What is a Currency?: Forex Trading
Money is any item or verifiable record accepted as paymentMoney held in commercial banks, known as demand deposits or non-confidential moneyBank money and currency represent the money supply in today’s economiesCurrency is a form of payment generally issued by governments for use in their jurisdictions to purchase goods and services, service debt, and tax purposes
Coins initially weighed and stamped from copper, gold, silver, and bronze entered circulation, creating a new unit of account, aided by Archimedes’ Principle, which protected coins against counterfeiting, leading to banking. Paper money created inflationary bubbles as the notes had no intrinsic value, but gold and silver remained legal tender, especially by governments for tax purposes. The gold/silver exchange rate instability grew, and by 1900, most governments relied on the gold standard, where paper money remained backed by gold reserves until it was abandoned by 1971.
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