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All de facto present currencies in Europe, and an incomplete list of the preceding currency, are listed here. In Europe, the most commonly used currency is the euro (used by 26 countries); any country entering the European Union (EU) is expected to join the eurozone [1] when they meet the five convergence criteria. [2]
A currency [a] is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. [1] [2] A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. [3]
The pound is the main unit of sterling, [4] [c] and the word pound is also used to refer to the British currency generally, [7] often qualified in international contexts as the British pound or the pound sterling. [4] Sterling is the world's oldest currency in continuous use since its inception. [8]
A currency is a kind of money and medium of exchange.Currency includes paper, cotton, or polymer banknotes and metal coins.States generally have a monopoly on the issuing of currency, although some states share currencies with other states.
The dollar is the most widely used currency in international transactions, [4] and a free-floating currency. It is also the official currency in several countries and the de facto currency in many others, [5] [6] with Federal Reserve Notes (and, in a few cases, U.S. coins) used in circulation.
An alternative definition of a world or global currency refers to a hypothetical single global currency or supercurrency, as the proposed terra or the DEY (acronym for Dollar Euro Yen), [18] produced and supported by a central bank which is used for all transactions around the world, regardless of the nationality of the entities (individuals ...
Despite its global use, the USD is the tenth most valuable currency globally. Since the end of World War II, the dollar has been the reserve currency of the world and is the top currency used for ...
The European Currency Unit was an accounting unit used by the EU, based on the currencies of the member states; it was not a currency in its own right. They could not be set earlier, because the ECU depended on the closing exchange rate of the non-euro currencies (principally pound sterling ) that day.