Currencies of the World
List of Currencies of the World by Countries and Territories
Discover the history, interesting facts, and details about the most important currencies worldwide. Find a table indicating the currencies around the world. The currency you use depends on where you are living or planning to travel. In total, there are 170 official national currencies circulating around the world. This page lists global currency symbols used to denote that a number is a monetary value, such as the Dollar sign "$", the Euro sign "€", and the Pound sign "£". This list is constantly being updated, and we rely on input from users like you to keep it as complete and accurate as possible. Click on the currency name to read more about it and find out in which countries the currency is valid for trade. You will also learn the three-letter shortcode commonly used on the forex market.
How many currencies are there in the world?
There are over 193 different official currencies worldwide, including the US dollar, euro, and Chinese yuan. Most countries have their own currency, but some nations share a common currency, which is termed as international or supranational currency. For instance, 19 nations form the eurozone and utilize the euro as their shared medium of exchange. Generally speaking, rich countries tend to issue fiat currencies, while poorer ones often rely on commodities like gold or silver as a form of money. Apart from those comprising paper bills and coins, there are also many forms of virtual or electronic currencies. The most popular digital currencies are Bitcoin and Ethereum, with market capitalizations in excess of 100 billion USD each.
What are the 4 types of money?
There are four types of money: commodity money, representative money, fiduciary money, and fiat money. Commodity money is currency that is backed by a physical good, such as gold or silver. Representative money is currency that represents a claim on a commodity, which can be exchanged for that commodity, such as a gold certificate. Fiduciary money is currency that is not backed by any physical good but is trusted and accepted by the public; it usually has no intrinsic value. Fiat money is currency that is issued by the government and is not backed by a physical commodity, but its value is upheld by the trust and faith people have in the government's ability to maintain stability. It is considered legal tender, which means it is recognized by the government as a valid form of payment.
Can a country have two currencies?
Yes, it is possible for a country to have two or more currencies. A country might issue a second currency in order to address high levels of inflation or to provide more liquidity in the economy. However, the example given for Spain is incorrect. Spain never had the peseta and the sucre as currencies at the same time; the sucre was the currency of Ecuador. A correct example would be Zimbabwe, which has used multiple currencies including the Zimbabwean dollar, the US dollar, and the South African rand at different points in time. Similarly, Angola has used multiple currencies: the kwanza and the convertible kwanza, but not the euro as an official currency. Using multiple currencies can have some potential drawbacks. For instance, it can be difficult for businesses and consumers to switch between currencies, and having multiple currencies can complicate tax collection and other economic measures. Moreover, if one of the currencies loses value relative to the other, it can cause economic hardship.