 US Dollar = 8.75 SVC 1 US Dollar = 499.54 CRC 1 US Dollar = 19.28 HNL - 1979: President Carter appointed Paul Volcker Chairman of the Federal Reserve. The Federal Reserve tightened the money supply and inflation was substantially lower in the 1980s, and hence the value of the U.S. dollar stabilized.- 1981 - 2009: U.S. dollar lost over half its value Mexico - Mexican Peso
-Starting from worldwide depression of 1929 to government deregulation of the monetary system lead to national economic crisis
-June 19, 1934: the Legislature approved the creation of the Central Bank of El Salvador Banknotes: 1, 2, 5, 10, 25, 50, 100, 200 colones
Coins: 5, 10, 25, 50 centavos, 1, 5 colón -Was the currency of El Salvador between 1892 and 2001, until substituted by the U.S. Dollar
-It was subdivided into 100 centavos
-October 1 of 1892: the government of President Carlos Ezeta, decided that the Salvadoran peso be called 'Colon', in homage to the "discoverer" of America.
- It was initially pegged to the U.S. dollar at a rate of 2 colones = 1 dollar
-The colón replaced the peso at par in 1919 -In 19th century: Farms made tin sheets to use as payment to employees that had value only in farm stores that issued it (like monopoly)-1883: Dr. Rafael Zaldivar placed the First Monetary Law using "Peso (weight)" as a monetary unit, discarding the Spanish system Introduced in 1931 (replaced the peso)
In 1931, 5, 20 and 50 centavos coins and 1 lempira coins were minted and distributed for circulation
Lempira is on 1 lempira banknotes (16th century ruler)
The 2-lempira coin features Marco Aurelio Soto, who is a former president of the country Banknotes: 1, 5, 10, 20, 50, 100, 500
Coins: 1, 2, 5, 10, 20, 50 centavo coins -The balboa one of the official currencies of Panama beside US dollar
-Named in honor of the Spanish explorer /conquistador Vasco Núñez de Balboa.
-1904: replaced Colombian peso following country’s independence Coins: 1 & 5 centésimos, 1⁄10, ¼, ½, 1 & 2 balboas
-1966: Followed the U.S. in changing the composition of their silver coins, with copper-nickel clad -Modern 1 and 5 centésimos and 1⁄10, ¼, and ½ balboa coins are the same weight, dimensions, and composition as the U.S. cent, nickel, dime, quarter, and half-dollar, respectively Banknotes: None (U.S. dollars are employed instead, although denominated in balboas) Banknotes: 1000, 2000, 5000, 10000, 20000, 50000
Coins: 1, 5, 10, 20, 50, 100, 500 First Peso:
-The peso was originally the name of the eight-real coins issued in Mexico by Spain
-20th century: Mexican peso remained one of the more stable currencies in Latin America
-January 1, 1993: Bank of Mexico introduced a new currency: the nuevo peso
-Thanks to stability of Mexican economy and growth in foreign investment, Mexican peso is now among the 15 more traded currency units in recent years. Coins: 10¢, 20¢, 50¢, $1, $2, $5, $10, 5¢, $20, $50, $100
Banknotes: $20, $50, $100, $200, $500, $1000 3th most traded currency in the world
-Third most traded in the Americas,
-Most traded currency in Latin America.
-The peso is subdivided into 100 centavos, Colon introduced in 1896 (replaced peso)
the 50,000 note was introduced in 2010 which is the largest currency denomination in the world which is worth at least 100USD 1 US Dollar = 6.5 SEK 1 US Dollar = 227.5 HUF 1 US Dollar = 1.48 BGN 1 US Dollar = 5.66 DKK Austria - Euro 1 US Dollar = 0.76 ATS Sweden- Swedish Krona 1 US Dollar= 77.48 BDT 1 US Dollar = 53.3 INR -Official currency of Denmark since Jan 1, 1875
-One Krone subdivided into 100 øre
-For almost 1,000 years, Danish kings – with a few exceptions – issued coins with their name, monogram and/or portrait.
-Until the late 18th century, the krone was a denomination equal to 8 mark
- January 1875: new krone introduced as the currency of Denmark due to the Scandinavian Monetary Union 1 US Dollar = 8.46 MAD 1 US Dollar = 83.80 KES Coins: 50-øre, 1, 2, 5, 10, 20 kroner
Banknotes: 50, 100, 200, 500, 1000 kroner -1914: The Scandinavian Monetary Union came to end when the gold standard was abandoned-1924 : Denmark returned to the gold standard in but left it permanently in 1931 National currency since 1873
1661 backnotes were introduced
1873 Sweden joined the “Scandinavian Monetary Union” with Norway and Denmark and replaced their currency by Krona Banknotes printed in: 20, 50, 100, 500 and 1,000 kronor
Coins: 1, 5, 10 kroner Banknotes: 1, 2, 5, 10, 20, 50, 100 leva
Coins: 1, 2, 5, 10, 20 & 50 stotinki Lev introduced in 1881
Largest lev note was 50, 000 which was published in 1997 (not circulated now)
In 1952, 3 leva note was circulating but isn't anymore since it isn't used - It is divided into 100 fillér, although fillér coins are no longer in circulation.
- 1868 – 1892: the forint was the name used in Hungarian for the currency of the Austro-Hungarian Empire
- Aug 1, 1946 crucial step of post WWII stabilization of Hungarian economy until 1980s Coins: 5, 10, 20, 50, 100, 200 forint
Banknotes: 500, 1000, 2000, 5000, 10,000, 20,000 forint - Transition to market economy in the early 1990s deteriorated the value of the forint
- long term aim of the Hungarian government is to replace the forint with the euro
- Since year 2000: high value of forint handicaps Hungarian industry against foreign competitors with lower valued currencies. Euro-area member since Jan 1, 1999
Jan 1, 2002: Euro banknotes and coins introduced
issued and managed by the European Central Bank
It is divided into 100 smaller units called cent.
Feb 28th, 2013 Dual circulation period (shilling AND euro had legal tender status) ended Banknotes: €5, €10, €20, €50, €100, €200, €500
Coins: 1c, 2c, 5c, 10c, 20c, 50c, €1, €2 €5 , €10, €20, €100, €1,000 March 4th, 1972: Taka became Bangladesh’s currency
Word “taka” also commonly used to mean generally any money, currency or notes
One taka subdivided into 100 poisha
Bangladesh Bank: central bank which controls the issuance f the currency
Ministry of Finance of the government of Bangladesh: responsible for one and 2 taka notes Coins: 1, 2, 5 Taka and 1, 4, 10, 25, 50 poisha
Banknotes: 1, 2, 5, 10, 20, 40, 50, 60, 100, 500, 1000 Taka India was one of the first issuers of coins (between 2500 & 1750 BC)
1540-1545 was when the Rupee was introduced
In 1866 control of paper money was shifted to British Government
Once inependence was gained in 1947 the rupee was switched back to its original design Moroccan dirham introduced in 1882
When Morocco became french protectorate in 1912 it switched to the Moroccan franc
Dirham was back on October 16th 1960 (which was also when the coin was introduced) Banknotes: 20, 50, 100, 200 dirham
Coins: 10 & 20 santimat, ½, 1, 2, 5 & 10 dirham Kenyan shilling replaced the East African shilling in 1966
25 cent coins stopped being produced in 1969 & 2 shillings stopped minting in 1971
5 shillings notes were replaced by coins in 1985 Coins: 1, 5, 10 , 20 shillings
Banknotes: 50, 100, 200, 500 and 1000 shillings