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Money and Finance

Money and Finance

World Currencies

All around the world different countries use different types of money. Many countries have their own money. This money is backed by the government and is usually called "legal tender." Legal tender is money that must be accepted as a form of payment in that country.

Major World Currencies

Although there are many different types of money throughout the world, there are some major world currencies that are accepted or used in several different regions and countries. We describe some of these below:
Exchange Rates

When you go to another country, you will usually want to get some cash of the local money. You can do this by exchanging your money for some of that country's money. This is done by using exchange rates. For example, if you were in Europe and wanted to trade U.S. dollars for 100 Euros. If the exchange rate was 1 Euro equals 1.3 U.S. dollars then you would have to give them 130 U.S. dollars to get 100 Euro.

You can look on the internet to see the latest exchange rates between different world currencies. However, exchange rates will vary slightly depending on where you go. Different banks or institutions may have different fees and rates for making the exchange.

The Gold Standard

How do you know money is really worth anything? Well, countries used to hold gold that represented all the money they had printed. Each coin or bill they printed was backed by gold in a big vault somewhere. Today, countries no longer do this. They usually do have some gold called "gold reserves" that help to back the money, but it's really the economy and government who are backing the value of the money.

List of World Currencies

Here is a list of some of the currencies used throughout the world.
Fun Facts About World Money

Learn More about Money and Finance:

Personal Finance

Filling out a Check
Managing a Checkbook
How to Save
Credit Cards
How a Mortgage Works
How Interest Works
Insurance Basics
Identity Theft

About Money

History of Money
How Coins are Made
How Paper Money is Made
Counterfeit Money
United States Currency
World Currencies
Money Math

Counting Money
Making Change
Basic Money Math
Money Word Problems: Addition and Subtraction
Money Word Problems: Multiplication and Addition
Money Word Problems: Interest and Percent


How Banks Work
How the Stock Market Works
Supply and Demand
Supply and Demand Examples
Economic Cycle
Adam Smith
How Taxes Work
Glossary and Terms

Note: This information is not to be used for individual legal, tax, or investment advice. You should always contact a professional financial or tax advisor before making financial decisions.

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