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Your Currency Questions Answered

May 17, 2008
You have probably figured out by now that without money you really cannot own nor do anything. It is what drives the economy, provides jobs and helps the quality of life be that much more than just survival. Many people do not realize the impact currency has had on their lives nor do they realize how much history is involved with currency. It is a piece of history.

It is something we can look back on and see just how much our lives have changed over the course of thousands of years. If you do not realize the elaborate history and how much it is used around the world, this article is for you. In it we will discuss the history of currency, how it works and the different types of currency found throughout the world.

How did early civilizations work if they did not have a set currency or coin?

Early civilizations worked on a type of currency of sorts. They would barter for goods that they needed or had in abundance. A farmer with a bumper crop would exchange his goods with the local butcher for meat. It is a similar concept with the use of currency except that the bartering aspect and the self-production aspect are not as prevalent.

Who controls the currency of a country?

The Federal government of that country usually has a branch that devotes itself to monitoring the banking system and the use of currency. They are the ones that print new bills, circulate money and destroy old currency. There are also international organizations that put out a standard of currency that agreeing companies will abide by.

What is private currency?

There are two different types of currency. Private currency issued by a private organization and fiat currency issued by a government. Private currencies may be special money paid to the employees or credits.

The best example is a casino. You trade in your fiat currency for their private currency. When you have won or lost the private currency you can then trade it, should there still be any left, for the fiat currency.

What are the different types of private currency you can find?

You can still find private currency used in casinos, in some online games and in areas where you trade your "real" money in for that establishment's tokens. In the past there were lots of places that issued their own currency, such as banks.

This lead to big problems since not every place took that form of currency. It seemed to only work in the area where the bank was located. Eventually that was taken over by the Treasury Department and they created a unified system of money that would be accepted anywhere the US dollar was accepted.

What are some types of currency found in the world?

Well the United States has the dollar. Canada has Calgary dollars, Canadian Tire money, Saltspring Dollars and the Toronto dollar. Other countries have the Pound, the Franc, the Peso, and the Yen. Each country tends to have its own special currency though many can be used throughout the area.
About the Author
Learn more about the currency at Mike Selvon portal. While you are there leave is a comment at our currency rates blog, and receive your FREE gift.
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