Currency


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Related to Currency: currency rate, Cuban currency

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 ?
A special team of FIA raided different location at Yadgar Chowk and arrested two brothers involved in the illegal currency business and recovered an amount of Rs10m.
Global currency competition is nothing new, nor is electronic delivery of value, Bullard noted.
The total amounts of loans and deposits did not change, but there was a change in the currency structure, so foreign currency deposits increased by about KM 1.9 billion (with a decrease in the domestic currency deposit category at the same time).
Pursuant to the existing procedure, the Financial Market Supervision Chamber, when issuing a license for conducting currency exchange activities, must coordinate this with the relevant executive authority.
PM Imran Khan on the devaluation of currency said: 'The State Bank of Pakistan did not inform the govt before the devaluing the rupee.
The banks have frozen foreign currency accounts of IT companies, business, and salaried employees, who receive their salaries from offshore companies and the banks are paying them in local currency only at inter-bank rates.
Fonacier said the recent approvals brought to five the number of virtual currency exchanges approved by the BSP.
To understand digital currency it is helpful to revisit the concept of money.
A partial currency substitution occurs when local residents opt to hold a significant share of their financial assets denominated in foreign currencies to minimize the risk of revaluation of exchange rate changes on their assets.
Furthermore, the head of world currency card travel solutions at Bidvest Bank, Ms Joey Van Rensburg said unlike using a credit or debit card, carrying money on the prepaid world currency card controlled ones' overseas spending and separated travel money from primary credit and bank accounts.
Virtual currency is a medium of exchange that operates like a currency in some environments, but does not have all the attributes of real currency.