Portal:Money

The Money Portal

Euro coins and banknotes
A sample picture of a fictional ATM card. The largest part of the world's money exists only as accounting numbers which are transferred between financial computers. Various plastic cards and other devices give individual consumers the power to electronically transfer such money to and from their bank accounts, without the use of currency.

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Any item or verifiable record that fulfils these functions can be considered as money.

Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money. Fiat money, like any check or note of debt, is without use value as a physical commodity. It derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private". Counterfeit money can cause good money to lose its value.

The money supply of a country consists of currency (banknotes and coins) and, depending on the particular definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). Bank money, which consists only of records (mostly computerized in modern banking), forms by far the largest part of broad money in developed countries. (Full article...)

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Cameo of Pistrucci (ca. 1850, by his daughter, Elisa)

Benedetto Pistrucci (29 May 1783 16 September 1855) was an Italian gem-engraver, medallist and coin engraver, probably best known for his Saint George and the Dragon design for the British sovereign coin. Pistrucci was commissioned by the British government to create the large Waterloo Medal, a project which took him thirty years to complete.

Born in Rome in 1783, Pistrucci studied briefly with other artists before striking out on his own at age 15. He became prominent as a cameo carver and was patronised by royalty. In 1815, he moved to Britain, where he would live for most of the rest of his life. His talent brought him to the attention of notables including William Wellesley-Pole, the Master of the Mint. Pole engaged Pistrucci to design new coinage, including the sovereign, which was first issued in 1817 to mixed reactions. Although Pole probably promised Pistrucci the post of Chief Engraver, the position could not be awarded as only a British subject could hold it. This slight became a long-term grievance for Pistrucci. (Full article...)
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The British florin, or two-shilling piece (2/– or 2s.) was a coin worth 1/10 of one pound, or 24 pence. It was issued from 1849 until 1967, with a final issue for collectors dated 1970. It was the last coin circulating immediately prior to decimalisation to be demonetised, in 1993, having for a quarter of a century circulated alongside the ten-pence piece, identical in specifications and value.

The florin was introduced as part of an experiment in decimalisation that went no further at the time. The original florins, dated 1849, attracted controversy for omitting a reference to God from Queen Victoria's titles; that type is accordingly known as the "Godless florin", and was in 1851 succeeded by the "Gothic florin", for its design and style of lettering. Throughout most of its existence, the florin bore some variation of either the shields of the United Kingdom, or the emblems of its constituent nations on the reverse, a tradition broken between 1902 and 1910, when the coin featured a windswept figure of a standing Britannia. (Full article...)

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    This article uses material from the Wikipedia article Portal:Money, and is written by contributors. Text is available under a CC BY-SA 4.0 International License; additional terms may apply. Images, videos and audio are available under their respective licenses.