currency

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currency

noun bank notes, bills, cash, circulating medium, coin, government notes, hard cash, legal tender, medium of exchange, moneta, money, money in actual use, notes, paper money, ready money, specie
Associated concepts: lawful currency
See also: cash, disclosure, money, publication

CURRENCY. The money which passes, at a fixed value, from hand to hand; money which is authorized by law.
     2. By art. 1, s. 8, the Constitution of the United States authorizes congress "to coin money, and to regulate the value thereof." Changes in the currency ought not to be made but for the most urgent reason, as they unsettle commerce, both at home and abroad. Suppose Peter contracts to pay Paul one thousand dollars in six months-the dollar of a certain fineness of silver, weighing one hundred and twelve and a half grains-and afterwards, before the money becomes due, the value of the dollar is changed, and it weighs now but fifty-six and a quarter grains; will one thousand of the new dollars pay the old debt? Different opinion may be entertained, but it seems that such payment would be complete; because, 1. The creditor is bound to receive the public currency; and, 2. He is bound to receive it at its legal value. 6 Duverg. n. 174.

References in periodicals archive ?
Erdogan, for his part, underlined Ankara's interest in broadening ties with Iran in all fields, saying, "Bilateral relations will deepen by strengthening the banking cooperation and speeding up use of national currencies in economic relations between the two countries.
They also discussed what needs to be done when it comes to making settlements in national currencies between the two countries.
The conference was arranged by Nobel Prize-winning economist Robert Mundell, who, according to the Wall Street Journal, called for all national currencies to be "convertible into an international money, the dey [an acronym for dollar, euro, and yen] .
Will I be able to change the national currencies into euro?
Since going off the gold standard, he pointed out, most national currencies have lost purchasing power.
Not only are these legal rules of vital necessity to the countries concerned for the smooth transition from their national currencies to the euro, but also these rules will be of utmost importance to the international business community and, of course, international law practitioners.
To ease the transition, bank customers can keep accounts in euros - alongside national currencies - starting Jan.
Dual pricing in euros and the national currencies is expected to be a gradual process.
Therefore, your transactions could be reported in national currencies or in euros, with details of other currencies referenced for each transaction.
Although "De La Rue" is not a household name in the United States, they are the world's leading provider of tamperproof products and automated systems designed to ensure the highest levels of accuracy and security in our everyday transactions with businesses and government agencies, from ATM and electronic voting transactions to the production of national currencies, travelers checks and government identification documents.
The two countries can make their trade exchanges through the Central Banks and national currencies and even this can expand in the form of trilateral ties with other neighbors," President Rouhani said.
The central banks of Russia and India are to provide recommendations for settlement using national currencies.

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