Portal:Money

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Euro coins and banknotes

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are: medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment.

Money was historically an emergent market phenomenon that possessed intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar.

The money supply of a country comprises all currency in circulation (banknotes and coins currently issued) and, depending on the particular definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). Bank money, whose value exists on the books of financial institutions and can be converted into physical notes or used for cashless payment, forms by far the largest part of broad money in developed countries. (Full article...)

Euro starter kits are packs of euro coins of all the eight denominations sealed in a plastic sachet. The kits' purpose is primarily to familiarise citizens of a nation joining the eurozone with their new currency. A further objective is to provide coins for retailers' cash registers well in advance of their respective €-Day. Usually these kits are available from local banks some weeks before euro changeover.

Mainly there are two types of starter packs: business starter kits and those for the general public. The difference lies in the number of coins per pack. Business kits are intended for retailers. Therefore, they contain approximately 100 euro or more in coins, usually packed in rolls, whereas mini-starter kits are intended for the general public and usually have a small number of coins. (Full article...)
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Nepalese silver mohar in the name of King Bhupatindra Malla (ruled 1696-1722) of Bhadgaon (Bhaktapur), dated Nepal Era 816 ( = AD 1696), obverse. Silver mohars of this type were also exported to Tibet where they circulated along with other Malla mohars.
The mohar was the currency of the Kingdom of Nepal from the second half of the 17th century until 1932. Silver and gold mohars were issued, each subdivided into 128 dams. Copper dams were also issued, together with copper paisa worth 4 copper dams. The values of the copper, silver and gold coinages relative to one another were not fixed until 1903. In that year, the silver mohar became the standard currency, divided into 50 paisa. It was replaced in 1932 by the rupee, also called the mohru (Moru), at a rate of 2 mohars = 1 rupee. (Full article...)

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In the news

15 May 2024 –
Federal prosecutors in New York City charge two brothers, Anton and James Peraire-Bueno, with conspiracy to commit wire fraud, and conspiracy to commit money laundering, after they were arrested for exploiting the Ethereum blockchain and stealing $25 million worth of cryptocurrency. (Reuters)
10 May 2024 – Arrest of Arvind Kejriwal, 2024 Indian general election
The Supreme Court of India grants Delhi Chief Minister Arvind Kejriwal interim bail for 21 days in connection with the Delhi liquor policy money laundering case, thereby permitting Kejriwal to campaign in the ongoing general election. (The Hindustan Times)
8 May 2024 –
Two Cambodian and Chinese people are deported from Singapore after being convicted of laundering over S$3 billion (US$2.2 billion), Singapore's largest ever money laundering case. (VnExpress)
30 April 2024 –
The founder of the cryptocurrency exchange service Binance, Changpeng Zhao, is sentenced to four months in prison for money laundering. (Reuters)

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