World Currency by Alminar Sagar

WORLD CURRENCY COLLECTION BY ALMINAR SAGAR

WORLDCURRENCY

A COLLECTION BY ALMINAR SAGAR

TABLE OF CONTENTS

BANGLADESH PAGE 3

BRAZIL PAGE 5

CANADA

PAGE 7

CHINA PAGE 9

DOMINICAN REPUBLIC PAGE 11

MALAYSIA PAGE 13

SAUDI ARABIA PAGE 15

THAILAND PAGE 17

UNITED STATES PAGE 19

TAKA BANGLADESH The taka’ is the currency of Bangladesh. It has the ISO 4217 code BDT and is subdivided into 100 poisha. The symbols and (in English) Tk are used to represent the taka. The taka became Bangladesh’s currency in 1972, replacing the Pakistani rupee at par. The word “taka” is derived from the Sanskrit term tanka which was an ancient denomination of silver coin. The term taka was widely used in different parts of India but with varying meanings. In north India, taka was a copper coin equal to two paise and in the south, it was equal to four paisa or 3

one anna. It was only in Bengal and Orissa where taka was equal to the rupee. In all areas of India, taka was used informally for money in general. However, Bengal was the stronghold of the taka. At independence the value of the taka, Bangladesh’s unit of currency, was set between 7.5 and 8.0 to US$1.With the exception of fiscal year 1978, the taka’s value relative to the dollar declined every year from 1971 through the end of 1987.To help offset this phenomenon, Bangladesh first used the compensatory financing facility of the International Monetary.

2 taka (US$0.05), 2004. Like Pick 6C, but new date, new signature. Shaheed Minar on front, magpie robin (Doyal) on back. Tiger head and bank logo as wkm. Printer: Security Printing Press, Bangladesh. 100 x 60 mm.

REAL BR AZIL The real (meaning both “royal” and “real”, pronounced in English, in Brazilian Portuguese) (sign: R$; code: BRL) is the present-day currency of Brazil and was also the currency during the period 1690 to 1942. When the first real circulated, the plural used was réis. The currently used plural form is reais, with the symbol R$ and ISO 4217 code BRL. The modern real is subdivided into 100 centavos. The Portuguese real was the currency used by the first Portuguese settlers to arrive in the Americas, but the first official money to circulate bearing the name 5

“real” was actually printed in 1654 by the Dutch, during their occupation of part of the Brazilian Northeast. The real became Brazil’s official currency in 1690. It was not sub-divided in smaller units. The real was affected by inflation during its long lifespan and the base currency unit shifted from the real to the mil réis (one thousand réis) and the conto de réis (one million réis) in the final years of the República Velha era. One conto de réis was represented by the symbol Rs written before the value and by a dollar sign separating the units group.

The modern real (plural reais) was introduced on July 1, 1994, during the presidency of Itamar Franco, when Fernando Henrique Cardoso was the Minister of Finance, as part of a broader plan to stabilize the Brazilian economy, known as the Plano Real. It replaced the short-lived cruzeiro real.

DOLLAR CANADA

The Canadian dollar (sign: $; code: CAD) is the currency of Canada. It is normally abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents. As of 2007, the Canadian dollar was the 7th most traded currency in the world. In 1841, the new Province of Canada declared that its dollar was equal to one-tenth the gold Eagle coin which was 10 U.S. dollar and was worth 5 s. (5 shillings) in local currency. The silver Spanish dollars were rated at 5 s. 1 d. and the British sovereign was rated at ÂŁ1 4 s. 4 d. , the proper value due to U.S. dollar. The Province of Canada declared that 7

all accounts would be kept in dollars and cents as of January 1, 1858, and ordered the issue of the first official Canadian coins in the same year. The dollar was pegged at par with the U.S. dollar, on a gold standard of $1 = 23.22 grains (1.505 g) of gold. The colonies that came together in the Canadian Confederation progressively adopted a decimal system over the next few years. New Brunswick, British Columbia and Prince Edward Island adopted dollars equivalent to the Canadian dollar (see New Brunswick dollar, British Columbia dollar and Prince Edward Island dollar).

The current five-dollar bill is dominantly blue in colour. The front features a portrait of Sir Wilfrid Laurier, the coat of arms, and a picture of the West Block of the Parliament buildings. The reverse side depicts children engaged in winter sports, including sledding, ice skating, and hockey; this is accompanied by a quotation from Roch Carrier’s short story, “The Hockey Sweater”:

YUAN CHINA The yuan, in the Chinese language, the base unit of a number of modern Chinese currencies. The same character is used to refer to the cognate currency units of Japan and Korea, and is used to translate the currency unit “dollar”; for example, the US dollar is called Meiyuan or “American yuan”, in Chinese. When used in English in the context of the modern foreign exchange market, the “Yuan” or “Chinese yuan” most commonly refers to the renminbi (CNY). The distinction between yuan and renminbi is analogous to that between pound and ster9

ling. One yuan is divided into 10 jiao or colloquially “feathers” (mao) . One jiao is divided into 10 fen. In Cantonese, widely spoken in Hong Kong and Macau, jiao and fen are called ho and sin . “Sin” is a word borrowed into Cantonese from the English “cent”. The character for yuan has two forms—a less formal, and a more formal. The pronunciation of the two is the same. The Japanese yen was originally also written, which was simplified to with the promulgation of the kanji in 1946. The Korean won used to be written some time after World War II.

Banknotes were issued in yuan denominations from the 1890s by several local and private banks, along with the Imperial Bank of China and the “Hu Pu Bank” (later the “Ta-Ch’ing Government Bank”), established by the Imperial government.

PESO DOMINICAN REPUBLIC The peso oro is the currency of the Dominican Republic. Its symbol is “$”, with “RD$” used when distinction from other pesos (or dollars) is required; its ISO 4217 code is “DOP”. Each peso is divided into 100 centavos, for which the ¢ symbol is used. It is the only currency which is legal tender for all monetary transactions, whether public or private, in the Dominican Republic. The first Dominican peso was introduced in 1844. It replaced the Haitian gourde at par and was divided into 8 reales. The Dominican Republic decimalized in 1877, subdividing the peso into 100 centavos. A second curren-

cy, the franco, was issued between 1891 and 1897 but did not replace the peso. However, in 1905, the peso was replaced by the U.S. dollar, at a rate of 5 pesos to the dollar. The peso oro was introduced in 1937 at par with the U.S. dollar, although the dollar continued to be used alongside the peso oro until 1947. Paper money made up the bulk of circulating currency for the first peso. Provisional issues of 40 and 80 pesos were produced in 1848, followed by regular government notes for 1, 2 and 5 pesos in 1849, and 10 and 50 pesos notes in 1858. 11

Banknotes currently in circulation are 10, 20, 50, 100, 500, 1000 and 2000 pesos oros. Limitededitions of the 500 and 2000 pesos oros notes were issued for the 1992 500th anniversary of the discovery of the Americas and year 2000 millennial celebrations, respectively, but as of 2005[update] not many of these remain in circulation.

RINGGIT MALAYSIA

The ringgit (formerly, and now unofficially, known as the Malaysian dollar), is the currency of Malaysia. It is divided into 100 sen (cents) and its currency code is MYR (Malaysian Ringgit). The ringgit is issued by the Bank Negara Malaysia. The word ringgit means “jagged” in Malay and was originally used to refer to the serrated edges of silver Spanish dollars which circulated widely in the area during the 16th and 17th century Portuguese colonial era. The Singapore dollar and the Brunei dollar are also called ringgit in Malay (although currencies such as the U.S. and Australian dollars are dolar), hence 13

its official abbreviation RM for Ringgit Malaysia. The Malay names ringgit and sen were officially adopted as the sole official names in August 1975. Previously they had been known officially as dollars and cents in English and ringgit and sen in Malay, and in some parts of the country this usage continues. For example, in Malaysia one ringgit is “one dollar” in English. In the northern states of Peninsular Malaysia, denominations of 10 sen are called kupang in Malay (“poat8” in Hokkien), e.g. 50 sen is 5 kupang.

Malaysian banknotes have long followed a colour code originating from colonial times. In the lower denominations this pattern is followed by Singapore and Brunei, and when Bank Negara first introduced the RM2 note it copied the lilac of the Singapore $2 note.

RIYAL SAUDI ARABIA The riyal (Arabic: ISO 4217 code: SAR) is the currency of Saudi Arabia. It is abbreviated as SR. It is subdivided into 100 halala. In 1953, the Saudi Arabian Monetary Agency (SAMA) began issuing Haj Pilgrim Receipts for 10 riyals, with 1 and 5 riyals following in 1954 and 1956, respectively. These resembled banknotes and were initially intended for use by pilgrims who exchanged foreign currency for them. However, they became widely accepted in Saudi Arabia and largely replaced silver riyal coins in major financial transactions. Conse-

quently, the Monetary Agency began issuing regular banknotes for 1, 5, 10, 50 and 100 riyal in 1961, with the Pilgrim Receipts being demonetized in 1964. 500 Riyal notes were introduced in 1983. 20 and 200 riyal banknotes were issued in 2000 to commemorate the centenary of the founding of what became the Kingdom of Saudi Arabia. SAMA has announced that a new series of banknotes bearing the face of King Abdullah will be issued starting in April, 2007.

A popular trick amongst Saudi school children is to place a rolled 20 riyal note over a 200 riyal note. The two notes bear portraits that are identical, with the exception of the angle of the head.

BAHT THAILAND The baht is the currency of Thailand. It is subdivided into 100 satang. The issuance of currency is the responsibility of the Bank of Thailand. The currency was originally known as the tical; this name was used in the English language text on banknotes until 1925. However, the name baht was established as the Thai name by the 19th century. Both tical and baht were originally units of weight and coins were issued in both silver and gold denominated by their weight in baht and its fractions and multiples. The decimal 17

system devised by Prince Mahisorn, in which 1 baht = 100 satang, was introduced by king Chulalongkorn in 1897. However, coins denominated in the old units were issued until 1910. One hangover from the pre-decimalization system: the 25 satang (¼ baht) is still colloquially called a salueng or salung . It is occasionally used for amounts not exceeding 10 salueng or 2.50 baht. A 25-satang coin is also sometimes called salueng coin, pronounced ‘rian salueng’).

Between 1986 and 1988, a new coinage was introduced, consisting of aluminium 1, 5 and 10 satang, aluminium-bronze 25 and 50 satang, cupro-nickel 1 baht, cupro-nickel-cladcopper 5 baht and bimetallic 10 baht. Cupro-nickelclad-steel 2 baht were introduced in 2005.

DOLLAR UNITED STATES The United States dollar (sign: $; code: USD) is the unit of currency of the United States. The U.S. dollar is normally abbreviated as the dollar sign, $, or as USD or US$ to distinguish it from other dollar-denominated currencies and from others that use the $ symbol. It is divided into 100 cents. Taken over by the Congress of the Confederation of the United States on July 6, 1785, the U.S. dollar is the currency most used in international transactions.Although U.S dollar is a Fiat currency, several countries use it as their official currency, and in many others it is the de facto currency. The U.S. dol-

lar uses the decimal system, consisting of 100 equal cents (symbol ¢). In another division, there are 1,000 mills or ten dimes to a dollar, or 4 quarters to a dollar; additionally, the term eagle was used in the Coinage Act of 1792 for the denomination of ten dollars, and subsequently was used in naming gold coins. In the second half of the 19th century there were occasional discussions of creating a $50 gold coin, which was referred to as a “Half Union,” thus implying a denomination of 1 Union = $100.

U.S. dollar banknotes are printed by the Bureau of Engraving and Printing, and, since 1914, have been issued by the Federal Reserve. The â&#x20AC;&#x153;large-sized notesâ&#x20AC;? issued before 1928 measured 7.42 inches (188 mm) by 3.125 inches (79.4 mm); small-sized notes, introduced that year, measure 6.14 inches (156 mm) by 2.61 inches (66 mm) by 0.0043 inches (0.11 mm).