Money was historically an emergent market phenomenon that possessed intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity 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", in the case of the United States dollar.
The present value of $1,000, 100 years into the future. Curves represent constant discount rates of 2%, 3%, 5%, and 7%.
The time value of money is the widely accepted conjecture that there is greater benefit to receiving a sum of money now rather than an identical sum later. It may be seen as an implication of the later-developed concept of time preference.
The time value of money is among the factors considered when weighing the opportunity costs of spending rather than saving or investing money. As such, it is among the reasons why interest is paid or earned: interest, whether it is on a bank deposit or debt, compensates the depositor or lender for the loss of their use of their money. Investors are willing to forgo spending their money now only if they expect a favorable net return on their investment in the future, such that the increased value to be available later is sufficiently high to offset both the preference to spending money now and inflation (if present); see required rate of return. (Full article...)
The lari (Georgian: ლარი; ISO 4217: GEL) is the currency of Georgia. It is divided into 100 tetri (თეთრი). The name lari is an old Georgian word denoting a hoard, property, while tetri is an old Georgian monetary term (meaning 'white') used in ancient Colchis from the 6th century BC. Earlier Georgian currencies include the rouble (Georgian: მანეთი, maneti), abazi (აბაზი), and kuponi (კუპონი). (Full article...)
... that after qualifying on the pole at a late-model stock car race, Ty Majeski chose to start at the rear for a chance to win more money—and won the race?
... that Bull Island was farmed by the Money family for over 100 years before being turned into a wildlife preserve?
Image 7Athens coin (c. 500/490-485 BC) discovered in Pushkalavati. This coin is the earliest known example of its type to be found so far east. (from Punch-marked coins)
A Ukrainian court places billionaireIhor Kolomoyskyi under arrest over fraud and money laundering charges as part of corruption-related activities. (Al Jazeera)