Posts Tagged ‘dollars’
What is Currency?
A currency is a unit of money (or monetary unit). Typically, each country has given monopoly to a single currency, controlled by a state owned central bank, although exceptions from this rule exist. Several countries can use the same name, each for their own currency (e.g. Canadian dollars and US dollars), several countries can use the same currency (e.g. the Euro), or a country can declare the currency of another country to be legal tender.
Each currency typically has one fraction currency, valued at 1/100 of the main currency: 100 cents = 1 dollar, 100 centimes = 1 franc. However, some currencies use a fraction of 1/10 (and a very few some other value such as 1/5 or 1/20), or do not have a minor unit currency at all. These fractions are NOT listed below.


















