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The Money Portal

Euro coins and banknotes

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

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

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

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Burn Your Money, an interactive artwork at Center Camp, Burning Man was later burned at the Burn Wall Street artwork on the playa

Money burning or burning money is the purposeful act of destroying money. In the prototypical example, banknotes are destroyed by setting them on fire. Burning money decreases the wealth of the owner without directly enriching any particular party. It also reduces the money supply and (very slightly) slows down the inflation rate.

Money is usually burned to communicate a message, either for artistic effect, as a form of protest, or as a signal. In some games, a player can sometimes benefit from the ability to burn money (battle of the sexes). The burning of money is illegal in some jurisdictions. (Full article...)
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The Polish złoty (alternative spelling: zloty; Polish: polski złoty, Polish: [ˈzwɔtɨ] ; abbreviation: ; code: PLN) is the official currency and legal tender of Poland. It is subdivided into 100 grosz (gr). It is the most traded currency in Central and Eastern Europe and ranks 21st most-traded in the foreign exchange market.

The word złoty is a masculine form of the Polish adjective 'golden', which closely relates with its name to the guilder whereas the grosz subunit was based on the groschen, cognate to the English word groat. It was officially introduced to replace its predecessor, the Polish marka, on 28 February 1919 and began circulation in 1924. The only bodies permitted to manufacture or mint złoty coins and banknotes are Polish Security Printing Works (PWPW), founded in Warsaw on 25 January 1919, and Mennica Polska, founded in Warsaw on 10 February 1766. (Full article...)

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This page was last updated at 2024-03-13 23:53 UTC. Update now. View original page.

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