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What is the EUR?
The euro -- the single European currency
-- will replace the national currencies of 11 member countries* of the
European Union (euroland) during a three-and-a-half year period that
began on 1 January 1999. On this date, the exchange rates of the
euroland countries were "irrevocably fixed" to the euro. The 11 national
currencies and the euro will coexist until mid-2002, the date by which
the national currencies must be completely withdrawn from circulation.
While marking a milestone in the
European Union's economic integration process, the launch of the euro
has significance beyond Europe. Some economists and financial experts
believe the euro could become a major international currency to rival
the US dollar.
The euro does not yet circulate in the
form of notes and coins, but many banks, businesses and other
institutions -- within and outside euroland -- already have begun
denominating transactions in euro.
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What is the CHF
The Swiss franc is the currency of
Switzerland. This is one of the world's most stable currencies, thanks
to the neutrality, fiercely conservative monetary policy and ample gold
reserves of the Swiss national bank.
Swiss francs are shortened either with
the official banking name CHF (from the latin name of the country
Confederation Helvetica, CH) or sometimes just Fr. or Sfr.
On our website we list amounts and prices in Swiss francs and use CHF as
sign.
For example, CHF.1,000 means "A thousand Swiss francs" |
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What is the GBP
The United Kingdom, the dominant industrial and maritime power of the
19th century, played a leading role in developing Western ideas of
property, liberty, capitalism and parliamentary democracy - to say
nothing of its part in advancing world literature and science
As a unit of currency, the term pound
originates from the value of a
troy pound of
high purity silver known as
Sterling (with a basic currency unit of the
penny, rather than the pound) was introduced as
the English currency by King Henry II,
though the name sterling wasn't acquired until later.
The pound sterling, established in
1560–61
by Elizabeth I and
her advisors, foremost among them Sir
Thomas Gresham,
brought order to the financial chaos of Tudor England that had been
occasioned by the "Great Debasement" of the coinage, which brought on a
debilitating inflation during the years
1543–51.
By 1551, The coinage had become mere
fiduciary currency
(as modern coins are), and the exchange rate in
Antwerp
where English cloth was marketed to Europe, had deteriorated. All the
coin in circulation was called in for reminding at the higher standard,
and paid for at discounted rates.
The pound sterling maintained its
intrinsic value — "a fetish in public opinion" Braudel called it —
uniquely among European currencies, even after the United Kingdom
officially adopted the gold standard, until after World War I,
weathering financial crises in
1621, in1694-96,
when John Locke pamphleteered for the pound sterling as "an invariable
fundamental unit" and again in 1774. Not even the violent disorders of
the
Civil War
devalued the pound sterling in European money markets. Braudel
attributes to the fixed currency, which was never devalued over the
centuries, England's easy credit, security of contracts and rise to
financial superiority during the 18th century. The
pound sterling has been the money of account of the Bank of England from
its inception in 1694. |