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 ?
Appreciation of their currencies against the dollar may cushion the blow, but it will not negate the shock of the structural adjustment that Asia still needs to make.
In the worst case, traders deliberately manipulate currencies for personal gain.
To ease the transition, bank customers can keep accounts in euros - alongside national currencies - starting Jan.
The Internal Revenue Service has no objection to local currencies, as long as they're pegged to the value of U.
More powerful packages offer instant conversion and operate simultaneously in multiple currencies.
DBV is an excellent way for investors to obtain currency exposure which automatically adjust its allocations to the worlds largest currencies based on a time tested institutional methodology.
There would be diminished incentive for ally of the major economies to accumulate vast reserves of either of the other two major currencies, which would in turn reduce uncertainty about, and potential cross-border politicization of, capital flows.
As this company grows through Europe, the Americas and into other regions (such as Asia), it will need a solution that can manage the currencies of each region, as well as conform to each region's local generally accepted accounting principles (GAAP) regulations.
The list of eligible collateral includes Treasury and federal agency securities, gold certificates, Special Drawing Right certificates, and foreign currencies, the items in bold print on the left side of the balance sheet in appendix A.
Before then, the 11 national currencies will continue to be used, each fixed permanently in value against the euro.
Effective July 1, 2002, the old national currencies of participating countries will cease to be legal tender.