Have you ever thought of life without currency? Before the advent of money, people exchanged goods. Yes, you should have heard of ‘trade by barter’ – you give out what you have to receive what you don’t have. Coins are believed to be the first form of currency in the world; after which people of those periods introduced paper.
Are you also about the oldest currencies in the world? You should go through this article to find out:
1. British Pound
The British Pound, also called pound sterling, is the oldest currency in the world and was introduced in the year 800. It is one of the most traded currencies in the world with the sign “£”. From the 8th to 13th centur, silver penny was used as a medium of exchange. The first pound notes were issued in 1694 after the establishment of the “Bank of England.” The initial denominations were just £1, £2, £5, £10, £20 and later £50, £100, £200, £300, £500 and £1000 in 1855.
2. Serbian Dinar
Serbian dinar is the currency of Serbia in South East Europe. It was first introduced in 1214 during the reign of Stefan Nemanjic and started out with bronze coins, then silver and gold. The year 1876 was when banknotes started getting issued. Denominations of dinar 1, 2, 5, 10, 20 and 100 were introduced in the 19th century. In 2003, the National Bank of Serbia added din 100, 1,000, and 5,000.
3. Russian ruble
The Russian ruble is the currency of Russia, parts of Ukraine and Georgia. It was introduced by Tsar Peter in 1704 as a silver then the gold version was created. Ruble was redesigned in 1992 due to the fall of the Soviet Union and new coins were circulated in 1, 5, 10, 20, 50 and 100. Goznak is where notes are printed while coins are minted in Saint Petersburg and Moscow.
4. United States Dollar (US$)
The United States Dollar is the official currency of the United States of America. It is the most exchanged note in the world. It was created by the Coinage Act of 1792. It became reputable after World War I, surpassing pound as the primary reserve currency by the end of the second World War. It is the most widely used currency and serves as an official currency in other countries. The dollar was bimetallic silver and gold before final change to paper money in 1862. The Federal Reserve System which was founded in 1913 acts as the Central Bank of the United States.
5. Swiss franc
The Swiss franc is the currency used in Liechtenstein and Switzerland after replacing multiple currencies from its member states. It was in 1798 that over 75 organizations were stopped from minting coins because of the numerous types of money in circulation. The same year, (1798), a new money structure was adopted by the “Helvetic Republic.” In May 1850, the Swiss franc was officially recognised as the only money allowed to operate in Switzerland. It is represented by the code “CHF”. This currency is quite stable and powerful; it is traded at foreign exchange market — against British Pound, U.S Dollar and Euros.
6. Haitian Gourde
Haitian Gourde is the official currency of Haiti. The first Gourde was introduced in 1813 and the first issue was coins. Haiti produced the first banknotes in 1875. It was once pegged (G5- $1) with U.S Dollars in 1912 until it was halted in 1989. This collaboration made G5 to be referred to as “Haitian Dollar.” Haitian Gourde is a floating currency; the denominations in circulation are; 10, 20, 25, 50, 100, 250, 500 and 1,000 gourdes.
7. Falkland Islands Pound
The Falkland Islands Pound (FKP) is the official currency of the Falkland Islands located in the South Atlantic Ocean —- a British Overseas Territory. This pound has been in circulation since 1833; pegged with the British Pound Sterling at a one-to-one ratio. This made FKP stable and as well solidified its relationship with the United Kingdom in terms of financial transactions and trade. The FKP is issued in 1 and 2 pound coins including 1, 2, 5, 10, 20 and 50 pence.
8. Dominican Peso
Dominican Peso is the authorised notes in the Dominican Republic. It is represented by RD$ or $. The first introduction of the currency to the public was in 1844 after Dominican was free from Haiti. After much pressure from Haiti, Peso was pegged with Haitian Gourde but between 1891 to 1897, another note was introduced called “Franco” — it served as a parallel currency. The Dominican government eventually created a central bank called “Central de la Republica” — it is in charge of the foreign exchange reserves, the economy and price stability.
9. Japanese Yen
Japanese Yen is the official currency used in Japan. It is one of the most traded notes in foreign exchange market. Yen was coined from “en” (circle) and “yuan” (silver coins). It replaced “Tokugawa shogunate” that preceded it in 1871. Japan established “The Bank of Japan” in 1882 as a central bank; afterwards, it started printing in 1885. During World War II, Yen faced devaluation; this led to pegging with the U.S Dollar in 1949 but later floated in 1973 after Bretton Woods system of exchange rates collapsed.
10. Macanese Pataca
Macanese Pataca is the official currency of Macau — a former Portuguese colony that eventually became an administrative region of China in 1999. After the end of colonisation, Macanese was introduced in 1894 and controlled by two commercial banks called “the Bank of China” and “Banco Nacional Ultramarino.” Pataca is backed by the foreign exchange reserves of the Hong Kong dollar and it is quite stable.
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