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Coin Of Account
A coin of account is a unit of money that does not exist as an actual coin (that is, a metal disk) but is used in figuring prices or other amounts of money. Examples Mill The ''mill'' (or sometimes, ''mil'') is a coin of account in the United States. It is equal to one-tenth of a penny, and so to one-thousandth of a dollar (= $0.001), whence the name, which means "thousandth." There was never such a coin minted 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 taxes, usually either property taxes or sales taxes. 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 * Money * Digital currency Digital currency (digital money, electronic money or electronic currency) is any currency ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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: medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Money was historically an emergent market phenomenon that possessed intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar. The money supply of a country comprises all currency in circulation (banknotes and coins currently issued) and, depending on the particular definiti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coin
A coin is a small object, usually round and flat, 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 to facilitate trade. They are most often issued by a government. Coins often have images, numerals, or text on them. The faces of coins or medals are sometimes called the ''obverse'' and the ''reverse'', referring to the front and back sides, respectively. The obverse of a coin is commonly called ''heads'', because it often depicts the head of a prominent person, and the reverse is known as ''tails''. The first metal coins – invented in the ancient Greek world and disseminated during the Hellenistic period – were precious metal–based, and were invented in order to simplify and regularize the task of measuring and weighing bullion (bulk metal) carried around for the purpose of transactions. They carried their value within the coins themselves, but the stampings also induced manip ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mill (currency)
The mill (American English) or mil (Commonwealth English, except Canada) is a unit of currency, used in several countries as one-thousandth of the base unit. It is symbolized as ₥ (). In the United States, it is a notional unit equivalent to a thousandth of a United States dollar (a hundredth of a dime (United States coin), dime or a tenth of a cent (currency), cent). In the United Kingdom, it was proposed during the decades of discussion on Decimal Day, decimalisation as a division of the pound sterling. While this system was never adopted in the United Kingdom, the currencies of some British or formerly British territories did adopt it, such as the Palestine pound and the Maltese lira. The term comes from the Latin "millesimum", meaning "thousandth part". Usage United States In the United States, the term was first used by the Continental Congress in 1786, being described as the "lowest money of account, of which 1000 shall be equal to the federal dollar". The Coinage Ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Penny
A penny is a coin (: pennies) or a unit of currency (: pence) in various countries. Borrowed from the Carolingian denarius (hence its former abbreviation d.), it is usually the smallest denomination within a currency system. At present, it is the formal name of the British penny ( p) and the '' de facto'' name of the American one-cent coin (abbr. ¢). ''Penny'' is also the informal name of the cent unit of account in Canada, although the production of one-cent coins was ended in 2012. The name ''penny'' is also used in reference to various historical currencies, also derived from the Carolingian system, such as the French denier and the German pfennig. It may also be informally used to refer to any similar smallest-denomination coin, such as the euro cent or Chinese fen. The Carolingian penny was originally a 0.940-fine silver coin, weighing pound. It was adopted by Offa of Mercia and other English kings and remained the principal currency in Europe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mint (coin)
A mint is an industrial facility which manufactures coins that can be used as currency. The history of mints correlates closely with the history of coins. In the beginning, hammered coinage or cast coinage were the chief means of coin minting, with resulting production runs numbering as little as the hundreds or thousands. In modern mints, coin dies are manufactured in large numbers and planchets are made into milled coins by the billions. With the mass production of currency, the production cost is weighed when minting coins. For example, it costs the United States Mint much less than 25 cents to make a quarter (a 25 cent coin), and the difference in production cost and face value (called seigniorage) helps fund the minting body. Conversely, a U.S. penny ($0.01) cost $0.015 to make in 2016. History The first minted coins The first mint was likely established in Lydia in the 7th century BC, for coining gold, silver and electrum. The first coins known to be minted on E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property Tax
A property tax (whose rate is expressed as a percentage or per mille, also called ''millage'') 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 Wealth tax, net wealth, taxes on the change of ownership of property through Inheritance tax, inheritance or Gift tax, gift and Financial transaction tax, taxes on financial and capital transactions" (see: ), but this article only covers taxes on realty. The tax is levied by the governing authority of the jurisdiction in which the property is located. This can be a national government, a federated state, a county or other Region, geographical region, or a Local government, municipality. Multiple jurisdictions may tax the same property. Often a property tax is levied on real estate. It may be imposed annually or at the time of a real estate transaction, such as in real estate transfer tax. This tax can be contrasted with a rent tax, which is based ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 governing body directly by a consumer, it is usually called a use tax. Often laws provide for the Tax exemption, exemption of certain goods or services from sales and use tax, such as food, education, and medicines. A value-added tax (VAT) collected on goods and services is related to a sales tax. See Value-added tax#Comparison with sales tax, Comparison with sales tax for key differences. Types Conventional or retail sales tax is levied on the sale of a good to its final good, final end-user and is charged every time that item is sold retail. Sales to businesses that later resell the goods are not charged the tax. A purchaser who is not an end-user is usually issued a "resale certificate" by the taxing authority and required to provide the cer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Guinea (British Coin)
The guinea (; commonly abbreviated gn., or gns. in plural) was a coin, minted in Great Britain between 1663 and 1814, that contained approximately one-quarter of an ounce of gold. The name came from the Guinea region in West Africa, from where much of the gold used to make the coins was sourced. It was the first English machine-struck gold coin, originally representing a value of 20 shillings in sterling specie, equal to one pound, but rises in the price of gold relative to silver caused the value of the guinea to increase, at times to as high as thirty shillings. From 1717 to 1816, its value was officially fixed at twenty-one shillings. In the Great Recoinage of 1816, the guinea was demonetised and replaced by the gold sovereign. Following the Great Recoinage, the word "guinea" was retained as a colloquial or specialised term, even though the coins were no longer in use; the term ''guinea'' also survived as a unit of account in some fields. Notable usages included professio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unit Of Account
In economics, unit of account is one of the functions of money. 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 relative worth and deferred payment, a unit of account is a necessary prerequisite for the formulation of commercial agreements that involve debt. Money acts as a standard measure and a common denomination of trade. It is thus a basis for quoting and bargaining of prices. It is necessary for developing efficient accounting systems. Economics Unit of account in economics allows a somewhat meaningful interpretation of prices, costs, and profits, so that an entity can monitor its own performance. It allows shareholders to make sense of its past performance and have an idea of its future profitability. The use of money, as a relatively stable unit of measure, can tend to drive market economies toward efficiency. Historically, prices were of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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: medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Money was historically an emergent market phenomenon that possessed intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar. The money supply of a country comprises all currency in circulation (banknotes and coins currently issued) and, depending on the particular definiti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 currencies include cryptocurrency, virtual currency and central bank digital currency. Digital currency may be recorded on a distributed database on the internet, a centralized electronic computer database owned by a company or bank, within digital files or even on a stored-value card. Digital currencies exhibit properties similar to traditional currencies, but generally do not have a classical physical form of fiat currency historically that can be held in the hand, like currencies with printed banknotes or minted coins. However, they do have a physical form in an unclassical sense coming from the computer to computer and computer to human interactions and the information and processing power of the servers that store and keep track o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
