Human beings are obsessed with money. In the modern world, it dictates our work, our play and our interactions with friends and family members. Our very survival depends on it.
Well, over the years, there have been many weird forms of currency, as well as strange notes and coins. Here are few Facts About Some Peculiar World Currencies
Know the currency with the highest security features- SWISS FRANC
The franc is the currency and legal tender of Switzerland, and it is one of the most stable currencies of the world.
The security features in Swiss franc can be identified by the following:-
1) Magic number- The number 1000 is printed in a shimmering, transparent colour. Depending on how the light falls on the banknote, the number appears and disappears. Tilt the banknote slowly towards the light until you can see the number.
2) The coloured number- The number 1000 is clearly visible, and its print is rough to the feel. If you rub the coloured number on a sheet of paper, it will leave distinct traces.
3) The moving number- In the middle of the banknote, the number 1000 is seen on a special silver foil known as Kinegram. Tilt the banknote back and forth. The moving number on the Kinegram appears to rotate by 90 degrees and to become smaller or larger.
4) The perforated number- The number 1000 is made up of very fine perforations, a feature known as micro-perf. When held up to the light, the number 1000 is seen as a perforated surface.
5) The chameleon number- The number 1000 is printed with special ink and changes colour depending on how the light falls on the banknote. Tilt the banknote slowly away from you or towards you: watch how the colour of the chameleon number changes.
6) Glittering number- The numeric value on the note is glittering.
Why is Zimbabwe dollar so weak?
When the Zimbabwean dollar first came into existence in 1980, it had a similar value to the U.S. dollar. But by 2009, $1 was worth 1 US dollar 100 185 707 026 377 801 846 950 461 440.00 Zimbabwean dollars .
The country’s central bank could not even afford the paper on which to print its worthless trillion-dollar notes. The miserably low savings and incomes of the impoverished population were wiped out; shopkeepers would frequently double prices between the morning and afternoon, leaving workers’ pay almost valueless by the end of the day.
In 2009 the government scrapped the currency, leaving U.S. dollars and South African rand as the main notes and coins in circulation. To this day, Zimbabwe still has no currency of its own, although the government last year offered to swap old deposit accounts into U.S. dollars, giving savers $5 for every 175 quadrillions (175,000,000,000,000,000) Zimbabwean dollars.
In an extraordinary irony, Zimbabwe now suffers among the world’s worst deflation, currently at -2.3%.
Why is the Kuwaiti dinar so expensive?
The highest currency of the world is none other than Kuwaiti Dinar or KWD. The currency code for Dinars is KWD. The most popular Kuwait Dinar exchange rate is the INR to the KWD rate. The Indian ex-pat community is very strong in Kuwait, hence the reason for being a popular currency pair. Kuwaiti Dinar has been the highest currency in the world for a while now because of the oil-rich country’s economic stability.
In the case of Kuwait, it has an economy that is very reliant on petroleum products, so much so that more than 80 percent of the Kuwaiti government’s revenues come from said source. Moreover, the Kuwaiti government has been pouring a lot of resources into the sovereign wealth fund set up by the Kuwait Investment Authority, which is a sensible move in preparation for the future.
The U.S. Dollar is the strongest world currency
1. The relative strength of the U.S. economy supports the value of the dollar. It’s the reason the dollar is the most powerful currency.
2. Cash is just one indication of the role of the dollar as a world currency. More than one-third of the world’s gross domestic product comes from countries that peg their currencies to the dollar. That includes seven countries that have adopted the U.S. dollar as their own. Another 89 countries keep their currency in a tight trading range relative to the dollar.
3. In the foreign exchange market, the dollar rules. Around 90% of forex trading involves the U.S. dollar. The dollar is just one of the world’s 185 currencies, according to the International Standards Organization List, but most of these currencies are only used inside their own countries.
Which is the oldest currency in the world?
The British pound is the oldest currency (fiat currency) in the world, and it’s still widely used today. Its existence began in the late 8th century. It participates in more than 12 % of all transactions on the foreign exchange market (FOREX). This makes the currency the fourth most used in the world after the U.S. dollar, the Euro and the Japanese yen. Because of its common use, the sterling is used as a reserve currency by many countries in the world. It’s the third most useful currency for this purpose, after the Euro and U.S. dollar.
The value of the pound is backed by the government; no gold stays behind it. This means that the pound has a value just because the authorities say so. There is a law that defines the pound as “legal tender,” and only this makes the little-coloured sheets of paper valuable. Previously, the pound was backed by gold during the period of the Bretton Woods agreement, according to which the sterling was pegged to the U.S. dollar, and the dollar was pegged to the gold. Therefore for a certain amount of pound, a certain amount of gold could be redeemed. This system took apart in 1971, and since then, the value of the pound is free-floating.
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