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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 ?
Indian Ambassador, Pundi Srinivasan Raghavan, said, 'We believe that the using national currencies in transactions can be mutually beneficial for bilateral economic cooperation.
By way of a follow-up, this Agreement will make it possible to get a legal footing for broadening the areas where national currencies could be used in bilateral settlements.
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] .
Throughout those 25 years between 1975 and 2000, hourly compensation costs denominated in national currencies grew faster in most of the competitors than in the United States, contributing to an improvement in the U.
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.
Originally coined by Patrick Moynihan (I think) in the context of race relations, it has moved into economics to mean the polar opposite of "intense competition" particularly in the realm of national currencies.
Between now and January 1, 2002, referred to as the "transitional period," these euro zone nations will be busy implementing the legal rules devised by the EU concerning the changeover from their national currencies to the new euro.
Finance ministers and central bankers from most of the 11 participating EU nations will meet in Brussels today to freeze the relative value of their national currencies - a move to keep them from fluctuating with each country's financial fortunes.
Effective July 1, 2002, the old national currencies of participating countries will cease to be legal tender.
On top of the billions that will be spent to address the Year 2000 problem, European businesses and governments will be forced to allocate billions of dollars to adjust their systems to run two different currencies - their own national currencies and the euro - until the phase out of their national currencies, scheduled for 2002.
Therefore, your transactions could be reported in national currencies or in euros, with details of other currencies referenced for each transaction.

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