The Lewes Pound is a local currency in use in the town of Lewes, East Sussex. Inspired by the Totnes pound and BerkShare, the currency was introduced with the blessing of the town council in September 2008 by Transition Town Lewes - a community response to the challenges of climate change and peak oil. Lewes first introduced its own currency in 1789, but this was discontinued in 1895 along with a number of other local currencies, its reintroduction in September 2008 achieved national media coverage. On 3 July 2009, it was announced that the scheme was to be extended and that new notes of £5, £10 and £21 denominations would be issued; the £21 note emphasises the fact that five pence of each Lewes pound bought goes to the local charity the Live Lewes Fund. As of 2017, notes in circulation are: 1 Pound, undated 1 Pound, green, 2009 1 Pound, green, 2017 5 Pounds, blue, 2009 5 Pounds, blue, 2013 5 Pounds, blue, 2017 10 Pounds, yellow, 2009 10 Pounds, blue, 2014 21 Pounds, red, 2009 The value of the Lewes Pound is fixed at £1 Sterling, by January 2009 could used in any of 130 shops in Lewes.
Despite its nominal value, some businesses charge a lesser fee in Lewes Pounds, some of the earliest notes have been sold on eBay for higher values. The front features a picture of the South Downs with an image of Lewes resident Thomas Paine and a quotation of his: "We have it in our power to build the world anew". On the back is a picture of Lewes Castle; the notes are printed on traditional banknote paper and have a number of security features including unique numbering and heat marks. The Lewes Pound and the Transition Towns movement have received criticism for a failure to address the needs of the wider Lewes population lower socio-economic groups; such local currency initiatives have been more criticised in light of limited success in stimulating new spending in local economies and as an unrealistic strategy to reduce carbon emissions. Bristol Pound Stroud Pound Totnes pound BerkShares Toronto Dollar Brixton Pound Official web site details and bulletin board Community Currency Online Magazine
United States dollar
The United States dollar is the official currency of the United States and its territories per the United States Constitution since 1792. In practice, the dollar is divided into 100 smaller cent units, but is divided into 1000 mills for accounting; the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. Since the suspension in 1971 of convertibility of paper U. S. currency into any precious metal, the U. S. dollar is, de facto, fiat money. As it is the most used in international transactions, the U. S. dollar is the world's primary reserve currency. Several countries use it as their official currency, in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean: the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while still minting their own coins, or accept U. S. dollar coins. As of June 27, 2018, there are $1.67 trillion in circulation, of which $1.62 trillion is in Federal Reserve notes.
Article I, Section 8 of the U. S. Constitution provides that the Congress has the power "To coin money". Laws implementing this power are codified at 31 U. S. C. § 5112. Section 5112 prescribes the forms; these coins are both designated in Section 5112 as "legal tender" in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar; the pure silver dollar is known as the American Silver Eagle. Section 5112 provides for the minting and issuance of other coins, which have values ranging from one cent to 100 dollars; these other coins are more described in Coins of the United States dollar. The Constitution provides that "a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time"; that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the "Statements" are being expressed in U. S. dollars. The U. S. dollar may therefore be described as the unit of account of the United States.
The word "dollar" is one of the words in the first paragraph of Section 9 of Article I of the Constitution. There, "dollars" is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act. Section 9 of that act authorized the production of various coins, including "DOLLARS OR UNITS—each to be of the value of a Spanish milled dollar as the same is now current, to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver". Section 20 of the act provided, "That the money of account of the United States shall be expressed in dollars, or units... and that all accounts in the public offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation". In other words, this act designated the United States dollar as the unit of currency of the United States. Unlike the Spanish milled dollar, the U.
S. dollar is based upon a decimal system of values. In addition to the dollar the coinage act established monetary units of mill or one-thousandth of a dollar, cent or one-hundredth of a dollar, dime or one-tenth of a dollar, eagle or ten dollars, with prescribed weights and composition of gold, silver, or copper for each, it was proposed in the mid-1800s that one hundred dollars be known as a union, but no union coins were struck and only patterns for the $50 half union exist. However, only cents are in everyday use as divisions of the dollar. XX9 per gallon, e.g. $3.599, more written as $3.599⁄10. When issued in circulating form, denominations equal to or less than a dollar are emitted as U. S. coins while denominations equal to or greater than a dollar are emitted as Federal Reserve notes. Both one-dollar coins and notes are produced today, although the note form is more common. In the past, "paper money" was issued in denominations less than a dollar and gold coins were issued for circulation up to the value of $20.
The term eagle was used in the Coinage Act of 1792 for the denomination of ten dollars, subsequently was used in naming gold coins. Paper currency less than one dollar in denomination, known as "fractional currency", was sometimes pejoratively referred to as "shinplasters". In 1854, James Guthrie Secretary of the Treasury, proposed creating $100, $50 and $25 gold coins, which were referred to as a "Union", "Half Union", "Quarter Union", thus implying a denomination of 1 Union = $100. Today, USD notes are made from cotton fiber paper, unlike most common paper, made of wood fiber. U. S. coins are produced by the United States Mint. U. S. dollar banknotes are printed by the Bureau of Engraving and Printing and, since 1914, have been issued by t
The Syrian pound or Syrian lira is the currency of Syria and is issued by the Central Bank of Syria. The pound is subdivided into 100 qirsh. Before 1947, the word qirsh was spelled with the initial Arabic letter غ, after which the word began with ق; until 1958, banknotes were issued with Arabic on French on the reverse. After 1958, English has been used on the reverses, hence the three different names for this currency. Coins used both Arabic and French until independence only Arabic; the standard abbreviation for the Syrian pound is SYP. On 5 December 2005, the selling rate quoted by the Commercial Bank of Syria was 48.4 SYP to the US dollar. A rate of about 50 pounds to one dollar has been usual in the early 2000s, but the exchange rate is subject to fluctuations. Since the start of the civil war in 2011, the pound's exchange rate has deteriorated falling from 47 SYP for US$1 in March 2011 to 515 SYP for US$1 in July 2017. During the period when Syria was a part of the Ottoman Empire, which lasted about 400 years, the Ottoman lira was its main currency.
Following the fall of the Ottoman Empire and the placing of Syria under a mandate, the Egyptian pound was used in the territories under French and British mandates, including Lebanon and Palestine. Upon taking Lebanon and Syria under its separate mandate, the French government sought to replace the Egyptian currency and granted a commercial bank, the Banque de Syrie, the authority to issue a currency for states under its new mandate; the pound was pegged at a value of 20 French francs. As the political status of Lebanon evolved, the Banque de Syrie, to act as the official bank for Lebanon and Syria, was renamed the Banque de Syrie et du Grand-Liban; the BSL issued the Lebanese-Syrian currency for 15 years, starting in 1924. Two years before the expiration of the 15-year period, the BSL split the Lebanese-Syrian currency into two separate currencies that could still be used interchangeably in either state. In 1939, the bank was renamed the Banque de du Liban. In 1941, the peg to the French franc was replaced by a peg to the British pound of 8.83125 Syrian pounds = 1 British pound, as a consequence of the occupation of Syria by British and Free French forces.
This rate was based on the pre-war conversion rate between the sterling. In 1946, following devaluation of the franc, the pound was pegged once again to the franc at a rate of 1 pound = 54.35 francs. In 1947, the U. S. dollar was adopted as the peg for the Syrian currency, with 2.19148 pounds = 1 dollar, a rate, maintained until 1961. The Lebanese and Syrian currencies split in 1948. From 1961, a series of official exchange rates were in operation, alongside a parallel, black market rate which reflected the true market rate for Syrian pounds in Jordan and Lebanon where there was a healthy trade in the Syrian currency; the market was allowed to flourish because everybody, including government and public sector companies, needed it. The black market rate diverged from the official rate in the 1980s. Most the currency was pegged to the IMF SDF; as a result of the Syrian Civil War, there has been a capital flight to nearby countries including Lebanon, Jordan and Turkey. Syria has been subject to sanctions imposed by the United States, the European Union and other countries.
As a result, the official exchange rate has deteriorated falling from 47 SYP for US$1 in March 2011 to 515 SYP for US$1 in July 2017. In 1921, cupro-nickel 1⁄2 qirsh coins were introduced, followed in 1926 by aluminium bronze 2 and 5 qirsh. In 1929, nickel-brass 1 qirsh and silver 10, 25 and 50 qirsha were introduced. Nickel-brass 1⁄2 qirsh were introduced 1935, followed by zinc 1 qirsh and aluminium-bronze 2½ qirsh in 1940. During the Second World War, brass 1 qirsh and aluminium 2 1⁄2 qirsh; these pieces were crudely undated. A new coinage was introduced between 1947 and 1948 in denominations of 2 1⁄2, 5, 10, 25 and 50 qirsha and 1 pound, with the 2 1⁄2, 5 and 10 qirush struck in cupro-nickel and the others in silver. Aluminium-bronze replaced cupro-nickel in 1960, with nickel replacing silver in 1968. In 1996, following high inflation, new coins were introduced in denominations of 1, 2, 5, 10 and 25 pounds, with the 25 pounds a bimetallic coin. In 2003 5, 10, 25 pound coins were issued, with latent images.
On December 26, 2018, the Central Bank of Syria introduced a 50 Syrian pounds coin for general circulation and to replace the banknote of said denomination. In 1919, the Banque de Syrie introduced notes for 5, 25 and 50 qirsha, 1 and 5 livres; these were followed, by notes for 1 qirsh and 10, 25, 50 and 100 livres. In 1925, the Banque de Syrie et du Grand-Liban began issuing notes and production of denominations below 25 qirsha ceased. Notes below 1 livre were not issued from 1930. In 1939, the issuing body again changed its name, to the Banque de Syrie et du Liban. Between 1942 and 1944, the government introduced notes for 10, 25 and 50 qirsha. In the early 1950s, undated notes were issued by the Institut d'Emission de Syrie in denominations of 1, 5, 10, 25, 50 and 100 livres, followed by notes dated 1955 for 10 and 25 livres; the Banque Centrale de Syrie took over paper money issuance in 1957, issuing the same denominations as the Institut d'Emission. In 1958, the French language was replaced by English.
Notes were issued for 1
South Sudanese pound
The South Sudanese pound is the official currency of the Republic of South Sudan. It is subdivided into 100 piasters, it was approved by the Southern Sudan Legislative Assembly before secession on 9 July 2011 from Sudan. It was introduced on 18 July 2011, replaced the Sudanese pound at par; the banknotes feature the image of John Garang de Mabior, the deceased leader of South Sudan's independence movement. Six different denominations in the form of banknotes have been confirmed, five denominations will be issued in the form of coins. Three new banknotes for 5, 10, 25 piasters were issued 19 October 2011; the first circulation coins of the South Sudanese pound denominated in 10, 20, 50 piasters were issued 9 July 2015, on occasion of the fourth anniversary of independence from Sudan. In 2016, the Bank of South Sudan issued a 20 South Sudanese pound banknote to replace the 25 South Sudanese pound banknote. In 2018, the Bank of South Sudan introduced a 500 South Sudanese pounds banknote to ease daily cash transactions following years of inflation.
As part of a currency redesign to reduce confusion, a 1 Pound coin was released to replace the 1 Pound banknote, a coin for 2 Pounds has been released at the same time as the 1 Pound coin. The 10, 20 and 100 pound notes were all redesigned. In November 2016 the Governor of the Bank of South Sudan issued a statement dismissing as false reports claiming that the bank was printing new notes in denominations of 200, 500 and 1,000 pounds. Coins denominated 10, 20, 50 Piasters were put into circulation on 9 July 2015; as of 2016, South Sudan's coins are being struck at the South African Mint. Bimetallic coins denominated 1 Pound and 2 Pounds has been put into circulation during 2016; the Coat of arms of South Sudan with the country name'REPUBLIC OF SOUTH SUDAN' and the date will appear on the obverses. The various coins will include the following: 10 Piasters - Copper-plated Steel - Oil rig. 20 Piasters - Brass-plated Steel - Shoebill stork. 50 Piasters - Nickel-plated Steel - Northern white rhino. 1 Pound - Bronze-plated Steel centre / Nickel-plated Steel ring - Nubian giraffe.
2 Pounds - Nickel-plated Steel centre / Bronze-plated Steel ring - African Shield. Articles about the banknotes of South Sudan. Banknotes of South Sudan
The Australian pound was the currency of Australia from 1910 until 14 February 1966, when it was replaced by the Australian dollar. As with other £ sd currencies, it was subdivided into each of 12 pence; the first European settlement of Australia took place on 26 January 1788 at Port Jackson. The colony of New South Wales survived its first years and was neglected for much of the following quarter-century while the British government was preoccupied until 1815 with the Napoleonic Wars. One important British oversight during this period was the provision of adequate coinage for the new colony and, because of the shortage of any sort of money, the real means of exchange during the first 25 years of settlement was rum, the access to, controlled by the officers of the New South Wales Corps, who benefited most from access to land and imported goods. Though it did not solve the problem arising from the lack of coins, but in an attempt to put some order into the economy, in 1800, Governor Philip Gidley King issued a proclamation setting the value of a variety of foreign coins in the colony.
During this period, to protect the lucrative access to the imported rum, as well as other grievances, the officers, who came to be known as the "Rum Corps", deposed the governor in a standoff in 1808, referred to as the "Rum Rebellion". The New South Wales Corps was recalled soon after. Otherwise, the shortage of coinage persisted; the first coinage issued by the colony took place in 1813, was effected by punching the middle out of Spanish dollars. This process created two parts: a small coin, called the dump, a ring, called a holey dollar. One holey dollar was worth five shillings, one dump was worth one shilling and three pence; this was done in order to keep the coins in New South Wales. From 1817, when the first bank, the Bank of New South Wales, was established, private banks issued paper money denominated in pounds. Acceptance of private bank notes was not made compulsory by legal tender laws but they were used and accepted. In 1825, an Imperial order-in-council was issued with the purpose of introducing sterling coinage to all the British colonies.
This was due to the introduction of the gold standard in the UK in 1816, a decline in the supply of Spanish dollars, due to the revolutions taking place in Spanish South American colonies. Most of the dollars used had been minted in Lima, Mexico City, Potosí, which had become part of new Latin American republics, independent from Spain. In 1852, the Government Assay Office in Adelaide issued gold pound coins; these weighed more than sovereigns. From 1855, the Sydney mint issued half sovereigns and sovereigns, with the Melbourne mint beginning production in 1872. Many of the sovereigns minted in Australia were for use in India as part of a plan that the gold sovereign should become the imperial coin; as it turned out, India was too entrenched in the Rupee system, the gold sovereigns obtained by the treasury in India never left the vaults. Thus, in the lead-up to Federation, the currency used in the Australian colonies consisted of British silver and copper coins, Australian minted gold sovereigns and half sovereigns, locally minted copper trade tokens and private bank notes.
In addition, the Queensland government issued treasury notes and banknotes which were legal tender in Queensland. After Federation in 1901, the Australian government assumed power over currency matters and began overprinting the private issues that were in circulation, in preparation for the issue of a domestic currency. In 1910 the federal government passed the "Australian Notes Act" which prohibited the circulation of State notes and gave control over the issue of Australian notes to the Commonwealth Treasury. Passed in that year was the "Bank Notes Tax Act" which imposed a tax of 10% per annum on "all bank notes issued or re-issued by any bank in the Commonwealth after the commencement of this Act, not redeemed". In September 1910, the Labor Government of Prime Minister Andrew Fisher introduced a national currency, the Australian pound, with the passing of the Australian Notes Act 1910; the Act gave control over the issue of Australian notes to the Commonwealth Treasury and prohibited the circulation of state notes and withdrew their status as legal tender.
For the next three years, some of the earlier private banknotes were overprinted by the Treasury as a temporary measure and circulated as Australian banknotes until new designs were ready for Australia's first federal government-issued banknotes, which commenced in 1913. Blank note forms of 16 banks were supplied to the Australian Government in 1911 to be overprinted as redeemable in gold and issued as the first Commonwealth notes; the Commonwealth Bank Act 1920 gave note issuing authority to the Commonwealth Bank. In 1960, responsibility for note printing passed to the Reserve Bank of Australia; the new national currency was called the Australian pound, consisting of 20 shillings, each consisting of 12 pence. Monetary policy ensured; as such Australia was on the gold standard so long as Britain was. In 1914, the pound sterling was removed from the gold standard; when it was returned to the gold standard in 1925, the sudden increase in its value unleashed crushing deflationary pressures. Both the initial 1914 inflation and the subsequent 1926 deflation had far-reaching economic effect
The pound known as the lira, was the currency of Cyprus, including the Sovereign Base Areas in Akrotiri and Dhekelia, until 31 December 2007, when the Republic of Cyprus adopted the euro. However, the self-proclaimed Turkish Republic of Northern Cyprus used and still uses on the official level the Turkish lira; the Cypriot pound was replaced by the euro as official currency of the Republic of Cyprus on 1 January 2008 at the irrevocable fixed exchange rate of CYP 0.585274 per EUR 1.00. The British introduced the pound sterling unit to Cyprus in 1879 at a rate of one pound to 180 Turkish piastres, it remained equal in value to the pound sterling until 1972, some twelve years after Cyprus gained independence from the United Kingdom. The Cyprus pound was divided into 20 shillings, in common with its United Kingdom counterpart. However, unlike the United Kingdom shilling, the Cyprus shilling was divided into 9 piastres, thus establishing a nomenclature link to earlier Ottoman currency; the piastre was itself divided into 40 para.
The para denomination was used on postage stamps. However, the 1⁄4-piastre coin was equal to 10 para and called δεκάρα in Greek and the 1⁄2-piastre coin was equal to 20 para and called εικοσάρα; the introduction of the British currency into Cyprus was controversial from its inception in 1879 as technically the island remained a province of the Ottoman Empire and the right to issue currency within the Ottoman Empire rested with the Ottoman Sultan. A question on the legality of introducing the pound in Cyprus was raised by the British Member of Parliament, Mr. Thomson Hankey in the United Kingdom parliament in 1879, but concerns were dismissed by the British government, they ceased to be an issue on the island following its full annexation by Britain in 1914. In 1955, a decision was made by the British colonial authorities to decimalise the Cypriot pound, in this they used the system proposed by William Brown, a member of the United Kingdom parliament, who suggested in 1855 that the pound sterling in the United Kingdom should be divided into one-thousand parts, each called a mil.
Although this system was never adopted in the United Kingdom, it was used in several British colonies, including Hong Kong from 1863 to 1866. This latter example may have been the impetus to use a pound-mil system in Cyprus as the Palestinian pound was for a brief period accepted as legal tender in Cyprus. Cyprus decimalized in 1955 with 1,000 mils to the pound. Colloquially, the 5-mil coin was known as a "piastre" and the 50-mil coin as a "shilling"; the subdivision was changed to 100 cents to the pound on 3 October 1983. At that time, the smallest coin still in circulation was that of 5 mils; this soon was abolished. Mil-denominated coins are no longer legal tender. Towards the end of the Cypriot pound era, some cashiers omitted the 1- and 2-cent coins from the change they gave. Owner-operated businesses rounded down the net amount to be paid to the nearest multiple of 5 cents; the Cypriot national currency was replaced by the euro on 1 January 2008. The currency entered the Exchange Rate Mechanism II on 2 May 2005 and it was limited within the band of CYP 0.585274 ±15% per euro.
A formal application to adopt the euro was submitted on 13 February 2007. On May 16, 2007, along with Malta, received the European Commission's approval for this and was confirmed by the European Parliament on 20 June 2007 and the EU leaders on 21 June 2007; the permanent exchange rate, EUR 1.00 = CYP 0.585274, was decided by the EU Finance Ministers on 10 July 2007. From 12 July 2007 to 5 December 2007, the exchange rate remained at 0.5842. Since 7 December 2007, the rate has been fixed at the irrevocable rate, € = £0.585274. In summer 2006, the Bank of Cyprus started including on its statements the indicative balance in euros; the Cyprus Telecommunications Authority followed suit with its bills two months later. A small number of shops showed indicative euro totals on their receipts. By late autumn 2006, the number of banks and shops offering indicative euro equivalents on their statements and pricing had increased significantly; the Cypriot pound was replaced by the euro as official currency of the Republic of Cyprus on 1 January 2008 at the irrevocable fixed exchange rate of CYP 0.585274 per €1.
However, pound banknotes and coins continued to have legal tender status and were accepted for cash payments until 31 January 2008. Cypriot pounds were convertible free of charge at Cypriot credit institutions until 30 June 2008. CYP coins were convertible at the Central Bank of Cyprus until 31 December 2009 and CYP banknotes were convertible until 31 December 2017. For a wider history surrounding currency in the region, see The History of British Currency in the Middle East. In 1879, copper coins were introduced in denominations of 1⁄4, 1⁄2, 1 piastre; the Greek-Cypriots called the first of these coins the δεκάρα, referring to its equivalence to 10 para. The Greek name for the 1⁄2-piastre coin was εικοσάρα; these coins were followed, in 1901, by silver 3, 4 1⁄2, 9 and 18 piastres, the last two being equal to 1 and 2 shillings. The 3 piastres was only issued that year; the 1⁄4 piastre was last struck in 1926. In 1934, scalloped-shaped 1⁄2 and 1 piastre coins were introduced struck in cupro-nickel, changing to bronze in 1942.
In 1947, cupro-nickel 1 and 2 shil
British West African pound
The British West African Pound was the currency of British West Africa, a group of British colonies and mandate territories. It was equal to the pound sterling and was subdivided into 20 shillings, each of 12 pence. In the 19th century, the pound sterling became the currency of the British West African territories and standard issue United Kingdom coinage circulated; the West African territories in question were the Gold Coast, Sierra Leone and The Gambia. In 1912, the authorities in London set up the West African Currency Board and issued a distinctive set of sterling coinage for use in British West Africa; the circumstance prompting this move was a tendency for existing UK coins used in the West African territories to leave the region and return to the UK, hence causing a local dearth of coinage. A unique British West African variety of the sterling coinage would not be accepted in the shops of Britain and so would remain in circulation locally. There was a precedent for this move: in 1910, Australia had commenced issuing its own distinctive varieties of sterling coinage, but the reasons for doing so were quite different from those relating to British West Africa.
Australian authorities issued local coinage as a step towards full nationhood. With the exception of Jamaica where special low denomination coins were issued in place of the United Kingdom copper coins, due to local superstitions surrounding the use of copper coinage for church collections, authorities in London did not replace any UK sterling coins with local issues for any other British colony; the British West African pound was adopted by Liberia in 1907, replacing the Liberian dollar, although it was not served by the West African Currency Board. Liberia changed to the U. S. dollar in 1943. Togo and Cameroon adopted the West African currency in 1914 and 1916 when British and French troops took over those colonies from Germany as part of World War I. Beginning in 1958, the British West African pound was replaced by local currencies in the individual territories; the replacements were: In 1907, aluminium 1⁄10 penny and cupro-nickel 1 penny coins were introduced. Both coins were holed. In 1908, cupro-nickel replaced aluminium in the 1⁄10 penny and, in 1911, cupro-nickel ½ penny coins were introduced.
In 1913, silver 3 and 6 pence, 1 and 2 shillings were introduced. In 1920, brass replaced silver in these denominations. In 1938, cupro-nickel 3 pence coins were introduced, with nickel-brass replacing brass in the higher denominations. In 1952, bronze replaced cupro-nickel in the 1/2 and 1 penny coins; the last coins of British West Africa were struck in 1958. In 1916, the West African Currency Board introduced notes for 2, 10 and 20 shillings, followed by 1 shilling notes in 1918. Only the 10 and 20 shillings notes were issued after 1918, until 100 shillings notes were introduced in 1953; the last notes were produced in 1962. Biafran pound Gambian pound Ghanaian pound Gold Coast ackey Nigerian pound West African Monetary Zone Economic Community of West African States References Sources Coins from British West Africa