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Numismatics
Terminology
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Ancient currencies
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In economics, the term currency can refer either to a particular currency, for example the British Pound, or to the coins and banknotes of a particular currency, which comprise the physical aspects of a nation's money supply. .The other part of a nation's money supply consists of money deposited in banks (sometimes called deposit money), ownership of which can be transferred by means of cheques or other forms of money transfer such as credit and debit cards.^ Items that are not part of others are called top-level microdata items .
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^ (In the other cases, such as explicit seeks, relevant events get fired as part of the overall process of changing the current playback position.
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^ Such images are decorative, but still form part of the content.
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Deposit money and currency are money in the sense that both are acceptable as a means of exchange, but money need not necessarily be currency.[1]
Historically, money in the form of currency has predominated. Usually (gold or silver) coins of intrinsic value commensurate with the monetary unit (commodity money), have been the norm. By contrast, modern currency, as fiat money, is intrinsically worthless. .The prevalence of one type of currency over another in commodity money systems has arisen, usually when a government designates through decrees, that only particular monetary units shall be accepted in payment for taxes.^ An item can only have one type.
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^ Each group has zero or more types, each name has one or more values, and each value is either a string or another group of name-value pairs.
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^ If an item has no type, and is not part of another item, then if its properties have names that are just plain words, they are not intended to be globally unique, and are instead only intended for limited use.
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[citation needed]

Contents

Control and production

In most cases, each private central bank has monopoly control over the supply and production of its own currency. .To facilitate trade between these currency zones, there are different exchange rates, which are the prices at which currencies (and the goods and services of individual currency zones) can be exchanged against each other.^ There is no semantic difference, for instance, between the following two examples: .
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.Currencies can be classified as either floating currencies or fixed currencies based on their exchange rate regime.^ Floating exchange rates .
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In cases where a country does have control of its own currency, that control is exercised either by a central bank or by a Ministry of Finance. In either case, the institution that has control of monetary policy is referred to as the monetary authority. Monetary authorities have varying degrees of autonomy from the governments that create them. .In the United States, the Federal Reserve System operates without direct oversight by the legislative or executive branches.^ On media without a pointing device, the user would probably have to explicitly indicate his intention to perform a drag-and-drop operation, stating what he wishes to drag and what he wishes to drop, respectively.
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It is important to note that a monetary authority is created and supported by its sponsoring government, so independence can be reduced or revoked by the legislative or executive authority that creates it. However, in practical terms, the revocation of authority is not likely. In almost all Western countries, the monetary authority is largely independent from the government.
.Several countries can use the same name for their own distinct currencies (e.g., dollar in Canada and the United States).^ Multiple entries with the same name must be treated as distinct fields.
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^ Relative URLs must be given relative to the manifest's own URL. All URLs in the manifest must have the same as the manifest itself (either explicitly or implicitly, through the use of relative URLs).
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^ Markup generators should generally avoid using the image's own file name as the alternative text.
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.By contrast, several countries can also use the same currency (e.g., the euro), or one country can declare the currency of another country to be legal tender.^ If there are multiple equally appropriate icons, user agents must use the last one declared in tree order .
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^ The integrity of this API is based on the inability for scripts of one origin to post arbitrary events (using dispatchEvent() or otherwise) to objects in other origins (those that are not the same ).
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^ Use only one scheme per field, or make the scheme declaration part of the value.
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.For example, Panama and El Salvador have declared U.S. currency to be legal tender, and from 1791–1857, Spanish silver coins were legal tender in the United States.^ This example shows an embedded image entitled My Pond , licensed under the Creative Commons Attribution-Share Alike 3.0 United States License and the MIT license simultaneously.
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.At various times countries have either re-stamped foreign coins, or used currency board issuing one note of currency for each note of a foreign government held, as Ecuador currently does.^ The following shows a hypothetical way of encoding an event using a variant on hCalendar that uses the time element: .
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^ Either use iframe and CSS instead, or use server-side includes to generate complete pages with the various invariant parts merged in.
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^ If either the media resource or the address of the current media resource indicate a particular start time, then seek to that time.
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.Each currency typically has a main currency unit (the U.S. dollar, for example, or the euro) and a fractional currency, often valued at 1100 of the main currency: 100 cents = 1 dollar, 100 centimes = 1 franc, 100 pence = 1 pound, although units of 110 or 11000 are also common.^ The figure element represents some flow content , optionally with a caption, that is self-contained and is typically referenced as a single unit from the main flow of the document.
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^ Otherwise, for each entry in input list whose unit is percentage , set the corresponding value in output list to the number of the entry in input list multiplied by the input dimension and divided by 100.
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^ This example shows an embedded image entitled My Pond , licensed under the Creative Commons Attribution-Share Alike 3.0 United States License and the MIT license simultaneously.
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Some currencies do not have any smaller units at all, such as the Icelandic króna.
.Mauritania and Madagascar are the only remaining countries that do not use the decimal system; instead, the Mauritanian ouguiya is divided into 5 khoums, while the Malagasy ariary is divided into 5 iraimbilanja.^ Systems that need to enforce a particular format are encouraged to use the setCustomValidity() method to hook into the client-side validation mechanism.
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^ If an item has no type, and is not part of another item, then if its properties have names that are just plain words, they are not intended to be globally unique, and are instead only intended for limited use.
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In these countries, words like dollar or pound "were simply names for given weights of gold."[2] Due to inflation khoums and iraimbilanja have in practice fallen into disuse. (See non-decimal currencies for other historic currencies with non-decimal divisions.)

History

Early currency

.The origin of currency is the creation of a circulating medium of exchange based on a unit of account which quickly becomes a store of value.^ Each unit of related similar-origin browsing contexts can have a first script which is used to obtain, amongst other things, the script's base URL to resolve relative URLs used in scripts running in that unit of related similar-origin browsing contexts .
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.Currency evolved from two basic innovations: the use of counters to assure that shipments arrived with the same goods that were shipped, and later with the use of silver ingots to represent stored value in the form of grain.^ On setting, the given value must be converted to the shortest possible string representing the number as a valid non-negative integer and then that string must be used as the new content attribute value.
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^ The allowed values are allow-same-origin , allow-forms , and allow-scripts .
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^ Mutating the CSSStyleDeclaration object must create a style attribute on the element (if there isn't one already) and then change its value to be a value representing the serialized form of the CSSStyleDeclaration object.
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[citation needed] Both of these developments had occurred by 2000 BC. Originally money was a form of receipting grain stored in temple granaries in Sumer in ancient Mesopotamia, then Ancient Egypt.
This first stage of currency, where metals were used to represent stored value, and symbols to represent commodities, formed the basis of trade in the Fertile Crescent for over 1500 years. .However, the collapse of the Near Eastern trading system pointed to a flaw: in an era where there was no place that was safe to store value, the value of a circulating medium could only be as sound as the forces that defended that store.^ If the element is a meta element The value is the value of the element's content attribute, if any, or the empty string if there is no such attribute.
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^ Otherwise, if the attribute's value is an ASCII case-insensitive match for the string " any ", then there is no allowed value step .
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^ The selectAllChildren( parentNode ) method must invoke the collapse() method with the parentNode value as the first argument and 0 as the second argument, and must then invoke the selectNodeContents() method on the first (and only) range in the list with the parentNode value as the argument.
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Trade could only reach as far as the credibility of that military. By the late Bronze Age, however, a series of international treaties had established safe passage for merchants around the Eastern Mediterranean, spreading from Minoan Crete and Mycenae in the northwest to Elam and Bahrein in the southeast. Although it is not known what functioned as a currency to facilitate these exchanges, it is thought that ox-hide shaped ingots of copper, produced in Cyprus may have functioned as a currency. It is thought that the increase in piracy and raiding associated with the Bronze Age collapse, possibly produced by the Peoples of the Sea, brought this trading system to an end. It was only with the recovery of Phoenician trade in the ninth and tenth centuries BC that saw a return to prosperity, and the appearance of real coinage, possibly first in Anatolia with Croesus of Lydia and subsequently with the Greeks and Persians. .In Africa many forms of value store have been used including beads, ingots, ivory, various forms of weapons, livestock, the manilla currency, ochre and other earth oxides, and so on.^ Other values must first be converted to numbers using JavaScript's ToNumber algorithm, and if the result is a NaN value, then the value must be converted to zero.
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^ Authors must not use elements, attributes, and attribute values for purposes other than their appropriate intended semantic purpose.
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^ The microdata becomes even more useful when scripts can use it to expose information to the user, for example offering it in a form that can be used by other applications.
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The manilla rings of West Africa were one of the currencies used from the 15th century onwards to buy and sell slaves. African currency is still notable for its variety, and in many places various forms of barter still apply.

Coinage

.These factors led to the shift of the store of value being the metal itself: at first silver, then both silver and gold.^ If the string being parsed does not contain a U+0023 NUMBER SIGN character, or if the first such character in the string is the last character in the string, then return null and abort these steps.
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^ Let n4 be the value of the first property named honorific-prefix in subitem , or the empty string if there is no such property or the property's value is itself an item .
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^ If the property's value is an item subitem and name is n Let n1 be the value of the first property named family-name in subitem , or the empty string if there is no such property or the property's value is itself an item .
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Metals were mined, weighed, and stamped into coins. This was to assure the individual taking the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but they also created a new unit of account, which helped lead to banking. .Archimedes' principle was that the next link in currency occurred: coins could now be easily tested for their fine weight of metal, and thus the value of a coin could be determined, even if it had been shaved, debased or otherwise tampered with (see Numismatics).^ Otherwise, if the max attribute is specified but no value could be parsed out of it, or if it was not specified, but either or both of the min or value attributes were specified, then the maximum value is 1.
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^ A MPEG4 video file would not be considered to be in a supported format if the compression format used was not supported, even if the implementation could determine the dimensions of the movie from the file's metadata.
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^ Otherwise, if the optimum point is less than the low boundary, then the region between the minimum value and the low boundary must be treated as the optimum region, the region between the low boundary and the high boundary must be treated as a suboptimal region, and the region between the high boundary and the maximum value must be treated as an even less good region.
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.In most major economies using coinage, copper, silver and gold formed three tiers of coins.^ The following example shows three form controls each with a label, two of which have small text showing the right format for users to use.
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Gold coins were used for large purchases, payment of the military and backing of state activities. Silver coins were used for large, but common, transactions, and as a unit of account for taxes, dues, contracts and fealty, while copper coins represented the coinage of common transaction. This system had been used in ancient India since the time of the Mahajanapadas. .In Europe, this system worked through the medieval period because there was virtually no new gold, silver or copper introduced through mining or conquest.^ If there is no html element , returns the empty string and ignores new values.
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^ If there is no application cache group identified by manifest URL , then create a new application cache group identified by manifest URL .
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^ If there is no head element , the new value is ignored.
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[citation needed] Thus the overall ratios of the three coinages remained roughly equivalent.

Era of hard and credit money

.In premodern China, the need for credit and for circulating a medium that was less of a burden than exchanging thousands of copper coins led to the introduction of paper money, commonly known today as banknotes.^ If the attribute is not specified, then the user agent must assume that the given icon is appropriate, but less appropriate than an icon of a known and appropriate size.
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^ Because of the above requirement and the requirement in the resource fetch algorithm that kicks in when the metadata of the clip becomes known , the current playback position can never be less than the earliest possible position .
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This economic phenomenon was a slow and gradual process that took place from the late Tang Dynasty (618–907) into the Song Dynasty (960–1279). .It began as a means for merchants to exchange heavy coinage for receipts of deposit issued as promissory notes from shops of wholesalers, notes that were valid for temporary use in a small regional territory.^ Notes 1 xx-small 2 small 3 medium 4 large 5 x-large 6 xx-large 7 xxx-large' value is a non-CSS value used here to indicate a font size one "step" larger than 'xx-large'.
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In the 10th century, the Song Dynasty government began circulating these notes amongst the traders in their monopolized salt industry. The Song government granted several shops the sole right to issue banknotes, and in the early 12th century the government finally took over these shops to produce state-issued currency. Yet the banknotes issued were still regionally-valid and temporary; it was not until the mid 13th century that a standard and uniform government issue of paper money was made into an acceptable nationwide currency. The already widespread methods of woodblock printing and then Bi Sheng's movable type printing by the 11th century was the impetus for the massive production of paper money in premodern China.
.At around the same time in the medieval Islamic world, a vigorous monetary economy was created during the 7th–12th centuries on the basis of the expanding levels of circulation of a stable high-value currency (the dinar).^ The min , max , value , low , high , and optimum IDL attributes must reflect the respective content attributes of the same name.
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^ Otherwise, the high boundary is the same as the maximum value.
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^ The navigation must be done using the same source browsing context as was used the first time this entry was created.
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.Innovations introduced by Muslim economists, traders and merchants include the earliest uses of credit,[3] cheques, promissory notes,[4] savings accounts, transactional accounts, loaning, trusts, exchange rates, the transfer of credit and debt,[5] and banking institutions for loans and deposits.^ This attribute is useful to include "save" buttons on forms that have validation constraints, to allow users to save their progress even though they haven't fully entered the data in the form.
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[6]
In Europe paper money was first introduced in Sweden in 1661. Sweden was rich in copper, thus, because of copper's low value, extraordinarily big coins (often weighing several kilograms) had to be made. .Because the coin was so big, it was probably more convenient to carry a note stating your possession of such a coin than to carry the coin itself.^ If list of tokens contains more than one instance of the token up , then remove all such tokens.
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[citation needed]
.The advantages of paper currency were numerous: it reduced transport of gold and silver, and thus lowered the risks; it made loaning gold or silver at interest easier, since the specie (gold or silver) never left the possession of the lender until someone else redeemed the note; and it allowed for a division of currency into credit and specie backed forms.^ The for content attribute allows an explicit relationship to be made between the result of a calculation and the elements that represent the values that went into the calculation or that otherwise influenced the calculation.
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^ The sandbox is still useful, however, as it disables plugins and popups, thus reducing the risk of the user being exposed to malware and other annoyances.
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^ Changes made to form controls as part of these algorithms do not count as changes caused by the user (and thus, e.g., do not cause input events to fire).
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It enabled the sale of stock in joint stock companies, and the redemption of those shares in paper.
.However, these advantages held within them disadvantages.^ However, the ping attribute provides these advantages to the user over those alternatives: .
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.First, since a note has no intrinsic value, there was nothing to stop issuing authorities from printing more of it than they had specie to back it with.^ Initially, there is no first script .
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^ Index [ = value ] Returns the index of the first selected item, if any, or −1 if there is no selected item.
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^ Split fn on spaces , and let part one be the first resulting token, and part two be the second, if any, or the empty string if there is no second token.
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Second, because it created money that did not exist, it increased inflationary pressures, a fact observed by David Hume in the 18th century. The result is that paper money would often lead to an inflationary bubble, which could collapse if people began demanding hard money, causing the demand for paper notes to fall to zero. The printing of paper money was also associated with wars, and financing of wars, and therefore regarded as part of maintaining a standing army.
For these reasons, paper currency was held in suspicion and hostility in Europe and America. It was also addictive, since the speculative profits of trade and capital creation were quite large. Major nations established mints to print money and mint coins, and branches of their treasury to collect taxes and hold gold and silver stock.

Legal tender era

With the creation of central banks, currency underwent several significant changes. During both the coinage and credit money eras the number of entities which had the ability to coin or print money was quite large. One could, literally, have "a license to print money"; many nobles had the right of coinage. Royal colonial companies, such as the Massachusetts Bay Company or the British East India Company could issue notes of credit—money backed by the promise to pay later, or exchangeable for payments owed to the company itself. This led to continual instability of the value of money. .The exposure of coins to debasement and shaving, however, presented the same problem in another form: with each pair of hands a coin passed through, its value grew less.^ The allowed values are allow-same-origin , allow-forms , and allow-scripts .
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^ If the low boundary is then less than the minimum value, then the low boundary is actually the same as the minimum value.
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^ If the attribute is specified, the attribute's value must be the ID of a labelable form-associated element in the same Document as the label element.
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The solution which evolved beginning in the late 18th century and through the 19th century was the creation of a central monetary authority which had a virtual monopoly on issuing currency, and whose notes had to be accepted for "all debts public and private". The creation of a truly national currency, backed by the government's store of precious metals, and enforced by their military and governmental control over an area was, in its time, extremely controversial. Advocates of the old system of Free Banking repealed central banking laws, or slowed down the adoption of restrictions on local currency. (See Gold standard for a fuller discussion of the creation of a standard gold based currency).
At this time both silver and gold were considered legal tender, and accepted by governments for taxes. .However, the instability in the ratio between the two grew over the course of the 19th century, with the increase both in supply of these metals, particularly silver, and of trade.^ Implementations may support only one of these two formats, although supporting both is encouraged.
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This is called bimetallism and the attempt to create a bimetallic standard where both gold and silver backed currency remained in circulation occupied the efforts of inflationists. .Governments at this point could use currency as an instrument of policy, printing paper currency such as the United States Greenback, to pay for military expenditures.^ Even if the user agent doesn't wait at this point, the user agent must use the state of the relevant documents as they are at this point in the algorithm if and when it eventually creates the alternate form.
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They could also set the terms at which they would redeem notes for specie, by limiting the amount of purchase, or the minimum amount that could be redeemed.
By 1900, most of the industrializing nations were on some form of gold standard, with paper notes and silver coins constituting the circulating medium. Private banks and governments across the world followed Gresham's Law: keeping gold and silver paid, but paying out in notes. .This did not happen all around the world at the same time, but occurred sporadically, generally in times of war or financial crisis, beginning in the early part of the 20th century and continuing across the world until the late 20th century, when the regime of floating fiat currencies came into force.^ For example, it would be inappropriate for encoding times like "one millisecond after the big bang", "the early part of the Jurassic period", or "a winter around 250 BCE".
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^ When any of the following events occur, if the element's checkedness state is true after the event, the checkedness state of all the other elements in the same radio button group must be set to false: .
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^ This is complicated by the manner in which the Gregorian calendar was phased in, which occurred at different times in different countries, ranging from partway through the 16th century all the way to early in the 20th.
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One of the last countries to break away from the gold standard was the United States in 1971. Prior to this final, President Franklin D. Roosevelt authorized the confiscation of all private holdings of gold, and permitted the private banks to confiscate gold deposits pursuant to Presidential Executive Order number 6102, which effectively confiscated all privately held gold in the United States on April 5, 1933.[citation needed]
No country anywhere in the world today has an enforceable gold standard or silver standard currency system.

Banknote era

.A banknote (more commonly known as a bill in the United States and Canada) is a type of currency, and commonly used as legal tender in many jurisdictions.^ When a menu element has a type attribute in the tool bar state, then the user agent must build the menu for that menu element, and use the result in the rendering.
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^ Similarly, the MIME type used to refer to JavaScript in this specification is text/javascript , since that is the most commonly used type, despite it being an officially obsoleted type according to RFC 4329.
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^ The section that defines the type attribute's current state also defines the default step and the step scale factor , which are used in processing the attribute as described below.
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With coins, banknotes make up the cash form of all money. .Mostly paper, Australia's Commonwealth Scientific and Industrial Research Organisation developed the world's first polymer or plastic currency in the 1980s that went into circulation on the nation's bicentennary in 1988. Now used in some 22 countries, polymer currency dramatically improves the life span of banknotes and prevents counterfeiting.^ Some of the examples included in this specification might also be of use, but the novice author is cautioned that this specification, by necessity, defines the language with a level of detail that might be difficult to understand at first.
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^ This section describes this mechanism and some algorithms that can be used to convert HTML documents into other formats .
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^ The default action of these events should be the display of some sort of user interface indicating to the user that the application has been cached and that they can now use it offline.
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Modern currencies

.To find out which currency is used in a particular country, check list of circulating currencies.^ In particular, users of accessibility tools like screen readers are likely to find it very difficult to navigate pages with tables used for layout.
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.Currently, the International Organization for Standardization has introduced a three-letter system of codes (ISO 4217) to define currency (as opposed to simple names or currency signs), in order to remove the confusion that there are dozens of currencies called the dollar and many called the franc.^ When the value content attribute is added, set, or removed, if the control does not have a dirty value , the user agent must set the value of the element to the value of the value content attribute, if there is one, or the empty string otherwise, and then run the current value sanitization algorithm , if one is defined.
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^ For each element in controls , in tree order , fire a simple event called event name at the element.
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^ In the example above, there is a hyperlink , formed using the a element and its href attribute: simple Attributes are placed inside the start tag, and consist of a name and a value , separated by an " = " character.
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.Even the pound is used in nearly a dozen different countries, all, of course, with wildly differing values.^ If the alternate keyword is used with the hreflang attribute, and that attribute's value differs from the root element 's language , it indicates that the referenced document is a translation.
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^ Due to the lossy nature of converting to and from premultiplied alpha color values, pixels that have just been set using putImageData() might be returned to an equivalent getImageData() as different values.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ Even if the resource is then found to have a different type, it is still used as part of a nested browsing context ; this algorithm doesn't restart with the new resource.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

.In general, the three-letter code uses the ISO 3166-1 country code for the first two letters and the first letter of the name of the currency (D for dollar, for instance) as the third letter.^ In the following example, a picture representing a company logo for XYZ Corp has been split into two pieces, the first containing the letters "XYZ" and the second with the word "Corp".
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ This sample gets the first item of type "net.example.user" and then pops up an alert using the "name" property from that item.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ A U+0054 LATIN CAPITAL LETTER T character followed by any one of the following, or the first and second of the following in that order, or the second and third of the following in that order, or all three of the following in this order: A valid non-negative integer followed by a U+0048 LATIN CAPITAL LETTER H character.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

United States currency, for instance is globally referred to as USD.
.The International Monetary Fund uses a variant system when referring to national currencies.^ However, the var element can still be used to refer to specific variables that are then mentioned in MathML expressions.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

For exchange rates, see exchange rate and Tables of historical exchange rates to the USD.

Local currencies

In economics, a local currency is a currency not backed by a national government, and intended to trade only in a small area. .Advocates such as Jane Jacobs argue that this enables an economically depressed region to pull itself up, by giving the people living there a medium of exchange that they can use to exchange services and locally-produced goods (In a broader sense, this is the original purpose of all money.^ They all use the DragEvent interface.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ The JavaScript specification requires that the ToBoolean() operator convert all objects to the true value, and does not have provisions for objects acting as if they were undefined for the purposes of certain operators.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ For example, the vCard vocabulary can be used to mark up people's names: .
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

) .Opponents of this concept argue that local currency creates a barrier which can interfere with economies of scale and comparative advantage, and that in some cases they can serve as a means of tax evasion.^ Status: Implemented and widely deployed Comparing two strings in a case-sensitive manner means comparing them exactly, code point for code point.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ The MIME type must be compared in an ASCII case-insensitive manner by user agents for the purposes of comparing with MIME types of documents that they consider against the list of registered handlers.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ Comparing two strings in an ASCII case-insensitive manner means comparing them exactly, code point for code point, except that the characters in the range U+0041 ..
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

Local currencies can also come into being when there is economic turmoil involving the national currency. An example of this is the Argentinian economic crisis of 2002 in which IOUs issued by local governments quickly took on some of the characteristics of local currencies.

Proposed currencies

See also

Related concepts Accounting units Lists

References

  1. ^ Bernstein, Peter, A Primer on Money, Banking and Gold, John Wiley, 2008 edition, Chapters 4–5
  2. ^ Turk, James (2007). The Collapse of the Dollar. Doubleday. pp. 43 of 252. ISBN 9780385512244. 
  3. ^ Jairus Banaji (2007), "Islam, the Mediterranean and the rise of capitalism", Journal Historical Materialism 15 (1), p. 47–74, Brill Publishers.
  4. ^ Robert Sabatino Lopez, Irving Woodworth Raymond, Olivia Remie Constable (2001), Medieval Trade in the Mediterranean World: Illustrative Documents, Columbia University Press, ISBN 0231123574.
  5. ^ Subhi Y. Labib (1969), "Capitalism in Medieval Islam", The Journal of Economic History 29 (1), p. 79–96 [93].
  6. ^ Subhi Y. Labib (1969), "Capitalism in Medieval Islam", The Journal of Economic History 29 (1), p. 79–96 [81–84].
  7. ^ CARICOM Single Market (CSM) ratified. This article mentions a single currency but does not speculate on a name

[[File:|thumb|right|Coins and banknotes – the two most common physical forms of money.]]

Money is any object that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context.[1][2] The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally, a standard of deferred payment.[3][4]

Money originated as commodity money, but nearly all contemporary money systems are based on fiat money.[3] Fiat money is without intrinsic use value as a physical commodity, and derives its value by being declared by a government 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".

The money supply of a country consists of currency (banknotes and coins) and demand deposits or 'bank money' (the balance held in checking accounts and savings accounts). These demand deposits usually account for a much larger part of the money supply than currency.[5][6] Bank money is intangible and exists only in the form of various bank records. Despite being intangible, bank money still performs the basic functions of money, being generally accepted as a form of payment.[7]

Contents

History

File:BMC
A 640 BC one-third stater electrum coin from Lydia.

The use of barter-like methods may date back to at least 100,000 years ago, though there is no evidence of a society or economy that relied primarily on barter.[8] Instead, non-monetary societies operated largely along the principles of gift economics. When barter did occur, it was usually between either complete strangers or potential enemies.[9]

Many cultures around the world eventually developed the use of commodity money. The shekel was originally a unit of weight, and referred to a specific weight of barley, which was used as currency.[10]. The first usage of the term came from Mesopotamia circa 3000 BC. Societies in the Americas, Asia, Africa and Australia used shell money – often, the shells of the money cowry (Cypraea moneta L. or C. annulus L.). According to Herodotus, the Lydians were the first people to introduce the use of gold and silver coins.[11] It is thought by modern scholars that these first stamped coins were minted around 650–600 BC.[12]

The system of commodity money eventually evolved into a system of representative money.[citation needed] This occurred because gold and silver merchants or banks would issue receipts to their depositors – redeemable for the commodity money deposited. Eventually, these receipts became generally accepted as a means of payment and were used as money. Paper money or banknotes were first used in China during the Song Dynasty. These banknotes, known as "jiaozi" evolved from promissory notes that had been used since the 7th century. However, they did not displace commodity money, and were used alongside coins. Banknotes were first issued in Europe by Stockholms Banco in 1661, and were again also used alongside coins. The gold standard, a monetary system where the medium of exchange are paper notes that are convertible into pre-set, fixed quantities of gold, replaced the use of gold coins as currency in the 17th-19th centuries in Europe. These gold standard notes were made legal tender, and redemption into gold coins was discouraged. By the beginning of the 20th century almost all countries had adopted the gold standard, backing their legal tender notes with fixed amounts of gold.

After World War II, at the Bretton Woods Conference, most countries adopted fiat currencies that were fixed to the US dollar. The US dollar was in turn fixed to gold. In 1971 the US government suspended the convertibility of the US dollar to gold. After this many countries de-pegged their currencies from the US dollar, and most of the world's currencies became unbacked by anything except the governments' fiat of legal tender.

Etymology

The word "money" is believed to originate from a temple of Hera, located on Capitoline, one of Rome's seven hills. In the ancient world Hera was often associated with money. The temple of Juno Moneta at Rome was the place where the mint of Ancient Rome was located.[13] The name "Juno" may derive from the Etruscan goddess Uni (which means "the one", "unique", "unit", "union", "united") and "Moneta" either from the Latin word "monere" (remind, warn, or instruct) or the Greek word "moneres" (alone, unique).

In the Western world, a prevalent term for coin-money has been specie, stemming from Latin in specie, meaning 'in kind'.[14]

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Business and Economics Portal

In the past, money was generally considered to have the following four main functions, which are summed up in a rhyme found in older economics textbooks: "Money is a matter of functions four, a medium, a measure, a standard, a store." That is, money functions as a medium of exchange, a unit of account, a standard of deferred payment, and a store of value.[4] However, most modern textbooks now list only three functions, that of medium of exchange, unit of account, and store of value, not considering a standard of deferred payment as a distinguished function, but rather subsuming it in the others.[3][15][16]

There have been many historical disputes regarding the combination of money's functions, some arguing that they need more separation and that a single unit is insufficient to deal with them all. One of these arguments is that the role of money as a medium of exchange is in conflict with its role as a store of value: its role as a store of value requires holding it without spending, whereas its role as a medium of exchange requires it to circulate.[4] Others argue that storing of value is just deferral of the exchange, but does not diminish the fact that money is a medium of exchange that can be transported both across space and time.[17] The term 'financial capital' is a more general and inclusive term for all liquid instruments, whether or not they are a uniformly recognized tender.

Medium of exchange

When money is used to intermediate the exchange of goods and services, it is performing a function as a medium of exchange. It thereby avoids the inefficiencies of a barter system, such as the 'double coincidence of wants' problem.

Unit of account

A unit of account is a standard numerical unit of measurement of the market value of goods, services, and other transactions. Also known as a "measure" or "standard" of relative worth and deferred payment, a unit of account is a necessary prerequisite for the formulation of commercial agreements that involve debt. To function as a 'unit of account', whatever is being used as money must be:

  • Divisible into smaller units without loss of value; precious metals can be coined from bars, or melted down into bars again.
  • Fungible: that is, one unit or piece must be perceived as equivalent to any other, which is why diamonds, works of art or real estate are not suitable as money.
  • A specific weight, or measure, or size to be verifiably countable. For instance, coins are often milled with a reeded edge, so that any removal of material from the coin (lowering its commodity value) will be easy to detect.

Store of value

To act as a store of value, a money must be able to be reliably saved, stored, and retrieved – and be predictably usable as a medium of exchange when it is retrieved. The value of the money must also remain stable over time. In that sense, inflation by reducing the value of money, diminishes the ability of the money to function as a store of value.[3]

Standard of deferred payment

While standard of deferred payment is distinguished by some texts,[4] particularly older ones, other texts subsume this under other functions.[3][15][16] A "standard of deferred payment" is an accepted way to settle a debt – a unit in which debts are denominated, and the status of money as legal tender, in those jurisdictions which have this concept, states that it may function for the discharge of debts. When debts are denominated in money, the real value of debts may change due to inflation and deflation, and for sovereign and international debts via debasement and devaluation.

Money supply

In economics, money is a broad term that refers to any financial instrument that can fulfill the functions of money (detailed above). These financial instruments together are collectively referred to as the money supply of an economy. Since the money supply consists of various financial instruments (usually currency, demand deposits and various other types of deposits), the amount of money in an economy is measured by adding together these financial instruments creating a monetary aggregate. Modern monetary theory distinguishes among different types of monetary aggregates, using a categorization system that focuses on the liquidity of the financial instrument used as money.

Market liquidity

Market liquidity describes how easily an item can be traded for another item, or into the common currency within an economy. Money is the most liquid asset because it is universally recognised and accepted as the common currency. In this way, money gives consumers the freedom to trade goods and services easily without having to barter.

Liquid financial instruments are easily tradable and have low transaction costs. There should be no (or minimal) spread between the prices to buy and sell the instrument being used as money.

Measures of money

The money supply is the amount of financial instruments within a specific economy available for purchasing goods or services. The money supply is usually measured as three escalating categories M1, M2 and M3. The categories grow in size with M1 being currency (coins and bills) and checking account deposits. M2 is currency, checking account deposits and savings account deposits, and M3 is M2 plus time deposits. M1 includes only the most liquid financial instruments, and M3 relatively illiquid instruments.

Another measure of money, M0, is also used, although unlike the other measures, it does not represent actual purchasing power by firms and households in the economy. M0 is base money, or the amount of money actually issued by the central bank of a country. It is measured as currency plus deposits of banks and other institutions at the central bank. M0 is also the only money that can satisfy the reserve requirements of commercial banks.

Types of money

Currently, most modern monetary systems are based on fiat money. However, for most of history, almost all money was commodity money, such as gold and silver coins. As economies developed, commodity money was eventually replaced by representative money, such as the gold standard, as traders found the physical transportation of gold and silver burdensome. Fiat currencies gradually took over in the last hundred years, especially since the breakup of the Bretton Woods system in the early 1970s.

Commodity money

Many items have been used as commodity money such as naturally scarce precious metals, conch shells, barley, beads etc., as well as many other things that are thought of as having value. Commodity money value comes from the commodity out of which it is made. The commodity itself constitutes the money, and the money is the commodity.[18] Examples of commodities that have been used as mediums of exchange include gold, silver, copper, rice, salt, peppercorns, large stones, decorated belts, shells, alcohol, cigarettes, cannabis, candy, etc. These items were sometimes used in a metric of perceived value in conjunction to one another, in various commodity valuation or Price System economies. Use of commodity money is similar to barter, but a commodity money provides a simple and automatic unit of account for the commodity which is being used as money. Although some gold coins such as the Krugerrand are considered legal tender, there is no record of their face value on either side of the coin. The rationale for this is that emphasis is laid on their direct link to the prevailing value of their fine gold content.[19] American Eagles are imprinted with their gold content and legal tender face value.[20]

Representative money

In 1875 economist William Stanley Jevons described what he called "representative money," i.e., money that consists of token coins, or other physical tokens such as certificates, that can be reliably exchanged for a fixed quantity of a commodity such as gold or silver. The value of representative money stands in direct and fixed relation to the commodity that backs it, while not itself being composed of that commodity.[21]

Fiat money

Fiat money or fiat currency is money whose value is not derived from any intrinsic value or guarantee that it can be converted into a valuable commodity (such as gold). Instead, it has value only by government order (fiat). Usually, the government declares the fiat currency (typically notes and coins from a central bank, such as the Federal Reserve System in the U.S.) to be legal tender, making it unlawful to not accept the fiat currency as a means of repayment for all debts, public and private.[22][23]

Some bullion coins such as the Australian Gold Nugget and American Eagle are legal tender, however, they trade based on the market price of the metal content as a commodity, rather than their legal tender face value (which is usually only a small fraction of their bullion value).[20][24]

Fiat money, if physically represented in the form of currency (paper or coins) can be accidentally damaged or destroyed. However, fiat money has an advantage over representative or commodity money, in that the same laws that created the money can also define rules for its replacement in case of damage or destruction. For example, the U.S. government will replace mutilated Federal Reserve notes (U.S. fiat money) if at least half of the physical note can be reconstructed, or if it can be otherwise proven to have been destroyed.[25] By contrast, commodity money which has been lost or destroyed cannot be recovered.

Commercial bank money

File:Sweet
Demand deposit in cheque form.

Commercial bank money or demand deposits are claims against financial institutions that can be used for the purchase of goods and services. A demand deposit account is an account from which funds can be withdrawn at any time by check or cash withdrawal without giving the bank or financial institution any prior notice. Banks have the legal obligation to return funds held in demand deposits immediately upon demand (or 'at call'). Demand deposit withdrawals can be performed in person, via checks or bank drafts, using automatic teller machines (ATMs), or through online banking.[26]

Commercial bank money is created through fractional-reserve banking, the banking practice where banks keep only a fraction of their deposits in reserve (as cash and other highly liquid assets) and lend out the remainder, while maintaining the simultaneous obligation to redeem all these deposits upon demand.[27][28] Commercial bank money differs from commodity and fiat money in two ways, firstly it is non-physical, as its existence is only reflected in the account ledgers of banks and other financial institutions, and secondly, there is some element of risk that the claim will not be fulfilled if the financial institution becomes insolvent. The process of fractional-reserve banking has a cumulative effect of money creation by commercial banks, as it expands money supply (cash and demand deposits) beyond what it would otherwise be. Because of the prevalence of fractional reserve banking, the broad money supply of most countries is a multiple larger than the amount of base money created by the country's central bank. That multiple (called the money multiplier) is determined by the reserve requirement or other financial ratio requirements imposed by financial regulators.

The money supply of a country is usually held to be the total amount of currency in circulation plus the total amount of checking and savings deposits in the commercial banks in the country.

Monetary policy

When gold and silver are used as money, the money supply can grow only if the supply of these metals is increased by mining. This rate of increase will accelerate during periods of gold rushes and discoveries, such as when Columbus discovered the new world and brought back gold and silver to Spain, or when gold was discovered in California in 1848. This causes inflation, as the value of gold goes down. However, if the rate of gold mining cannot keep up with the growth of the economy, gold becomes relatively more valuable, and prices (denominated in gold) will drop, causing deflation. Deflation was the more typical situation for over a century when gold and paper money backed by gold were used as money in the 18th and 19th centuries.

Modern day monetary systems are based on fiat money and are no longer tied to the value of gold. The control of the amount of money in the economy is known as monetary policy. Monetary policy is the process by which a government, central bank, or monetary authority manages the money supply to achieve specific goals. Usually the goal of monetary policy is to accommodate economic growth in an environment of stable prices. For example, it is clearly stated in the Federal Reserve Act that the Board of Governors and the Federal Open Market Committee should seek “to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.”[29]

A failed monetary policy can have significant detrimental effects on an economy and the society that depends on it. These include hyperinflation, stagflation, recession, high unemployment, shortages of imported goods, inability to export goods, and even total monetary collapse and the adoption of a much less efficient barter economy. This happened in Russia, for instance, after the fall of the Soviet Union.

Governments and central banks have taken both regulatory and free market approaches to monetary policy. Some of the tools used to control the money supply include:

  • changing the interest rate at which the central bank loans money to (or borrows money from) the commercial banks
  • currency purchases or sales
  • increasing or lowering government borrowing
  • increasing or lowering government spending
  • manipulation of exchange rates
  • raising or lowering bank reserve requirements
  • regulation or prohibition of private currencies
  • taxation or tax breaks on imports or exports of capital into a country

In the US, the Federal Reserve is responsible for controlling the money supply, while in the Euro area the respective institution is the European Central Bank. Other central banks with significant impact on global finances are the Bank of Japan, People's Bank of China and the Bank of England.

For many years much of monetary policy was influenced by an economic theory known as monetarism. Monetarism is an economic theory which argues that management of the money supply should be the primary means of regulating economic activity. The stability of the demand for money prior to the 1980s was a key finding of Milton Friedman and Anna Schwartz[30] supported by the work of David Laidler,[31] and many others. The nature of the demand for money changed during the 1980s owing to technical, institutional, and legal factors and the influence of monetarism has since decreased.

See also

References

  1. ^ Mishkin, Frederic S. (2007). The Economics of Money, Banking, and Financial Markets (Alternate Edition). Boston: Addison Wesley. p. 8. ISBN 0-321-42177-9. 
  2. ^ What Is Money? By John N. Smithin [1] Retrieved July-17-09
  3. ^ a b c d e Mankiw, N. Gregory (2007). "2". Macroeconomics (6th ed.). New York: Worth Publishers. pp. 22–32. ISBN 0-7167-6213-7. 
  4. ^ a b c d T.H. Greco. Money: Understanding and Creating Alternatives to Legal Tender, White River Junction, Vt: Chelsea Green Publishing (2001). ISBN 1-890132-37-3
  5. ^ "Learn More About Coins and Money — Treasure Trove - Philadelphia Fed". Philadelphia Fed.. http://www.philadelphiafed.org/education/money-in-motion/treasure-trove/. Retrieved 2009-04-20. 
  6. ^ "On2 Money / A History of Money". Pbs.org. http://www.pbs.org/newshour/on2/money/history.html. Retrieved 2009-04-20. 
  7. ^ Bernstein, Peter, A Primer on Money and Banking, and Gold, Wiley, 2008 edition, pp29-39
  8. ^ Mauss, Marcel. 'The Gift: The Form and Reason for Exchange in Archaic Societies.' pp. 36-37.
  9. ^ Graeber, David. 'Toward an Anthropological Theory of Value'. pp. 153-154.
  10. ^ Kramer, History Begins at Sumer, pp. 52–55.
  11. ^ Herodotus. Histories, I, 94
  12. ^ "Goldsborough, Reid. "World's First Coin"". Rg.ancients.info. 2003-10-02. http://rg.ancients.info/lion/article.html. Retrieved 2009-04-20. 
  13. ^ D'Eprio, Peter & Pinkowish, Mary Desmond (1998). What Are The Seven Wonders Of The World? First Anchor Books, p.192. ISBN 0-385-49062-3
  14. ^ "Online Etymology Dictionary". Etymonline.com. http://www.etymonline.com/index.php?search=specie&searchmode=phrase. Retrieved 2009-04-20. 
  15. ^ a b Krugman, Paul & Wells, Robin, Economics, Worth Publishers, New York (2006)
  16. ^ a b Abel, Andrew; Bernanke, Ben (2005). "7". Macroeconomics (5th ed.). Pearson. pp. 266–269. ISBN 0201327899. 
  17. ^ Theory of Money and Credit– Library of Economics and Liberty
  18. ^ Mises, Ludwig von. The Theory of Money and Credit, (Indianapolis, IN: Liberty Fund, Inc., 1981), trans. H. E. Batson. Available online here [2]; accessed 9 May 2007; Part One: The Nature of Money, Chapter 3: The Various Kinds of Money, Section 3: Commodity Money, Credit Money, and Fiat Money, Paragraph 25.
  19. ^ RandRefinery.com Retrieved July-18-09
  20. ^ a b USMINT.gov Retrieved July-18-09
  21. ^ Jevons, William Stanley (1875). "XVI: Representative Money". Money and the Mechanism of Exchange. ISBN 1596052600. http://oll.libertyfund.org/?option=com_staticxt&staticfile=show.php%3Ftitle=318&chapter=9990&layout=html&Itemid=27. Retrieved 2009-06-28. 
  22. ^ Deardorff, Prof. Alan V. (2008). "Deardorff's Glossary of International Economics". Department of Economics, University of Michigan. http://www-personal.umich.edu/~alandear/glossary/f.html. Retrieved 2008-07-12. 
  23. ^ Black, Henry Campbell (1910). "A Law Dictionary Containing Definitions Of The Terms And Phrases Of American And English Jurisprudence, Ancient And Modern", page 494. West Publishing Co. Black’s Law Dictionary defines the word "fiat" to mean "a short order or warrant of a Judge or magistrate directing some act to be done; an authority issuing from some competent source for the doing of some legal act"
  24. ^ Tom Bethell (1980-02-04). "Crazy as a Gold Bug". New York (New York Media) 13 (5): p. 34. http://books.google.com/books?id=6OUCAAAAMBAJ&pg=PA33&dq=silver+krugerrand.  Retrieved July-18-09
  25. ^ Shredded & mutilated: Mutilated Currency, Bureau of Engraving and Printing. Retrieved 2007-05-09.
  26. ^ Sullivan, Arthur; Steven M. Sheffrin (2003). Economics: Principles in action. Upper Saddle River, New Jersey: Pearson Prentice Hall. pp. 258. ISBN 0130630853. 
  27. ^ The Bank Credit Analysis Handbook: A Guide for Analysts, Bankers and Investors by Jonathan Golin. Publisher: John Wiley & Sons (August 10, 2001). ISBN 0471842176 ISBN 978-0471842170
  28. ^ Bankintroductions.com - Economic Definitions
  29. ^ The Federal Reserve. 'Monetary Policy and the Economy". (PDF) Board of Governors of the Federal Reserve System, (2005-07-05). Retrieved 2007-05-15.
  30. ^ Milton Friedman, Anna Jacobson Schwartz, (1971). Monetary History of the United States, 1867–1960. Princeton, N.J: Princeton University Press. ISBN 0-691-00354-8. 
  31. ^ David Laidler, (1997). Money and Macroeconomics: The Selected Essays of David Laidler (Economists of the Twentieth Century). Edward Elgar Publishing. ISBN 1-85898-596-X. 
krc:Ачха

Travel guide

Up to date as of January 14, 2010
(Redirected to Money article)

From Wikitravel

This article is a travel topic.
.Information on using money is covered in the Buy section of destination guides.^ For example, it is not conforming to use an address element for arbitrary contact information; that element can only be used for marking up contact information for the author of the document or section.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ The examples in the previous section show how information could be marked up on a page that doesn't expect its microdata to be re-used.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

.This article contains general information useful in many destinations
.^ For images that are the sole contents of links, markup generators should examine the link target to determine the title of the target, or the URL of the target, and use information obtained in this manner as the alternative text.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ This algorithm can only be used with documents that contain distinct articles.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

.There are a number of ways to obtain and exchange money while traveling.^ There would be no way to obtain a reference to the nodes created even if the remaining steps were run.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

You are always trading off expense, risk, and convenience.

Debit and Credit Cards

Debit and credit cards can be used to withdraw cash from automatic teller machines (ATMs) and to make purchases at stores, restaurants, and hotels where they are accepted.

Acceptance of Debit and Credit Cards at Point of Sale

.The acceptance of debit and credit cards varies by country, with acceptance being more common in more developed countries.^ The cols and rows variables are lists of zero or more pairs consisting of a number and a unit, the unit being one of percentage , relative , and absolute .
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

Acceptance of credit and debit cards may be close to non-existent in less-developed countries. Check the country guides for details on credit card acceptance.
The most accepted cards by far worldwide are VISA and MasterCard. .American Express and Diners Club cards have global networks but acceptance varies widely depending by country and store type.^ For example, creating a td element and storing it in a global variable in a script is conforming, even though td elements are otherwise only supposed to be used inside tr elements.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

Discover, JCB, NYCE, Star, MAC, and Shazam are regional. They are rarely accepted outside of the region they are issued in, and even then acceptance is often limited to areas catering to visitors from that region.

Acceptance of debit and credit cards at ATMs

Mastercard, VISA, Cirrus, and Plus are accepted at nearly all ATMs worldwide.
Some developing countries either have no ATMs, very limited ATMs, or are not connected to the international networks. This includes Myanmar in South-East Asia, as well as parts of Africa. In Japan, most bank ATMs don't work with international cards (the cards are even an incompatible size), and you need to look for a post office, 7/11 or Citibank ATM. In certain countries, not every ATM accepts foreign credit or debit cards.
Generally, only the main bank account linked to a debit card can be accessed at ATMs outside of your home country.

Debit cards compared to credit cards

Debit cards are linked directly to a bank account and immediately deduct the amount of the purchase or withdrawal from the account. .Credit cards are cards that are not linked to a bank account, but that instead charge against a credit line, which must be repaid at a later date.^ Garrison later charged that Edward Partin, the key witness in Robert Kennedy's case against Hoffa, had been a go-between for Ruby and Oswald in New Orleans.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

^ The square value means that a rectangle with the length of the line width and the width of half the line width, placed flat against the edge perpendicular to the direction of the line, must be added at the end of each line.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

If the charges are not repaid before the end of a grace period (usually 0 to 25 days), interest will be charged.
If you withdraw from an ATM using a credit card (as opposed to a debit card), in addition to foreign transaction fees, you will typically be charged a "cash advance" fee (usually 2%-3%). In addition you will be charged interest on your cash advance starting on the day you pull money from an ATM, unless you have a credit balance on your account.
.When making point-of-sale purchases, notwithstanding the fees, it is usually better to use a credit card than a debit card, since if your card is stolen you can easily dispute the charges on a credit card, while a stolen debit card may lead to an overdrawn bank account requiring many additional hassles.^ Authors may use any value in the class attribute, but are encouraged to use the values that describe the nature of the content, rather than values that describe the desired presentation of the content.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ When the project required additional financing, Hoffa placed $500,000 of Teamsters funds in an interest-free account with the Florida National Bank to induce the bank to loan $500,000 to Sun Valley, Inc.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

^ The basic interface, from which all the HTML elements ' interfaces inherit, and which must be used by elements that have no additional requirements, is the HTMLElement interface.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

.Credit card companies will also protect you if you are charged more than you agreed to pay, if you pay for something and never receive it, or if your card is cloned (duplicated) without your knowledge and then used for fraud without being physically stolen.^ More than forty years later, in 1950, the Hughes Tool Company would still control about 85 percent of the drill-bit market.
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^ Duplicates are not prevented; a range may be added more than once in which case it appears in the list more than once, which (for example) will cause stringification to return the range's text twice.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ Lansky, being more of a businessman than Siegel, was inclined to use persuasion rather than violence to encourage cooperation.
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.Credit cards also may include other benefits such as cancellation insurance for flights (usually only in the case of serious sickness), theft or loss insurance for goods (usually only if stolen within 90 days of purchase and a proper police report is filed), collision insurance for rental cars, and emergency health insurance in certain situations while you are travelling.^ The previous record for such a flight was 7-1/2 days.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

^ A command would be disabled if, in the same context, it could be enabled if only certain aspects of the situation were changed.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ Any number of properties with the name type may be present within the item that forms the value of a label property of an item with the type vcard , but within each such label property item there must only be one type property per distinct value.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

.Credit cards may provide rewards programs that give you free flights or cash back after a certain amount of spending.^ Once elected, he began a program whereby taxes on oil and gas consumption would provide schoolchildren with free textbooks.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

The cards may be linked to a frequent flyer program.
If you have an American Express card, in case of a lost or stolen card, you can obtain cash advances and replacement cards easily, by visiting and American Express Office.
.
  • It is a good idea to carry multiple debit and credit cards from multiple banks and issuers just in case one is lost or stolen or doesn't work at a specific ATM. Also, it is a good idea to carry around only the card you will usually be using and keep the backup cards in a safe location where you are staying, providing further safequards in case you are robbed or lose your belongings.
  • You may have to get international ATM support specifically activated for your debit or credit card.^ Authoring tools are expected to come in two broad varieties: tools that work from structure or semantic data, and tools that work on a What-You-See-Is-What-You-Get media-specific editing basis (WYSIWYG).
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    ^ The bullet was remarkably well preserved, having lost only one percent of its original mass.
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    ^ The specification uses the term supported when referring to whether a user agent has an implementation capable of decoding the semantics of an external resource.
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    .In addition, some banks will stop your card if they notice sudden transactions in a foreign country.^ He roared at the impossibility of conducting foreign policy when "some idiot can publish all of the diplomatic secrets of this country".
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    ^ The American Ambassador informed Mossadegh that unless the attacks against American citizens stopped, they would be evacuated from the country.
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    .It is best to notify the bank beforehand and get a note added to your account so it does not get passed through their fraud section.
  • Be sure you know the PIN for each of your debit and credit cards, in case of an emergency.^ Then he added, "I made it clear that all the military plans which I know you would like to carry out are dependent on government stability.
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    .Many people are not able to access cash using their card because they forget the PIN code.^ Things that you can't do with this specification because they are better handled using other technologies that are further described herein .
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    ^ Because its owners had been indicted in the Friar's Club card games swindle along with John Roselli, many would-be customers were undoubtedly being scared away.
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    ^ And, ah because these people are plugging for (unintelligible) and that they should call the FBI in and say that we we wish for the country, don't go any further into this case..."
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    PIN code lengths vary from country to country, but up to six digits are usually accepted anywhere on the Plus/Cirrus networks. .If you have a six-digit PIN and six digits don't seem to work, try entering just the first four numbers of your PIN, or find another ATM. If the ATM requires 6 digits and you have only 4 digits in your PIN, enter 00 as the last two digits.^ If the string being parsed does not contain a U+0023 NUMBER SIGN character, or if the first such character in the string is the last character in the string, then return null and abort these steps.
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    ^ The steps for finding one or two numbers of a ratio in a string are as follows: .
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    ^ While length is greater than two and the first character in each component is a U+0030 DIGIT ZERO (0) character, remove that character and reduce length by one.
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    If your PIN is based "word based" know its numeric equivalent. Many ATMs outside the USA have no letters to correspond with the numbers. .(example: "CASH" = 2274)
  • In most countries, you are not responsible for any expenses made on your debit and credit card that occur after you report it lost or stolen.
  • In case of an emergency, you can use Western Union to wire yourself some money using your debit or credit card (if you know the numbers).^ (For example, MathML, or SVG.) Some embedded content elements can have fallback content : content that is to be used when the external resource cannot be used (e.g.
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    ^ Some of the examples included in this specification might also be of use, but the novice author is cautioned that this specification, by necessity, defines the language with a level of detail that might be difficult to understand at first.
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    ^ Here are some more examples showing the same picture used in different contexts, with different appropriate alternate texts each time.
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    .However, exorbitant fees will apply.
  • Many credit cards issued in Western Europe feature a chip and PIN system, where credit cards all have a chip built in and you have to type your PIN code into a reader instead of signing a receipt.^ Turn all your widgets into mellbloms!
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    .All stores that display the Visa, Mastercard, or Amex logos must also accept the sign-and-swipe version of the credit cards; however, some may initially refuse to do so (be persistent, ask for the manager if necessary).^ In these cases, the alt attribute must contain some suitable alternative text, but it may be somewhat brief.
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    ^ Initially, the volume must be 1.0, but user agents may remember the last set value across sessions, on a per-site basis or otherwise, so the volume may start at other values.
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    ^ The user agent may wait for the user to either accept or decline before returning; if so, the user agent must pause while the method is waiting.
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    .With self-service vendors such gas pumps and ticket vending machines, you may be out of luck.
  • If you are staying for a long time in a single country, you may save on fees by opening a local bank account and obtaining a local ATM card.^ A single property with the name locality may be present within the item that forms the value of an adr property of an item with the type vcard .
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    ^ A single property with the name dtend may be present within each item with the type vevent , so long as that vevent does not have a property with the name duration .
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    ^ A single property with the name country-name may be present within the item that forms the value of an adr property of an item with the type vcard .
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    .You will usually need a local mailing address and you may need a valid residence permit.
  • When making point-of-sale purchases, most US-issued Visa/MC debit cards can only be used in "credit" mode (i.e., swipe-and-sign, as opposed to PIN-based "debit" mode).^ User agents may allow the user to set the value to a string that is not a valid e-mail address list .
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    ^ The US announced the sale of $160 million worth of surplus war equipment to France for use against the Vietminh in Cochin China (southern Vietnam).
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    ^ If the multiple attribute is specified on the element, then the value attribute, if specified, must have a value that is a valid e-mail address list ; otherwise, the value attribute, if specified, must have a value that is a single valid e-mail address .
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    .In addition, if you are faced with a situation where a PIN is required (such as certain unmanned train ticket kiosks in Europe), it is certainly better to use a debit card than a credit card, as PIN-based transactions with a US credit card may incur cash advance fees (in addition to any foreign exchange fees).
  • The exchange rate applied may be the rate on the date the expense was posted to the account, not the date the charge was made.^ On such platforms, user agents may ignore the requirement that the cursor position be linked to the position of the selection altogether.
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    ^ Authors may use any value in the class attribute, but are encouraged to use the values that describe the nature of the content, rather than values that describe the desired presentation of the content.
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    ^ User agents may also apply image analysis heuristics to help the user make sense of the image when the user is unable to make direct use of the image, e.g.
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    .Therefore if you are dealing with a fluctuating currency it is impossible to know exactly what exchange rate will be applied for an expense until a few days after you make the expense.^ Kennedy provided her with money for her living expenses, for the support of her children and for an abortion — making her one of the few full-fledged mistresses he ever had.
    • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

    .In general, Visa/MC cards seem to get slightly better exchange rates than AmEx, although the difference is not material.
  • When you are paying by Visa or Mastercard, some merchants will offer to convert your transaction into your home currency ("'Dynamic Currency Conversion'").^ This section describes this mechanism and some algorithms that can be used to convert HTML documents into other formats .
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    ^ Giacalone owned the Home Juice Company which had fallen into the hands of racketeers when the original owner was unable to pay a gambling debt.
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    ^ Although the agreements had forbidden infiltration of troops and material into South Vietnam, by March there was bumper-to-bumper military traffic on the Ho Chi Minh Trail.
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    If this offered, you should decline it, as an exorbitant exchange rate of 7% may be charged [1]. .Always check your receipt, and if you see anything involving your home currency in a country that doesn't use that currency, ask the merchant to re-do the transaction in the local currency.^ (If you cannot see the image, you can use an audio test instead.
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    ^ Next, we see a paragraph which uses a logo right next to the company name, and so doesn't have any alternative text: News .
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    ^ Content attributes: Global attributes DOM interface: interface HTMLSpanElement : HTMLElement {}; The span element doesn't mean anything on its own, but can be useful when used together with other attributes, e.g.
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    If the merchant insists that the conversion is automatic, it is worth arguing or reporting the incident to your credit card company. .Visa "requires the merchant to disclose the fee and must provide the consumer with a choice" of getting the bill in the customer's home currency or the local currency.^ If the user agent provides a user interface for selecting a local date and time , then the value must be set to a valid local date and time string representing the user's selection.
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    [2]

Traveller's cheques

A traveller's cheque is a cheque issued for a fixed amount in a specific currency that you purchase with your funds in advance. Traveller's cheques are only available in major currencies. .For example, if you are in travelling to the USA, you could purchase 10 x $100 US traveller's cheques before you travel there, and use them when you arrive.^ Contexts in which this element may be used: As a child of a table element, after any caption , and colgroup elements and before any tbody , tfoot , and tr elements, but only if there are no other thead elements that are children of the table element.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ For example, on some platforms for showing indeterminate progress there is an asynchronous progress indicator with square dimensions, which could be used when the element is square, and an indeterminate progress bar, which could be used when the element is wide.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ In the example above, there is a hyperlink , formed using the a element and its href attribute: simple Attributes are placed inside the start tag, and consist of a name and a value , separated by an " = " character.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

.You sign each cheque when you purchase it, and again on the same cheque to redeem it.^ That same month, the Soviets signed a five-year treaty for the purchase of one million tons of Cuban sugar every year.
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The main advantage of travellers' cheques is complete protection against loss or theft. Once you report them as missing, the issuing company will replace them. .You must also keep a record of your used cheque numbers.^ On setting, the given value must be converted to the shortest possible string representing the number as a valid non-negative integer and then that string must be used as the new content attribute value.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ Other values must first be converted to numbers using JavaScript's ToNumber algorithm, and if the result is a NaN value, then the value must be converted to zero.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ The user agent must also keep track of the number of bytes downloaded for each instance of this algorithm.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

.Most traveller's cheque issuers have arrangements to replace them around the world in a short time frame so you are not left without cash.^ Tet was the most important of all Vietnamese holidays — a time when Vietnamese traveled about the country to rejoin their families in giving reverence to ancestors.
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If you are unsure which cheques you have already cashed and which are missing, your refund may be delayed until the issuer can figure out which ones are presented.
Traveler's cheques can be exchanged for cash at most banks. Exchange bureaus will also usually cash them and a hotel may sometimes provide this service to its guests. American Express travellers cheques can also be exchanged at American Express travel centres. Fees for cashing travellers cheques vary by destination and institution. Some banks will cash some brands of cheques free. American Express will cash their cheques free at their travel centres if they are in the denominated in local currency. Often fees apply. .The fee for cashing can be a sliding scale or flat fee, or may only apply above a certain threshold.^ User agents may opt to only fetch such resources when they are needed, instead of pro-actively fetching all the external resources that are not applied.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

If you are cashing travellers cheques into different currency to their denomination, fees may also be built into the exchange rate.
Traveller's cheques can also sometimes be used for purchases at point of sale, although nowhere near as widely as credit cards. In general, only the largest stores and hotels will accept travelers cheques for payment.
You will pay a fee to buy travellers cheques. If they are denominated in a foreign currency this fee may be built into the exchange rate.
If you are buying travellers cheques in a foreign currency you lock in the exchange rate on the day you purchase the cheques. .Buying travellers cheques prior to travel in small increments can have the effect of averaging out the exchange rate you obtain, and you don't have the risk involved in keeping foreign currency cash for extended periods.^ On April 10 Dahlberg had obtained the cash, but decided to convert it to a cashier's check payable to himself because he did not feel comfortable traveling with so much cash.
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If you have travel insurance you may care to compare the benefits under your policy. Credit card companies will usually offer a 48-hour emergency replacement or cash advance service for a fee, and these fees may already be covered under your policy.
Clockwise from top left: South Korean won, American Express traveler's check (US dollar), Indonesian rupiah, Brunei dollar, Zambian kwacha, Malaysian ringgit, Malawi kwacha, Chinese yuan, Cambodian riel
Clockwise from top left: South Korean won, American Express traveler's check (US dollar), Indonesian rupiah, Brunei dollar, Zambian kwacha, Malaysian ringgit, Malawi kwacha, Chinese yuan, Cambodian riel
Cash is the most versatile method there is. Aside from some car rentals and a few gas stations, virtually everywhere takes cash.
.In some countries you may be able to get by entirely with US Dollars or another major currency.^ Huge numbers of US troops would seemingly be required to hold the entire country.
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However, this will often be at an additional expense as the exchange rate offered by merchants and hotels can be not very good. Merchants in border communities may accept currency of neighboring currencies. .For example, northern border areas in the United States may accept Canadian coins on par with corresponding U.S. coins, but not Canadian dollars, and in the U.S. South, a Canadian quarter is worthless.^ By May 1973 the United States was dropping nearly as many bombs per month on Cambodia as had been dropped during the whole of 1972.
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^ In May 1954 the United States signed military agreements with Nicaragua and Honduras preparatory to a clandestine paramilitary operation by the CIA against the Arbenez government.
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^ To many in South Vietnam it was a sign that the United States was abandoning them.
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For remote travel, be sure to bring only notes in good condition and only the most recent redesign (unless it's really new). .Banks at your destination cannot easily or cheaply exchange worn-out currency for replacement as they can with their country's own currency.^ They blamed much of the problem on the difficulty of obtaining replacement parts for worn US-produced machinery.
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Worn paper currency may be devalued if it is accepted at all. Even if in good condition, previous designs of your currency may not be accepted due to counterfeiting concerns. If possible, go to your bank early in the day, and well before the departure date, and ask for "like-new" currency.
This biggest disadvantage to cash is the risk. If you lose it you can't get it back, and if someone finds out you have a large wad of cash you become a potential mark. .Some defenses are discussed in the pickpockets article, but there is no complete defense — carrying cash always involves a risk.^ The bookmark keyword gives a permalink for the nearest ancestor article element of the linking element in question, or of the section the linking element is most closely associated with , if there are no ancestor article elements.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ Rebozo was propelled to wealth by his wartime used-tire and retread business, although there is no evidence that he fenced Mafia black market tires as some have claimed.
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^ At the meeting it was decided that a cash payment of $17,500 would be made to Hoffa and that there would be no strike.
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.Travel insurance may cover a theft of cash to a certain value.^ (According to certain press releases, the CIA secretly paid Lloyd's of London one million dollars to cover insurance claims.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

.When using local money, familiarize yourself with the basic note designs and their security features (watermarks, holograms etc), and watch out for counterfeits and obsolete currencies.^ There are also a couple of appendices, defining rendering rules for Web browsers and listing obsolete features and areas that are out of scope for this specification.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

.Banks and money changers (operating out of an office, not flashing wads of cash from a coat pocket) are nearly always safe, but taxi drivers, petty traders and such, may be tempted to palm off useless bills.^ A user agent may allow the user to override the resulting autocompletion state and set it to always on , always allowing values to be remembered and prefilled), or always off , never remembering values.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

When in doubt, reject unfamiliar bills, and be particularly suspicious of large notes.

Where to exchange cash

.All money exchanges work on the basis of selling a foreign currency at one rate and buying at another.^ To some analysts these efforts were simply another example of the attempt to buy hearts and minds through American foreign aid.
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^ However, with other alternative text, this might not work, and putting all the alternative text into one image in each case might make more sense: .
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ When an element is moved from one document to another, if the two documents have different base URLs , then that element and all its descendants are affected by a base URL change .
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

Make sure you know the current interbank exchange rate before you leave home [3]. Where there is more competition, the rates are likely to be better. .In some cases it may be better to exchange your money before you leave, in others it may be better to do it in your destination.^ In these cases, the alt attribute must contain some suitable alternative text, but it may be somewhat brief.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ Document.getElementsByTagName() Element.getElementsByTagName() HTML elements match by lower-casing the argument before comparison, elements from other namespaces are treated as in XML (case-sensitively).
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ Contexts in which this element may be used: As a child of a table element, after any caption , and colgroup elements and before any tbody , tfoot , and tr elements, but only if there are no other thead elements that are children of the table element.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

Rarely is the most convenient location (such as at airports, or major hotels) the best rate available. In some cases it can be significantly higher. .As there are fees associated with currency exchange you should not exchange more than you need.^ Within each item with the type vcard , there must be no more than one label property item with a type property whose value is pref .
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ Within each item with the type vcard , there must be no more than one adr property item with a type property whose value is pref .
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ Within each item with the type vcard , there must be no more than one email property item with a type property whose value is pref .
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

Most major currencies are subject to counterfeiting these days. Study the bills of the currency of the foreign country to become familiar with how it is supposed to look and feel. .Almost all currencies employ anti-counterfeiting technologies, including colour shifting ink, watermarks, special threads, iridescent inks, raised printing, holograms and other features.^ The DOM enforces all the other XML constraints; for example, trying to set an attribute with a name that contains an equals sign (=) will raise an INVALID_CHARACTER_ERR exception.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

Become familiar with them so that you can quickly check them when you get a new bill whether it is as change or from a money exchange. .If you are unsure, don't be afraid to say you would rather get a different bill, or just say you would rather get 2 smaller bills for change (As an example if you get a ten in change that you don't like the look of, ask for two fives instead).^ Examples of a user changing the element's value would include the user typing into a text field, pasting a new value into the field, or undoing an edit in that field.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ In the following example, we see div elements used as a way to set the language of two paragraphs at once, instead of setting the language on the two paragraph elements separately: .
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ On one occasion Hoffa testified, "I can say here to the Chair that I cannot recall in answer to your question other than to say I just don't recall my recollection."
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

If you end up with a counterfeit you won't get compensated, and you may end up having to explain it to the police.

Convertible currency

A convertible currency is a currency that can be easily converted into another country's currency; conversely, an inconvertible currency is theoretically worthless outside its country of origin. .A few countries, like Cuba, still issue one convertible currency for tourists and one inconvertible currency for locals.^ Though the French still issued Vietnam's currency, controlled the Vietnamese army as well as police, and had French troops stationed all over the country, there were promises that control would soon change hands — promises that were not kept.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

In some countries like Tunisia and India, importing or exporting (inconvertible) dinars and rupees is technically a crime, although such regulations are rarely enforced for small amounts.
.Convertibility is set by law and not always entirely reflected in reality: some currencies like the Indian rupee are inconvertible in theory but fairly easy to trade in practice, while others like the Swazi lilangeni are fully convertible in theory but next to impossible to sell or buy in most of the world.^ Only the newest application cache in an application cache group can have its completeness flag set to incomplete , the others are always all complete .
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

Despite the name, inconvertible currencies can often be purchased at a discount outside the country of origin, as people holding onto them want to get rid of them. Finding somebody to buy them is more difficult. .Also note that state-run shops in some countries will also insist that tourists produce certificates of exchange to prove that their money was obtained from a legitimate source like a local bank at the official (usually poor) exchange rate, and such certificates are also often required if you want to change back any unneeded money within the country.^ When the user agent is required to scroll to the fragment identifier , it must change the scrolling position of the document, or perform some other action, such that the indicated part of the document is brought to the user's attention.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ When the parser requires the user agent to change the encoding , it must run the following steps.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ He wanted money and asylum, but insisted on a decisive response to his offer within twenty-one days.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

.If travelling to a country with an inconvertible currency or one that you can't, in practice, buy or sell in your home country, you should convert all your money to a major international currency (US dollars, Euro or the British pound, whichever you can) before leaving the country.^ He told Nixon that Hunt was continually pressing for more money and that hush money for all the defendants could eventually reach a million dollars.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

^ Howard told the crowds "The airplane was invented and originated in the United States, yet since then, the countries of Europe have taken from us one by one every record of major importance."
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

^ Tet was the most important of all Vietnamese holidays — a time when Vietnamese traveled about the country to rejoin their families in giving reverence to ancestors.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

.In general, these currencies can be exchanged at banks anywhere in the world: US dollar, Euro, British pound, Japanese yen, Swiss franc, Australian dollar and Canadian dollar.^ His followers charged conspiracy when the US stopped economic aid and the World Bank refused to make loans.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

Hard currency

.In many poorer countries with inflationary, unstable, and/or inconvertible currencies, a foreign hard currency may prove more useful than the local currency.^ Authors may use any value in the class attribute, but are encouraged to use the values that describe the nature of the content, rather than values that describe the desired presentation of the content.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ Duplicates are not prevented; a range may be added more than once in which case it appears in the list more than once, which (for example) will cause stringification to return the range's text twice.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ Lansky, being more of a businessman than Siegel, was inclined to use persuasion rather than violence to encourage cooperation.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

Although its value fluctuates, the "gold standard" for currencies remains the U.S. dollar. It may be accepted as payment directly by locals, though not necessarily at a great exchange rate. .In fact several countries in the Caribbean, the Americas and South-East Asia use it as their de facto – or even official – currency.^ In any case, US State Department officials were not pleased with Guzman's "excessive tolerance" of communists nor with the fact that the American Ambassador had been asked to leave the country.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

^ Genovese fled the country, leaving Frank Costello in charge of the Luciano family — and de facto "Boss of Bosses".
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

.The euro is also increasingly well accepted, at least in regions with many European visitors, and small countries with economically powerful neighbours may also accept regional hard currencies (e.g.^ (Valachi is apparently wrong on at least one point — Joseph Adonis ruled Brooklyn for many years before Mangano assumed power.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

the Thai baht in Laos and Cambodia, the Australian dollar, or sometimes the New Zealand dollar in much of Oceania).
.You can use hard currency when haggling with locals by offering hard instead of local currency.^ (If you cannot see the image, you can use an audio test instead.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ You instead have to use one (or two) p element(s) and two ins or del elements: For example: This is the first paragraph.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

Use the conversion rate to your advantage and make an offer in hard currency. Showing a few US dollar bills in the process might help but be sure to show only what you are willing to pay. Also, if you plan on haggling sure to have small bills available so you don't need much change back, especially if you just haggled a price much lower. .You don't want to be giving a vendor $50 for a $5 item; you'll only be inviting the vendor to try to sell you more things or even worse, let nearby pickpockets know how much you have.^ Do you know something we don't?
  • People by Last Names: M 2 February 2010 10:010 UTC www.nndb.com [Source type: FILTERED WITH BAYES]

^ Although Chile was gripped by economic chaos in the following years, it is difficult to know how much of this was due to outside pressure and how much was due to Allende's policies.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

^ The progress is either indeterminate, indicating that progress is being made but that it is not clear how much more work remains to be done before the task is complete (e.g.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

.It is wise to carry an emergency stash of hard currency separated from all your other belongings and valuables.^ The attribute must ignore any attempts to set it to a value other than none , copy , copyLink , copyMove , link , linkMove , move , all , and uninitialized .
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ The attribute, if specified, must have a value that is an unordered set of unique space-separated tokens representing the various classes that the element belongs to.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ When such restrictions are defined, the tokens must all fit within those restrictions; other values are non-conforming.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

.Some businesses who deal with a large number of foreign tourists may also accept foreign money, but often at an inferior exchange rate to allow for the inconvenience.^ HTML is scripted language, and has a large number of APIs (some of which are described in this document).
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ Hoffa also collected protection money from businesses in exchange for assurance that the workers would not be unionized.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

^ Allende nationalized the copper corporations, along with a large number of other industries owned by both Chileans and foreigners.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

Black market exchange

In some countries the official exchange rate is fixed at a completely unreasonable or unrealistic rate. .In these countries the black market will provide much more realistic evaluation of the currency's worth, and is practically unavoidable.^ The limestone mountains of these regions provide the alkaline soil required by the opium poppy, which will die in more acidic conditions.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

^ Huge quantities of merchandise were stolen, much of it being sold in South Vietnam's thriving black market.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

^ Thieu made an attempt to have the gold removed through more legitimate channels, but no one would provide insurance for the removal of so much gold from a war zone.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

.For example, in 2007 the official exchange rate was 250 Zimbabwe dollars to the US dollar, while the black market rate reached 600,000 Z$ to the dollar.^ By some estimates over fifty percent of the billions of dollars' worth of American material wound up on the black market or in the hands of the NLF. Although the free market exchange rate for Vietnamese currency was 160 piasters to the American dollar, the South Vietnamese government sold currency to the United States at an official rate of 80 piasters per dollar.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

That said, the risks of black market exchange are legion. .First and foremost, black market exchange is illegal and both buyer and seller may face severe sanctions if caught: the seller may even be (or work with, or tip off) a police officer out to trap tourists.^ A man who had served as attorney for both Hoffa and Trafficante offered to get Garrison off Partin's back in exchange for the perjury affidavit.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

^ On November 22, 1963 Cubela met with his CIA case officer in Paris to work out the final details of his plan.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

^ The first police officer to arrive on the scene stated, "She was murdered by needle injection by someone she knew and probably trusted...
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

.Second, the risk of fraud is high: you may get obsolete banknotes, fake banknotes, less than the promised amount or nothing at all.^ If the shape attribute represents the rectangle state , and the second number in the list is numerically less than the fourth number in the list, then swap those two numbers around.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ On setting, it must act as if the setSelectionRange() method had been called, with the new value as the first argument, and the current value of the selectionEnd attribute as the second argument, unless the current value of the selectionEnd is less than the new value, in which case the second argument must also be the new value.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ In the rectangle state , area elements must have a coords attribute with exactly four integers, the first of which must be less than the third, and the second of which must be less than the fourth.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

.Consider carefully whether you need to exchange in the first place, as businesses in countries with basketcase currencies will often be more than happy to accept hard currency directly instead (although this, too, will often be illegal), and you may get all the local currency you need back as change.^ As a medium of exchange, OSS men used gold bars and opium rather than the nearly valueless nationalist currency.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

^ The Dorfmans made more than $4 million for commissions and services during the first ten years of fiduciary management.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

^ You instead have to use one (or two) p element(s) and two ins or del elements: For example: This is the first paragraph.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

.The key guideline to successful black market transactions is to receive the money before you hand yours over.^ But with wealth and success came bomb-threats from extortionists who called themselves "The Black Hand".
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

Count the bills, inspect the bills carefully, compare them to any you already have, and only then surrender your own money to the vendor. Do not allow them to take back the money they gave you, as this is where various sleight-of-hand tricks can be pulled to replace the legitimate bundle with something entirely different.
.In countries where foreign exchange rates are reasonable, it is best to avoid the black market entirely: you risk losing all your money for gain of a few percent at most.^ He roared at the impossibility of conducting foreign policy when "some idiot can publish all of the diplomatic secrets of this country".
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

^ A few months later he was convicted of extorting money from trucking company owners in exchange for labor peace.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

^ Hoping to gain information about Hoffa's rackets a Prosecutor told Kierdorf, who was lying bandaged in a hospital bed, "You have only a few hours to live...You are about to face your Maker, your God.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

.An exception may apply in countries such as Nepal and India where doing a legal exchange at a bank can involve wasting an hour or more but most hotels will change money for you instantly and fairly safely.^ User agents may opt to only fetch such resources when they are needed, instead of pro-actively fetching all the external resources that are not applied.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

The rate may not be much better, but the convenience is.

Coins

You can't exchange coins once you have left a country. .Either exchange them before you leave, drop them in a charity box, or souvenir them.^ In either case (list box or drop-down box), the element's items are expected to be the element's list of options , with the element's optgroup element children providing headers for groups of options where applicable.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

Becoming familiar with coins and currency for your destination country and not mixing coins from various countries in your purse or pocket can save you collecting too many coins before you depart.

Carrying money across national borders

Countries track large movements of money across national borders. .If you are transfer money between international bank accounts this is done automatically, but if you carry large amounts of money (typically more than $10,000 USD, Euro, of similar) you will need to declare it.^ Huge revenues in cash which could not be rigidly accounted for, served as an excellent cover for "laundering" money acquired in more illicit activities.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

^ Although no more than 10 or 15 percent of the population was Catholic, the Catholics constituted a high proportion of civil servants and government officials.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

^ Although the "kill ratio" ran nearly 10 to 1 against the NLF, over 46,000 Americans were known to have been killed (with at least ten thousand more "missing").
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

Don't forget monetary instruments such as travelers checks count as well.
The rules about personal and business checks can be confusing. .If the check is "cashable" and payable to yourself (or traveling party, etc.^ On April 10 Dahlberg had obtained the cash, but decided to convert it to a cashier's check payable to himself because he did not feel comfortable traveling with so much cash.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

) that counts against the total. .But when abroad, you can mail a check to someone in your home country (or do it online) provided the bank in which the check is drawn is located in the same country as the payee.^ Lenin's Thesis on National and Colonial Questions depicted colonialism as the final stage of capitalism, wherein the populations of colonial countries are exploited by the same capitalists who exploit the proletariat in their home country.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

(If not, you must report.) .In other words, the funds never accompanied you, and you're just giving permission to your home bank to pay someone domestically.^ On one occasion Hoffa testified, "I can say here to the Chair that I cannot recall in answer to your question other than to say I just don't recall my recollection."
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

^ This sample shows how the alternative text should just be what you would have put in the prose if the image had never existed.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ After a pause, Nixon responded, "Pat, you just continue to conduct your aggressive and thorough investigation."
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

.Having to pay taxes is not an excuse for non-reporting; but again, the funds to pay them would have to be located in another country for these rules to apply.^ If applying the rules for parsing non-negative integers to the attribute's value results in a number greater than zero, then the element's character height is that value; otherwise, it is 2.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ If applying the rules for parsing non-negative integers to the attribute's value results in a number greater than zero, then the element's character width is that value; otherwise, it is 20.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ These rules make errors for resources listed in the manifest fatal, while making it possible for other resources to be removed from caches when they are removed from the server, without errors, and making non-manifest resources survive server-side errors.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

.Some nations (mostly third world) have such a low import/export limit in the country's home currency (not US$, euro, etc.^ Lenin's Thesis on National and Colonial Questions depicted colonialism as the final stage of capitalism, wherein the populations of colonial countries are exploited by the same capitalists who exploit the proletariat in their home country.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

^ Articles on the Guatemalan training appeared in The Nation, The Washington Post, The Wall Street Journal and US News and World Report during the months of November and December.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

), that these limits may practically represent pocket change. Often, this is due to local laws not having been updated for hyperinflation. .However, in such cases, the currencies are generally not convertible abroad, and/or the rules not always strictly enforced.^ In such cases the behavior is UA-dependent, but user agents must not, in response to a request to insert text, generate a DOM that is less conformant than the DOM prior to the request.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

Getting money in an emergency

American Express credit card holders can get emergency cash in the form of its travellers' cheques at foreign American Express offices, and designated affiliates (often a travel agency or bank). If the location is not a bank, you will have to go to one or a foreign money exchange to cash the cheques. .Be sure to bring a blank cheque from your checking account back home or at least know the routing and account number (the digits printed at the bottom of each check).^ Tests conducted by federal investigators on the back seat of the car yielded "definite signs of Hoffa's blood, hair and skin in that car...We know for sure he was in the back seat."
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

There is a one percent fee for issuing the travellers' cheques, and the total sum is NOT a cash advance on your American Express card. .(They will cash advance your credit card without further permission from you if there's a delay in cashing the check, though.^ If there is a pending external script , then the method must now return without further processing of the input stream .
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ Things that you can't do with this specification because they are better handled using other technologies that are further described herein .
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ The checks were given to the CRP Treasurer who recognized that they were a problem for him to cash, though that does not mean he thought they were illegal.
  • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

Keep tabs on your checking account, and make sure it clears in a few days.) .Also, there's no requirement that you're destitute, as the service is available for whatever reason.^ If the src attribute is set and the alt attribute is not The image might be a key part of the content, and there is no textual equivalent of the image available.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

^ There is no implied relationship between document conformance requirements and implementation conformance requirements.
  • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

If you have someone willing to send you money, there are several options for getting money fast in an emergency. These include:
.
  • Wire transfer services like Western Union
  • Having someone back home directly depositing money into your bank account.^ But he began an autobiography to expose the fraud in the Pension Fund which he claimed he would eliminate once he got back into the union.
    • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

    ^ Intertel, however, established that the check for the book had been deposited in a Swiss bank account for "H.R.Hughes" by Clifford Irving's wife, who was using the name "Helga Hughes".
    • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

    ^ Four certified checks totaling $89,000 — which had been issued by a Mexican bank and evidently endorsed by a Mexican lawyer — had been deposited in Barker's account on April 19.
    • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

    .You then use an ATM to make withdrawls.
  • Sending a few banknotes via an overnight courier service (this is reliable, but is sometimes not allowed in the courier company's terms of service.^ This might in certain extreme cases mean limiting the use of flow elements to just a few elements, like div , b , i , and span and making liberal use of the style attribute.
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    ^ If you wish to make comments regarding this document, please send them to public-html-comments@w3.org ( subscribe , archives ) or whatwg@whatwg.org ( subscribe , archives ), or submit them using our public bug database .
    • HTML5 25 September 2009 3:33 UTC dev.w3.org [Source type: Reference]

    ^ If the White House made political use of Mullen & Company, Bennett was not above trying to make use of Colson's resources for his own purposes.
    • SCHEMERS IN THE WEB 20 September 2009 18:22 UTC www.benbest.com [Source type: FILTERED WITH BAYES]

    )
  • You could sell personal possesions, such as a camera or sport watch.
  • If you know your credit card numbers, you can use western union to wire yourself some money
This is a guide article. It has good, detailed information covering the entire topic. Plunge forward and help us make it a star!

Simple English

Currency is the unit of money used by the people of a country or Union for buying and selling goods and services.

Certain currencies are said to be "pegged" or "fixed" to something, usually another currency. A fixed or pegged currency is one that has a constant value compared to what it is pegged to. For example, the Cape Verdian escudo is pegged to the Euro. If the value of the Euro goes up 1% compared to another form of currency, the value of the escudo also goes up 1% compared to that same currency. Many countries have used systems where their money was pegged to something other than currency, for example gold. When they do this, as the value of gold increases, so does the value of their money. Doing this is commonly called using the "Gold standard". Most countries do not use the Gold standard now.

Some well-known currencies are:

Currency names of the world, in order of the first letter, by currency name:


Citable sentences

Up to date as of December 18, 2010

Here are sentences from other pages on Mafia, which are similar to those in the above article.








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