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Sunday, March 15, 2009

Circulating Currency

A currency is a unit of exchange and hence a kind of money and medium of exchange. Currency includes paper banknotes and metal coins. Countries generally have a monopoly on the issuing of currency, although some countries share currencies with other countries.

Today, currencies are the dominant means of exchange. Different countries may use the same term to refer to their respective currencies, even though the currencies may have little else to do with each other.

A place that is technically part of another country sometimes uses a different currency from that of the parent country. Any form of money, including paper notes and coins, which is issued by a government and is used in public circulation.

A currency is used as the basis of trade for general goods and services within an economy. Usually, each country has its own currency, and exchange with the legal tender is only valid in the respective country.

However, there are groups of nations that band together and use a single currency between the members (e.g. the Euro-zone).

Currency value is most broadly based on supply and demand, although some developing countries peg the value to a more stable country's currency or to a basket of currencies/investment vehicles.

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