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There are over
180 currencies in over 250 geographical locations around the globe.
   
Currency, in economics, term designating
all the circulating media of exchange of a country. In this sense, a
currency includes coins and paper money. Coins are generally designated as
metallic currency, and paper money and credit instruments, as paper
currency. Further distinctions are made in the latter classification:
Government notes are called government currency; bank notes are designated
as bank currency; and checks drawn on bank deposits are called deposit
currency. The volume of currency needed to transact the business of a
country is determined, basically, by the volume of commodities and
services in circulation. Ordinarily, the larger the volume of commodities
and services, the greater the volume of currency needed to circulate them.
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In 1024, the Song (Sung)
dynasty government in China takes over the banks of Chengtu, in
Szechwan. Their certificates of deposit then become official and thus
become the first paper currency in the world.
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An official mint was
established in the United States in 1792 and began producing coins in
1793.
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The first United States dollars
were issued by the federal government in 1794. Dollar is the standard
value, or unit of account, in the monetary systems of the United States
and Canada.
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In 1806, English engineer
Joseph Bramah invents a printing machine that prints serial numbers on
bank notes.
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International Monetary Fund (IMF)
is a specialized agency of the United Nations with its headquarters in
Washington, D.C., established under the 1944 Bretton Woods agreement and
operational since 1947.
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