Types and Usage
What is ‘Currency’
Currency is a generally accepted form of money, including coins and paper notes, which is issued by a government and circulated within an economy. Used as a medium of exchange for goods and services, Currency is the basis for trade.
Over 150 types of Currencies exist in the world. The most common are :
• E.U.: Euro-EUR
• U.S.: Dollar-USD
• U.K.: Pound-GBP
• Switzerland: Swiss Franc-CHF
• Japan: Yen-JYP
Other Known Currencies:
Other widely known Currencies are:
• Mexico: Peso- MXN
• Sweden: Krona- SEK
• India: Rupee-INR
• Russia: Ruble-RUB
Uses of Currency’s:
When currency is used to intermediate the exchange of goods and services, it is performing a function as a medium of exchange. It thereby avoids the inefficiencies of a barter system, such as the “coincidence of wants” problem. Currency’s most important usage is as a method for comparing the values of dissimilar objects.
