In today’s generation, money has become the most needed commodity to survive life. Money is used in buying foods, houses, clothes, medicines, and other more necessities. Without money, people won’t be able to pay their electric bills, water bills, taxes, and even tuition and miscellaneous fees.
These things have been roaming around each other’s pockets and wallets since 600 BC. King Alyattes in Lydia created currencies as a medium to be used for trading. Ever since then, people have developed various designs to suit their convenience and countries have made currencies of their own.
Starting from coins to bills, the values of these things varies depending to which country it came from. Yet, its functionality remained the same through time. Business and trading industries use money as a value of their achievement and hard work; the more numerical values written in the papers, the larger the stocks in the market.
And to know more about the things happening in the business sector, here are some of the most common currencies used by companies and countries for trading.
Commonly known as the pound, this currency is used in the United Kingdom, Guernsey, Jersey, Isle of Man, South Sandwich Islands, and South Georgia. Ever since the beginning of monarchy, the pound has already been used as a basis of their wealth, making it the oldest currency being used. If you wish to read about old foreign currency exchange at ForgottenBucks.com, then you can visit the site and come to know about the exchanges.
Euro has been the official currency of some states in the European Union. This was also being used by the European Union Institutions and the 240 million people across the globe. And as of the survey from 2018, Euro has the total highest amount of banknotes and coins surpassing the U.S. dollar.
This was introduced last February 14, 1966, after replacing Australia’s old currency, Australian Pound. Common to people living in Australia, Christmas Island, Norfolk Island, Cocos Islands, Kiribati, Tuvalu, and Nauru, this is famous for currency traders because the said country offers high-interest rates.
Yen is the famous currency of Japan. Although this money has ones been undervalued because of the World War, it still finds its way up into the market and was now known as the third most traded currency in the world.
For it to maintain its fame, the Japanese Government maintains certain currency policies such as having interest rates from zero to near-zero and making sure that the prices of their goods are not increased or the anti-inflation policy. They have also lowered the value of Yen and try to focus more on the completion happening in the export market. To know more, read about old foreign currency exchange at ForgottenBucks.com.
The most common currency found in the market, the U.S. dollar has been used by the United States and its other territories as per agreed to their constitution last 1792. And as of January 2019, the dollars circulating the globe was estimated to be around $1.7 trillion, claiming its name as the greenback. Due to its fame and value, the financial press and foreign exchange traders use the dollar as the most accepted currency for international transactions.