A coin of account is a unit of
money
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are as ...
that does not exist as an actual
coin
A coin is a small, flat (usually depending on the country or value), round piece of metal or plastic used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order t ...
(that is, a metal disk) but is used in figuring prices or other amounts of money.
Examples
Mill
The ''
mill
Mill may refer to:
Science and technology
*
* Mill (grinding)
* Milling (machining)
* Millwork
* Textile mill
* Steel mill, a factory for the manufacture of steel
* List of types of mill
* Mill, the arithmetic unit of the Analytical Engine early ...
'' (or sometimes, ''mil'') is a coin of account in the United States. It is equal to one-tenth of a
penny
A penny is a coin ( pennies) or a unit of currency (pl. pence) in various countries. Borrowed from the Carolingian denarius (hence its former abbreviation d.), it is usually the smallest denomination within a currency system. Presently, it is t ...
, and so to one-thousandth of a dollar (= $0.001), whence the name, which means "thousandth." There was never such a coin
mint
MiNT is Now TOS (MiNT) is a free software alternative operating system kernel for the Atari ST system and its successors. It is a multi-tasking alternative to TOS and MagiC. Together with the free system components fVDI device drivers, XaAES g ...
ed by the U.S. Federal government, though some states minted these coins well into the mid-1900s. Coins of account are used in accounting and for figuring
tax
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or n ...
es, usually either
property tax
A property tax or millage rate is an ad valorem tax on the value of a property.In the OECD classification scheme, tax on property includes "taxes on immovable property or net wealth, taxes on the change of ownership of property through inheri ...
es or
sales tax
A sales tax is a tax paid to a governing body for the sales of certain goods and services. Usually laws allow the seller to collect funds for the tax from the consumer at the point of purchase. When a tax on goods or services is paid to a govern ...
es.
Guinea
From 1816 to the 1980s the
British Guinea was no longer used a coin but prices for luxury items and professional services were often quoted in guineas, on the understanding that a guinea was equal to 21 shillings.
See also
*
Unit of account
In economics, unit of account is one of the money functions. A unit of account is a standard numerical monetary unit of measurement of the market value of goods, services, and other transactions. Also known as a "measure" or "standard" of rela ...
*
Money
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are as ...
*
Digital currency
Digital currency (digital money, electronic money or electronic currency) is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital cu ...
Money
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