Portal:Money

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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 man sits on a throne with a document in his left hand. The document is also held by a woman crouching before him. The man's feet are on a man looking up. A woman is on the bottom left nursing one child and holding another. At the top of the scene are two cherubims holding a laurel crown. In the background is a cathedral. The caption is "Exegi Monumentum Ære perennius. Hor."
Title page of the 1735 Works. The author is in the Dean's chair receiving the thanks of Ireland. The motto reads, "I have made a monument more lasting than bronze." The word "Ære" means "bronze" or "metal" or "honor" or "air" in Latin and may be a pun on the Irish word for Ireland Éire so that a parallel meaning could mean "I have made a monument to Ireland Forever." Swift was familiar with the Irish language, and translated at least one poem by Carolan, "O'Rorke's Feast." The phrase comes from Horace's Carmina.

Drapier's Letters is the collective name for a series of seven pamphlets written between 1724 and 1725 by the Dean of St Patrick's Cathedral in Dublin, Jonathan Swift, to arouse public opinion in Ireland against the imposition of a privately minted copper coinage that Swift believed to be of inferior quality. William Wood was granted letters patent to mint the coin, and Swift saw the licensing of the patent as corrupt. In response, Swift represented Ireland as constitutionally and financially independent of Britain in the Drapier's Letters. Since the subject was politically sensitive, Swift wrote under the pseudonym M. B., Drapier, to hide from retaliation.

Although the letters were condemned by the Irish parliament, with prompting from the British parliament, they were still able to inspire popular sentiment against Wood and his patent. The popular sentiment turned into a nationwide boycott, which forced the patent to be withdrawn; Swift was later honoured for this service to the people of Ireland. Many Irish people recognised Swift as a hero for his defiance of British authority. Beyond being a hero, many critics have seen Swift, through the persona of the Drapier, as the first to organise a "more universal Irish community", although it is disputed as to who constitutes that community. Regardless of to whom Swift is actually appealing what he may or may not have done, the nickname provided by Archbishop King, "Our Irish Copper-Farthen Dean", and his connection to ending the controversy stuck. (Full article...)
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1943D Mercury Dime obverse-cutout.png

The Mercury dime is a ten-cent coin struck by the United States Mint from late 1916 to 1945. Designed by Adolph Weinman and also referred to as the Winged Liberty Head dime, it gained its common name because the obverse depiction of a young Liberty, identifiable by her winged Phrygian cap, was confused with the Roman god Mercury. Weinman is believed to have used Elsie Stevens, the wife of lawyer and poet Wallace Stevens, as a model. The coin's reverse depicts a fasces, symbolizing unity and strength, and an olive branch, signifying peace.

By 1916, the dime, quarter, and half dollar designed by Mint Chief Engraver Charles E. Barber had been struck for 25 years, and could be replaced by the Treasury, of which the Mint is a part, without Congressional authorization. Mint officials were under the misapprehension that the designs had to be changed, and held a competition among three sculptors, in which Barber, who had been in his position for 36 years, also took part. Weinman's designs for the dime and half dollar were selected. (Full article...)

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In the news

2 June 2021 –
Nicaraguan opposition figure Cristiana Chamorro Barrios is placed under house arrest in Managua as the government accuses her of money laundering. (Bangkok Post)
26 May 2021 –
Former South African President Jacob Zuma pleads not guilty to multiple charges, including corruption, fraud, racketeering and money laundering, relating to a $2 billion arms deal in 1999. Zuma said that the charges were politically motivated by a rival section of the ruling African National Congress. (Reuters)
20 May 2021 – Colonial Pipeline cyberattack‎
In the aftermath of the attack, it is revealed at a Senate Armed Services cyber subcommittee hearing that the Department of Homeland Security was not alerted to the ransomware attack and that the Justice Department was not alerted to the ransom type or the amount of money demanded, prompting discussion about the numerous information silos in the government and difficulties of information-sharing between them. (USNI News)
2 May 2021 – Iran–United States relations, Iran–United Kingdom relations
The United States denies the claim that it had agreed to exchange either prisoners or money with Iran. The United Kingdom likewise denies that any definitive decision has been made in the case of Zaghari-Ratcliffe's repatriation. (AP)

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