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Remonetisation
Remonetisation is the restoration of some commodity such as silver or coins or bank notes that are not money as money. It is the reverse of demonetisation. It is often suggested to try and stabilize a failing currency such as going back to a gold standard. Another option is such cases is currency substitution. See also * Denomination (currency) Denomination is a proper description of a currency amount, usually for coins or banknotes. Denominations may also be used with other means of payment such as gift cards. For example, ''five euros'' is the denomination of a five-euro note. Subu ... * Monetization * Legal tender#Demonetization References Currency {{Money-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Tender
Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt. Some jurisdictions allow contract law to overrule the status of legal tender, allowing (for example) merchants to specify that they will not accept cash payments. Coins and banknotes are usually defined as legal tender in many countries, but personal cheques, credit cards, and similar non-cash methods of payment are usually not. Some jurisdictions may include a specific foreign currency as legal tender, at times as its exclusive legal tender or concurrently with its domestic currency. Some jurisdictions may forbid or restrict payment made by other than legal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetization
Monetization ( also spelled monetisation) is, broadly speaking, the process of converting something into money. The term has a broad range of uses. In banking, the term refers to the process of converting or establishing something into legal tender. While it usually refers to the coining of currency or the printing of banknotes by central banks, it may also take the form of a promissory currency. The term "monetization" may also be used informally to refer to exchanging possessions for cash or cash equivalents, including selling a security interest, charging fees for something that used to be free, or attempting to make money on goods or services that were previously unprofitable or had been considered to have the potential to earn profits. And data monetization refers to a spectrum of ways information assets can be converted into economic value. Another meaning of "monetization" denotes the process by which the U.S. Treasury accounts for the face value of outstanding coinage. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gold Standard
A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system. Many states nonetheless hold substantial gold reserves. Historically, the silver standard and bimetallism have been more common than the gold standard. The shift to an international monetary system based on a gold standard reflected accident, network externalities, and path dependence. Great Britain accidentally adopted a ''de facto'' gold standard in 1717 when Sir Isaac Newton, then-master of the Royal Mint, set the exchange rate of silver to gold too low, thus causing silver coins to go out of circulation. As Great Britain became the world's leading financ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Currency Substitution
Currency substitution is the use of a foreign currency in parallel to or instead of a domestic currency. The process is also known as dollarization or euroization when the foreign currency is the dollar or the euro, respectively. Currency substitution can be full or partial. Full currency substitution can occur after a major economic crisis, such as in Ecuador, El Salvador, and Zimbabwe. Some small economies, for whom it is impractical to maintain an independent currency, use the currencies of their larger neighbours; for example, Liechtenstein uses the Swiss franc. Partial currency substitution occurs when residents of a country choose to hold a significant share of their financial assets denominated in a foreign currency. It can also occur as a gradual conversion to full currency substitution; for example, Argentina and Peru were both in the process of converting to the U.S. dollar during the 1990s. Origins After the gold standard was abandoned at the outbreak of World W ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Denomination (currency)
Denomination is a proper description of a currency amount, usually for coins or banknotes. Denominations may also be used with other means of payment such as gift cards. For example, ''five euros'' is the denomination of a five-euro note. Subunit and super unit In a currency, there is usually a main unit (base) and a subunit that is a fraction of the main unit. In some countries, there are multiple levels of subunits. In the former Ottoman Empire, 1 lira = 100 kuruş = 4000 para = 12000 akçe. Today, only a few places have more than one subunit, notably the Jordanian dinar is divided into 10 dirham, 100 qirsh/piastres, or 1000 fils. Many countries where Western European languages are spoken currently have their main units divided into 100 subunits. Some currencies that previously had subunits no longer do, because inflation has rendered the subunit useless. A prominent example is the Japanese yen, which was formerly divided into 100 sen or 1000 rin. Both subunits were demone ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
