BANKING AFFAIRS

Detailed explanation-1: -Currency is the physical money in an economy, comprising the coins and paper notes in circulation. Currency makes up just a small amount of the overall money supply, much of which exists as credit money or electronic entries in financial ledgers.

Detailed explanation-2: -The term currency refers to the tangible form of money that is paper bills and coins. It’s used as a medium of exchange that’s accepted at face value for products and services as well as for savings and the payment of debt.

Detailed explanation-3: -A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins.

Detailed explanation-4: -Before money was invented, people bartered for goods and services. It wasn’t until about 5, 000 years ago that the Mesopotamian people created the shekel, which is considered the first known form of currency. Gold and silver coins date back to around 650 to 600 B.C. when stamped coins were used to pay armies.

Detailed explanation-5: -A banknote-also called a bill (North American English), paper money, or simply a note-is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand.