If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. |
|
|
Thread Tools | Display Modes |
#31
|
|||
|
|||
Obsolete Currency and Coin (was Least valuable currency)
There are many counties that split. Take India for an example. The rupee
retained its name in India but in Pakistan it became the Pakistani rupee, both at par on the day of the split. From that point on, the value of each fluctuated separately according to the economy of each country. Tony "KnowledgeSeeker" wrote in message ups.com... On Mar 15, 4:25 am, "Sgt.Sausage" wrote: "KnowledgeSeeker" wrote in message ups.com... Where can I find a list of the countries with the least valuable currency? I am NOT looking for a place to do foreign exchange trading to create fabulous wealth. So, please do not spam me. I am working on a project that is, well... not commercial. So, I am looking for an easy to use source of data. Thanks. I dunno, but you reminded me of the first time I became a millionaire. Florence, Italy, 1998 on my honeymoon. Arrived on the train from Switzerland. We were gonna be in Italy for the whole week so I needed to dump some dollar denominated traveler's checks for the local currency (the Lira -- this was pre Euro). [SNIP] Which brings up an interesting question. What happened/happens to the currency & coin in a country when it converts to the Euro or when there is a coup (or regime change) or when countries merge or when countries split into more than one? ----== Posted via Newsfeeds.Com - Unlimited-Unrestricted-Secure Usenet News==---- http://www.newsfeeds.com The #1 Newsgroup Service in the World! 120,000+ Newsgroups ----= East and West-Coast Server Farms - Total Privacy via Encryption =---- |
Ads |
#32
|
|||
|
|||
Obsolete Currency and Coin (was Least valuable currency)
On Mar 15, 11:06 am, "Dik T. Winter" wrote:
In article . com "KnowledgeSeeker" writes: ... Which brings up an interesting question. What happened/happens to the currency & coin in a country when it converts to the Euro or when there is a coup (or regime change) or when countries merge or when countries split into more than one? Depends. In the Euro countries the old money has gone out of circulation, in some countries some is worthless by now, other money can still be redeemed at banks (similar when in a country a banknote change, in some countries the old banknote will lose its value after a certain time, in other not). When there is a change of regime old money may or may not be replaced by new money. When countries split the parts may or may not retain the use of the old currency. When countries merge, old currency may or may not retain its value, but I do not know when the last merger did occur. -- dik t. winter, cwi, kruislaan 413, 1098 sj amsterdam, nederland, +31205924131 home: bovenover 215, 1025 jn amsterdam, nederland;http://www.cwi.nl/~dik/ Let me revise the question: What happened/happens to the currency & coin in a country when it converts to the Euro or when there is a coup (or regime change) or when countries merge or when countries split into more than one? Assume that the question only applies to situations where the former currency is no longer an official standard/legal tender/etc. (in some cases this may be an immediate thing and in others it may be after some transition period). Seems like there would be a potentially huge inventory of currency & coin (with the wrong portrait) stored in some vault(s) somewhere. And I am just curious as to what physically happens to these items? I understand that these items may not have any value as "money" but they still take up space until something (?) happens. Just curious. May be similar to the question of what happens to the bills of one of the countries mentioned in this thread that has hyper-inflation and then somehow lops off 7-8 zeros of value. What happens to the old bills that still appear as million or billion unit notes? Again, just curuious. |
#34
|
|||
|
|||
Obsolete Currency and Coin (was Least valuable currency)
"KnowledgeSeeker" wrote in message ups.com... On Mar 15, 4:25 am, "Sgt.Sausage" wrote: "KnowledgeSeeker" wrote in message ups.com... Where can I find a list of the countries with the least valuable currency? I am NOT looking for a place to do foreign exchange trading to create fabulous wealth. So, please do not spam me. I am working on a project that is, well... not commercial. So, I am looking for an easy to use source of data. Thanks. I dunno, but you reminded me of the first time I became a millionaire. Florence, Italy, 1998 on my honeymoon. Arrived on the train from Switzerland. We were gonna be in Italy for the whole week so I needed to dump some dollar denominated traveler's checks for the local currency (the Lira -- this was pre Euro). [SNIP] Which brings up an interesting question. What happened/happens to the currency & coin in a country when it converts to the Euro or when there is a coup (or regime change) or when countries merge or when countries split into more than one? I can tell you what happened when the UK went decimal in 1971. Nothing happened to the notes from £1 and up as they were not affected, the only note to go was the ten bob. Many low denominations coins were hoarded but a lot less higher denomination coins, loads of 1/2d and 1d but few 2/6 I suspect. A lot of the silver coins dated pre 1947 would have been melted in the silver boom of the early 1980s. Billy |
#35
|
|||
|
|||
Obsolete Currency and Coin (was Least valuable currency)
KnowledgeSeeker wrote:
On Mar 15, 4:25 am, "Sgt.Sausage" wrote: "KnowledgeSeeker" wrote in message roups.com... Where can I find a list of the countries with the least valuable currency? I am NOT looking for a place to do foreign exchange trading to create fabulous wealth. So, please do not spam me. I am working on a project that is, well... not commercial. So, I am looking for an easy to use source of data. Thanks. I dunno, but you reminded me of the first time I became a millionaire. Florence, Italy, 1998 on my honeymoon. Arrived on the train from Switzerland. We were gonna be in Italy for the whole week so I needed to dump some dollar denominated traveler's checks for the local currency (the Lira -- this was pre Euro). [SNIP] Which brings up an interesting question. What happened/happens to the currency & coin in a country when it converts to the Euro or when there is a coup (or regime change) or when countries merge or when countries split into more than one? The entirety of the EU is predicated on that never happening again - much as states will *probably* not seceed from the United States after the 1860s. -- Les Cargill |
#36
|
|||
|
|||
Obsolete Currency and Coin (was Least valuable currency)
On 15 Mar 2007 11:23:11 -0700, "KnowledgeSeeker"
wrote: On Mar 15, 11:06 am, "Dik T. Winter" wrote: In article . com "KnowledgeSeeker" writes: ... Which brings up an interesting question. What happened/happens to the currency & coin in a country when it converts to the Euro or when there is a coup (or regime change) or when countries merge or when countries split into more than one? Depends. In the Euro countries the old money has gone out of circulation, in some countries some is worthless by now, other money can still be redeemed at banks (similar when in a country a banknote change, in some countries the old banknote will lose its value after a certain time, in other not). When there is a change of regime old money may or may not be replaced by new money. When countries split the parts may or may not retain the use of the old currency. When countries merge, old currency may or may not retain its value, but I do not know when the last merger did occur. -- dik t. winter, cwi, kruislaan 413, 1098 sj amsterdam, nederland, +31205924131 home: bovenover 215, 1025 jn amsterdam, nederland;http://www.cwi.nl/~dik/ Let me revise the question: What happened/happens to the currency & coin in a country when it converts to the Euro or when there is a coup (or regime change) or when countries merge or when countries split into more than one? Assume that the question only applies to situations where the former currency is no longer an official standard/legal tender/etc. (in some cases this may be an immediate thing and in others it may be after some transition period). That's the same question you just asked! Do you really mean "what do they do with all the junk coins and paper?" The answer to that also is "it depends". Metal in coins can often be recycled; paper notes can be shredded. A lot of the coins end up in bags and sold on Ebay and similar venues as bulk foreign coin lots. I've gotten a lot of rather high value Spanish coins this way (they can still be converted to euros in Spain). Seems like there would be a potentially huge inventory of currency & coin (with the wrong portrait) stored in some vault(s) somewhere. And I am just curious as to what physically happens to these items? I understand that these items may not have any value as "money" but they still take up space until something (?) happens. Just curious. John, I think it was, pointed to a recent story about the newish Zimbabwe currency. Their economy is so sunk that the value of the Z$ dropped so much that the newly delivered notes are now worthless. May be similar to the question of what happens to the bills of one of the countries mentioned in this thread that has hyper-inflation and then somehow lops off 7-8 zeros of value. What happens to the old bills that still appear as million or billion unit notes? Again, just curuious. A good question. In a country like that where the only change is the loss of some zeros, the old currency notes still represent "money" as issued by that country. Unless they demonetise those old notes (thus declaring them officially worthless), all that money still holds its value with respect to the new iteration. It would still have to be securely stored and accounted for, and it would still be "on the books". Padraic -- Posted via a free Usenet account from http://www.teranews.com |
#37
|
|||
|
|||
Least valuable currency
candy costs more than a penny.
mk "note.boy" wrote in message ... "Sgt.Sausage" wrote in message ... "KnowledgeSeeker" wrote in message ups.com... Where can I find a list of the countries with the least valuable currency? I am NOT looking for a place to do foreign exchange trading to create fabulous wealth. So, please do not spam me. I am working on a project that is, well... not commercial. So, I am looking for an easy to use source of data. Thanks. I dunno, but you reminded me of the first time I became a millionaire. Florence, Italy, 1998 on my honeymoon. Arrived on the train from Switzerland. We were gonna be in Italy for the whole week so I needed to dump some dollar denominated traveler's checks for the local currency (the Lira -- this was pre Euro). I think it was just under $650 bucks I turned in and after exchange fees I had just over a Million Lira. I was a millionaire!! The smallest bill I ever saw over there was a 1,000 Lira. I think that might have bought a stick of chewing gum. Folks carried around 10,000 Lira bills around like we carry a 10-spot U.S. dollar in our pocket. Sometimes in Italy rather than give back change in the form of a very low value coin a wrapped sweetie (piece of candy) would be given, this was back in the 1970s I think. Perhaps this should be tried in the USA? :-) Billy |
#38
|
|||
|
|||
Obsolete Currency and Coin (was Least valuable currency)
In article .com "KnowledgeSeeker" writes:
.... What happened/happens to the currency & coin in a country when it converts to the Euro or when there is a coup (or regime change) or when countries merge or when countries split into more than one? Assume that the question only applies to situations where the former currency is no longer an official standard/legal tender/etc. (in some cases this may be an immediate thing and in others it may be after some transition period). Again, depends. Seems like there would be a potentially huge inventory of currency & coin (with the wrong portrait) stored in some vault(s) somewhere. And I am just curious as to what physically happens to these items? I understand that these items may not have any value as "money" but they still take up space until something (?) happens. Most of it has already been lost before the transition (the Dutch central bank has always produced good estimates about the number of coins and notes that would be irretrievably lost and would never be redeemed), and is not sitting in vaults anywhere. Much of the currency that is still present will be redeemed before the cut-off date, and will be shredded by the mint. What remains will show up in coin shops (for an extremely low price if there is sufficient supply), the remainder is just thrown away. When the Netherlands abolished the cent in the 1980s, there were a lot of people that hoarded the cent with the expectation that it would increase in value for collectors. So they did not redeem the cents and at one time had an enormous amount of cents that would not even give them face value. Those were in general just thrown away in the waste basket. Just curious. May be similar to the question of what happens to the bills of one of the countries mentioned in this thread that has hyper-inflation and then somehow lops off 7-8 zeros of value. What happens to the old bills that still appear as million or billion unit notes? Again, just curuious. At the coin market in Amsterdam you can get them for a fairly reasonable price. But again, most are shredded. -- dik t. winter, cwi, kruislaan 413, 1098 sj amsterdam, nederland, +31205924131 home: bovenover 215, 1025 jn amsterdam, nederland; http://www.cwi.nl/~dik/ |
#39
|
|||
|
|||
Obsolete Currency and Coin (was Least valuable currency)
In article "Owen W. Linzmayer" writes:
The answer to your question is "it depends." But usually what happens if a country decides to demonitize its currency is that everyone is told they have a certain time period in which to bring in their old currency and exchange it for the new stuff. After the deadline, they are holding "manure" as Zimbabwe's president recently said when they converted. Indeed. The ones I have explicitly state on the note that they are valid until either 31st of July 2007 or 31st of December 2007. -- dik t. winter, cwi, kruislaan 413, 1098 sj amsterdam, nederland, +31205924131 home: bovenover 215, 1025 jn amsterdam, nederland; http://www.cwi.nl/~dik/ |
#40
|
|||
|
|||
Obsolete Currency and Coin (was Least valuable currency)
Which brings up an interesting question. What happened/happens to the currency & coin in a country when it converts to the Euro or when there is a coup (or regime change) or when countries merge or when countries split into more than one? I've a funny transparen plastic cube with 150.000 pesetas (aprox. 1.200 USD) shredded... it comes from 15 banknotes of 10.000 pesetas, at "confetty" style. It was a funny gift from "Banco de España", the Spanish Central Bank. All the pesetas banknotes were shredded and then burn. The coins are being used to make pipelines or whatever. The most interesting destination is the 1 peseta coin, made with aluminium, now almost all coins are beer barrels! A company bought almost all the metal to recycle them for beer. If I were a coin, I'd like to be near beer once I died!!!! :-)) Fernando |
Thread Tools | |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
Least valuable currency | KnowledgeSeeker | Coins | 48 | March 27th 07 04:52 PM |
New Ebay Store For World Currency GREAT PRICES and Currency Sets | kmmcoinsandcurrency | Paper Money | 0 | November 11th 04 08:36 AM |
Which is more valuable? | Earl Bollinger | Coins | 3 | June 15th 04 10:51 PM |
More valuable than I knew | Alan & Erin Williams | Coins | 15 | March 3rd 04 10:25 PM |
Are these valuable? | D | Worldwide Stamps | 1 | November 13th 03 05:59 AM |