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NOW FOR YOUR VIEWING PLEASURE…
(9) NINE WORLD COINS
1964 D UNITED STATES CENT / PENNY
(APPEARS TO BE DOUBLE STRUCK ON LINCOLNS HEAD)
BROWN > RED
KM#201
1927 TEN CENTAVOS MEXICO
2.8mil MINTAGE
KM#431
Composition Silver (.720)
Weight 1.66 g
2008 EGYPTIAN POUND
BI-METALLIC / MAGNETIC
KM#940a
1949 GERMANY 50 PFENNIG
DEUTSCHLANDER "G" (KARLSRUHE)
KM#104
1906 5 PFENNIG GERMANY
"A" - BERLIN
KM#11
1949 50 CENTIMOS
(DATE UNDETERMINED)
ESPANA / SPAIN
KM#777
ARROWS UP
1947 2 FRANCS
F"B" - BEAUMONT-ROGER, FRANCE
KM#886a
1982 2 FRANCS
FRANCE
Dolphin Émile Rousseau, General coin engraver, Monnaie de Paris
KM#942.1
1936 GREAT BRITAIN / UNITED KINGDOM
ONE PENNY
COPPER
KM#838
Uncle Dave Macon – Heartaching Blues / The Mocking Bird Song Medley
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FYI
In economics, the term currency can refer to a particular currency, for example, the U.S. Dollar, or to the coins and banknotes of a particular currency, which comprise the physical aspects of a nation's money supply. The other part of a nation's money supply consists of money deposited in banks (sometimes called deposit money), ownership of which can be transferred by means of cheques or other forms of money transfer such as credit and debit cards. Deposit money and currency are money in the sense that both are acceptable as a means of exchange, but money need not necessarily be currency.
Historically, money in the form of currency has predominated. Usually (gold or silver) coins of intrinsic value commensurate with the monetary unit (commodity money), have been the norm. By contrast, the token bank notes and bank coins of modern currency, as fiat money, have no intrinsic value (i.e. the bank notes and coins). Fiat money is state-issued money which is a medium of exchange for all other economic items in the economy, a store of depreciating real value during inflation and a store of appreciating real value during deflation as well as the depreciating unit of account during inflation and the appreciating unit of account during deflation in an internal economy. Fiat money bank notes and coins have fixed nominal values but either depreciating or appreciating real values. The depreciating or appreciating real value of fiat money - in its form as the functional currency within an economy or monetary union - is indicated by the annual rate of inflation or deflation. Severe hyperinflation can lead to the total destruction of the real value of the entire money supply and all monetary items within an economy: see Zimbabwe.
All fiat money is created out of nothing: out of thin air. It is, however, backed by all - the sum total of - the underlying value systems in an economy, namely sound governance, sound economic policies, sound monetary policies, sound industrial policies, sound commercial policies, sound external policies, sound education, sound legal system, sound law enforcement, sound defence force, sound transport policies, sound health policies, sound agricultural policies, sound banking policies, sound accounting principles, etc. The annual rate of inflation above the central bank´s target indicates how much fiat money has been created in excess of what is considered by the central bank as required in the economy.
The origin of currency is the creation of a circulating medium of exchange based on a unit of account which quickly becomes a store of value. Currency evolved from two basic innovations, both of which had occurred by 2000 BC. Originally money was a form of receipting grain stored in temple granaries in Sumer in ancient Mesopotamia, then Ancient Egypt.
This first stage of currency, where metals were used to represent stored value, and symbols to represent commodities, formed the basis of trade in the Fertile Crescent for over 1500 years. However, the collapse of the Near Eastern trading system pointed to a flaw: in an era where there was no place that was safe to store value, the value of a circulating medium could only be as sound as the forces that defended that store. Trade could only reach as far as the credibility of that military. By the late Bronze Age, however, a series of international treaties had established safe passage for merchants around the Eastern Mediterranean, spreading from Minoan Crete and Mycenae in the northwest to Elam and Bahrain in the southeast. Although it is not known what functioned as a currency to facilitate these exchanges, it is thought that ox-hide shaped ingots of copper, produced in Cyprus may have functioned as a currency. It is thought that the increase in piracy and raiding associated with the Bronze Age collapse, possibly produced by the Peoples of the Sea, brought this trading system to an end. It was only with the recovery of Phoenician trade in the ninth and tenth centuries BC that saw a return to prosperity, and the appearance of real coinage, possibly first in Anatolia with Croesus of Lydia and subsequently with the Greeks and Persians. In Africa many forms of value store have been used including beads, ingots, ivory, various forms of weapons, livestock, the manilla currency, ochre and other earth oxides, and so on. The manilla rings of West Africa were one of the currencies used from the 15th century onwards to buy and sell slaves. African currency is still notable for its variety, and in many places various forms of barter still apply.
Coinage
These factors led to the shift of the store of value being the metal itself: at first silver, then both silver and gold. Metals were mined, weighed, and stamped into coins. This was to assure the individual taking the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but they also created a new unit of account, which helped lead to banking. Archimedes' principle provided the next link: coins could now be easily tested for their fine weight of metal, and thus the value of a coin could be determined, even if it had been shaved, debased or otherwise tampered with (see Numismatics).
In most major economies using coinage, copper, silver and gold formed three tiers of coins. Gold coins were used for large purchases, payment of the military and backing of state activities. Silver coins were used for midsized transactions, and as a unit of account for taxes, dues, contracts and fealty, while copper coins represented the coinage of common transaction. This system had been used in ancient India since the time of the Mahajanapadas. In Europe, this system worked through the medieval period because there was virtually no new gold, silver or copper introduced through mining or conquest Thus the overall ratios of the three coinages remained roughly equivalent.
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