Friday, June 30, 2006

China-currency


History of Chinese Currency :-
The renminbi was first issued shortly before the takeover of the mainland by the Communists in 1949. One of the first tasks of the new communist government was to end the hyperinflation that had plagued China near the end of the Kuomintang era.
During the era of the command economy, the value of the RMB was set to unrealistic values in exchange with western currency and severe currency exchange rules were put in place. With the opening of the mainland Chinese economy in 1978, a dual track currency system was instituted, with renminbi usable only domestically, and with foreigners forced to use foreign exchange certificates. The unrealistic levels at which exchange rates were pegged led to a strong black market in currency transactions. For more click on the following Link

Thursday, June 29, 2006

U.K-currency



Early currency:- British pound (GBP)is the currency of U.K. The origin of currency is the creation of a circulating medium of exchange based on a store of value. Currency evolved from two basic innovations: the use of counters to assure that shipments arrived with the same goods that were shipped, and the use of silver ingots to represent stored value in the form of grain. Both of these developments had occurred by 2000 BC.

This first stage of currency, where metals were used to represent stored value, and symbols to represent commodities, formed the basis of trade in the Fertile Crescent for over 1500 years. However, the collapse of the Near Eastern trading system pointed to a flaw: in an era where there was no place that was safe to store value, the value of a circulating medium could only be as sound as the forces that defended that store. Trade could only reach as far as the credibility of that military. For more iformation click on folowing Link

Monday, June 26, 2006

Malasaya-currency


Malaysian ringgit:-Do you know what the currency and history of currency of Malasaya? The currency is runget and coin is called sen.The unit of currency is the Malaysian Ringgit indicated as (RM) which is equivalent to 100 sen. Coins are issued in denominations of 1 sen, 5 sen, 10 sen, 20 sen, 50 sen and RM1.00. Currency notes are in RM1, RM2, RM5, RM10, RM20, RM50, RM100, RM500 and RM1,000. The Ringgit is freely convertible. Foreign currency and travelers cheques can be converted to Malaysian Ringgit at banks or authorized money changers throughout the country. As of January 1997, the rate of exchange was approximately US $1.00 = RM $2.50.

Saturday, June 24, 2006

Singapore-currency


History
As you all know currency of singapore is Singapor-dollar and the coin is called cents. But do you know the history of singapore currency?


Singapore continued to use the common currency upon joining Malaysia in 1963but, two years after Singapore's expulsion and independence from Malaysia in 1965, the monetary union between Malaysia, Singapore and Brunie broke down. Singapore established the Board of Commissioners of Currency, Singapore, on April 7, 1965and released its first series of notes, the "Orchid" notes on June 12,1967. Nevertheless, the Singapore dollar was exchangeable at par with the Malaysian dollar until 1973. Interchangeability with the Brunei dollar is still maintained.
The Board of Commissioners of Currency, Singapore, was dissolved on October 1, 2002 and its functions, property and liabilities had been transferred to the Montary Authority of Singapore. There are new types of currency made of plastic.If you want more information please click on the following LINK

Friday, June 23, 2006

US-currency

American currency is called US dollar and coin is called US cents.In the early days of the nation, before and just after the revolution, Americans used English, Spanish, and French money.
The Massachusetts Bay Colony issued the first paper money in the colonies which would later form the United States.
American colonists issued paper currency for the Continental Congress to finance the Revolutionary War. The notes were backed by the "anticipation" of tax revenues. Without solid backing and easily counterfeited, the notes quickly became devalued, giving rise to the phrase "not worth a Continental."
Also to support the Revolutionary War, the continental Congress chartered the Bank of North America in Philadelphia as the nation's first "real" bank.
The Continental Congress determined that the official monetary system would be based on the dollar, but the first coin representing the start of this system would not be struck for several years.
After adoption of the Constitution in 1789, Congress chartered the First Bank of the United States untill 1811 and authorized it to issue paper bank notes to eliminate confusion and simplify trade. The bank served as the U.S. Treasury's fiscal agent, thus performing the first central bank functions.
The federal monetary system was established with the creation of the U.S. Mint in Philadelphia. The first American coins were struck in 1793.
The second Bank of the United States was chartered for 20 years until 1836.
With minimum regulation, a proliferation of 1,600 local state-chartered, private banks now issued paper money. State bank notes, with over 30,000 varieties of color and design, were easily counterfeited. That, along with bank failures, caused confusion and circulation problems.
On the brink of bankruptcy and pressed to finance the Civil War, Congress authorized the United States Treasury to issue paper money for the first time in the form of non-interest bearing Treasury Notes called Demand Notes.
Demand Notes were replaced by United States Notes. Commonly called "Greenbacks," they were last issued in 1971. The Secretary of the Treasury was empowered by Congress to have notes engraved and printed, which was done by private banknote companies.
The design of U.S. currency incorporated a Treasury seal, the fine line engraving necessary for the difficult-to-counterfeit itaglio printing, intricate geometric lathe work patterns, and distinctive linen paper with embedded red and blue fibers.
Gold Certificates were issued by the Department of the Treasury against gold coin and buillion deposits and were circulated until 1933.
The Department of the Treasury established the United States Secret Service to control counterfeits, at that time amounting to one-third of circulated currency.
National Bank Notes, backed by U.S. government securities, became predominant. By this time, 75 percent of bank deposits were held by nationally chartered banks. As State Bank Notes were replaced, the value of currency stabilized for a time.
The Department of the Treasury's bureau of Engraving and Printing started printing all U.S. currency, although other steps were done outside.
The Department of the Treasury was authorized to issue Silver Certificates in exchange for silver dollars. The last issue was in the Series of 1957.
The Department of the Treasury's Bureau of Engraving and Printing assumed all currency production functions, including engraving, printing, and processing.
After 1893 and 1907 financial panics, the Federal Reserve Act of 1913 was passed. It created the Federal Reserve System as the nation's central bank to regulate the flow of money and credit for economic stability and growth. The system was authorized to issue Federal Reserve Notes, now the only U.S. currency produced and 99 percent of all currency in circulation.
Currency was reduced in size by 25 percent and standardized with uniform portraits on the faces and emblems and monuments on the backs.
Paper currency was first issued with "In God We Trust" as required by Congress in 1955. The inscription appears on all currency Series 1963 and beyond.
A security thread and microprinting were introduced, first in $50 and $100 notes, to deter counterfeiting by advanced copiers and printers. If you want to know more about US currency click on the following LINK

India-currency


History of the rupee:-India has been one of the earliest issuers of coins in the world and the coin is called paisa. The first "rupee" is believed to be introduced by Sher Shah Suri, based on a ratio of 40 copper-coin pieces (paisa) per rupee. Among the earliest issues of paper rupees were those by the Bank of Hindostan, the General Bank of Bengal and Bihar established by the Bengal Bank amongst others.
Historically, the rupee, derived from the Sanskrit word raupya, which means silver, was a silver coin. This had severe consequences in the nineteenth century when the strongest economies in the world were on the gold standard. The discovery of vast quantities of silver in the US and various European colonies resulted in a decline in the relative value of silver to gold. Suddenly the standard currency of India could not buy as much from the outside world. This event was known as "the fall of the Rupee.