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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".[better source needed] 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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A 1926 promissory note from the Imperial Bank of India, Rangoon, Burma for 20,000 rupees plus interest
A promissory note, sometimes referred to as a note payable, is a legal instrument (more particularly, a financing instrument and a debt instrument), in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms and conditions. (Full article...)
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Abkhazia 10 apsar Ag 2008 Ardzinba a.jpg

The apsar (Abkhazian: аԥсар, āpsār) is a currency of Abkhazia. So far, only coins in denominations of 1, 2, 5, 10, 20, 25, 50, and 100 apsars and banknote for 500 apsars have been issued. While the coins are legal tender in the Republic of Abkhazia, their usage is very limited, and the coins are mostly made for collectors. In Abkhazia, the Russian ruble is used in practice. The first apsar coins were introduced in 2008.

The name derives from the Apsars, a tribe mentioned in The Georgian Chronicles who inhabited the region in the Middle Ages and who are believed to be the ancestors of the Abkhaz people. (Full article...)

Did you know - load new batch

  • ... that 75 business leaders, pastors, and listeners of Nevada's KRCV radio attempted to buy the station, even though it was not making money?
  • ... that two hagiographic documents about St. Hunegund of France publicized Hunegund's miracles to create a sense of identity in Homblières and to raise money for the monastery?
  • ... that Aleksei Grishin (depiction shown) put his 2010 Winter Olympics gold medal—Belarus' first gold in the Winter Olympics—up for auction to raise money for another person's surgery?
  • ... that stolen money was found at Newforge in what was believed to be an IRA plot to frame the Police Service of Northern Ireland?
  • ... that while in many countries the government cannot finance its deficit by creating new money, it may still borrow from the central bank, which can?
  • ... that Frankie Saluto was a member of the Ringling Giants, a dwarf baseball team that raised money for charity?
  • ... that British Rail's Automatic Train Protection system was estimated to cost £11 million per life saved, more than the £4 million per life to be considered good value for money?
  • ... that the manager of WVSS at the University of Wisconsin–Stout spent about $6,000 of his own money to buy more than 500 classical music CDs to program the station?

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In the news

1 June 2022 – Next Generation EU
The European Commission formally approves, by a majority vote, Poland's plan for the usage of the EU's Recovery and Resilience Facility funds. Although the money will not be immediately available for use, the plan must go through approval in the European Council, and any future funding requests in that mechanism will also be subject to the approval of other member states. The acceptance was previously withheld due to the Commission's concerns about the rule of law in the country, and in particular Poland's non-compliance with the ruling of the European Court of Justice that ordered the Disciplinary Chamber of the Supreme Court disbanded. (Rzeczpospolita) (Politico)


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