WORLD CIVILIZATION

Detailed explanation-1: -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-2: -Money in the form of paper or coins, issued by a government and accepted at face value, is known as currency. In bartering, goods and services were exchanged directly for other goods and services .

Detailed explanation-3: -A banknote or a bill is a type of currency and it is commonly used as legal tender in many jurisdictions. Together with coins, banknotes make up the cash form of a currency.

Detailed explanation-4: -A coin is a small object, usually round and flat, used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order to facilitate trade. They are most often issued by a government.

Detailed explanation-5: -Most nations now use fiat currency, which refers to money backed by the central bank of a government, instead of gold, silver, or other commodities. The world’s major currencies, including the U.S. dollar, are fiat currencies.