1.
Casino token
–
Casino tokens are small discs used in lieu of currency in casinos. Colored metal, injection-molded plastic or compression molded clay tokens of various denominations are used primarily in table games, as opposed to metal token coins, Casino tokens are also widely used as play money in casual or tournament games. Some casinos also use gaming plaques for high-stakes table games. Plaques differ from chips in that they are larger, usually rectangular in shape, money is exchanged for tokens in a casino at the casino cage, at the gaming tables, or at a cashier station. The tokens are interchangeable with money at the casino and they generally have no value outside of the casino, but certain businesses in gambling towns may honor them informally. Tokens are employed for several reasons, because of the uniform size, shape, and patterns of stacks of chips, they are easier to tally compared to currency. This attribute also enables the pit boss or security to quickly verify the amount being paid, the uniform weight of the casinos official tokens allows them to weigh great stacks or heaps of chips rather than tally them. Furthermore, it is observed that consumers gamble more freely with replacement currencies than with cash, lastly, the chips are considered to be an integral part of the casino environment, and replacing them with some alternate currency would be unpopular. While some casinos which installed the system had kept the $1 tokens around for use as $1 chips. Most casinos using receipts have automated machines at which customers may redeem receipts, eliminating the need for coin counting windows, Casino chip collecting is a part of numismatics, more specifically as specialized exonumia collecting. This hobby has become popular with the Casino Chips & Gaming Tokens Collectors Club formed in 1988. Some collectors may value certain casino tokens up to $100,000, several casinos sell custom-made sets of chips and one or two decks of cards stamped with the name of the casino on them. Each set is contained in a briefcase or box. The ancestors of the modern casino token were the used to keep score in the card games Ombre. In 1752, French Quadrille sets contained a number of different counters, known as jetons, fiches, in the early history of Poker during the 19th century, players seemed to use any small valuable object imaginable. Early poker players sometimes used jagged gold pieces, gold nuggets, gold dust, or coins as well as chips primarily made of ivory, bone, wood, paper, several companies between the 1880s and the late 1930s made clay composition poker chips. There were over 1000 designs from which to choose, most chips were white, red, blue, and yellow, but they could be made in almost any color desired. The vast majority of casino chips are clay chips but can be more accurately described as compression molded chips
2.
Elongated coin
–
Elongated coins are coins that have been elongated and embossed with a new design with the purpose of creating a commemorative or souvenir token. The collecting of elongated coins is a branch of numismatics, Elongated coins are also categorized as exonumia. The first elongated coins in the United States were created at the Worlds Columbian Exposition in Chicago, Illinois, several designs were issued to commemorate the fair, and are available in the elongated coin collecting community today. The earliest elongated coin designer on record is Charles Damm, who created the design for the coins available at the 1901 Pan American Exposition in Buffalo. The production of elongated coins can be divided into three classes, each of which covers a distinct period from 1893 to the present. This period started with the issuance of the first elongateds in 1893, the second class of elongated coins, the Modern Elongateds, cover the years c.1965 to c. Around 1965, the source of elongated coins became private rollers. The major rollers of this period include Dottie Dow, the House of Elongateds, Ralph Jones, Ralph W. Jobe, Elmer Anderson, Don Adams, Cee Ceven and this event marks the beginning of the third class of elongated coins, the Contemporary Elongateds. This class of elongated coin machines were designed and built by Randy and Earl Vaughn from Dayton and these mechanical coin-operated machines are still prominent in amusement parks such as Disney Resorts and attractions throughout the United States, and the world. The first ever stand alone coin-operated mechanical penny press machine was placed in Kings Island Amusement park in 1988 by manufacturer Uncommon Cents, the hobby of collecting elongated coins has expanded throughout the United States and the world. Most modern coin elongating machines can be found in museums or landmark gift shops, souvenir stores, zoos, amusement parks, private engravers make special-issue elongated coins to commemorate historical events, personal landmarks, or other events warranting celebration. They also design elongated coins for private clubs and organizations and it is common to find pressed penny machines in tourism hubs, such as museums, amusement parks, and natural/man-made landmarks. An early and common method of coin elongation was smashing pennies by leaving them on a railroad track. When a train rolls over a penny, the force is sufficient to cause plastic deformation that flattens and stretches it into an oval, some early railroad flattened cents were then hand engraved with the date and location. One of the rollers is engraved with a design that imprints a new image into the metal as the passes through it. The resulting coin is oval-shaped and shows a design corresponding to the design on the die in the mill, some machines are hand operated, whereas others are fully automatic. Throughout the history of the production of elongated coins, various methods have used to engrave the design into the roller. Early elongateds were hand engraved with burin gravers, and some are still engraved using this method, more popular modern and contemporary methods include etching, pantograph engraving, and engraving using electric or air-powered rotary tools
3.
Numismatics
–
Numismatics is the study or collection of currency, including coins, tokens, paper money, and related objects. Early money used by people is referred to as Odd and Curious, the Kyrgyz people used horses as the principal currency unit and gave small change in lambskins, the lambskins may be suitable for numismatic study, but the horse is not. Many objects have been used for centuries, such as shells, precious metals, cocoa beans, large stones. Today, most transactions take place by a form of payment with either inherent, standardized, Numismatic value may be used to refer to the value in excess of the monetary value conferred by law, which is known as the collector value. Economic and historical studies of use and development are an integral part of the numismatists study of moneys physical embodiment. First attested in English 1829, the word comes from the adjective numismatic. It was borrowed in 1792 from French numismatiques, itself a derivation from Late Latin numismatis, genitive of numisma, throughout its history, money itself has been made to be a scarce good, although it does not have to be. Many materials have been used to form money, from naturally scarce precious metals and cowry shells through cigarettes to entirely artificial money, called fiat money, many complementary currencies use time as a unit of measure, using mutual credit accounting that keeps the balance of money intact. Modern money is essentially a token – an abstraction, paper currency is perhaps the most common type of physical money today. However, goods such as gold or silver retain many of the properties of money, such as volatility. However, these goods are not controlled by one single authority, coin collecting may have existed in ancient times. Caesar Augustus gave coins of every device, including old pieces of the kings, petrarch, who wrote in a letter that he was often approached by vinediggers with old coins asking him to buy or to identify the ruler, is credited as the first Renaissance collector. Petrarch presented a collection of Roman coins to Emperor Charles IV in 1355, the first book on coins was De Asse et Partibus by Guillaume Budé. During the early Renaissance ancient coins were collected by European royalty and nobility, Numismatics is called the Hobby of Kings, due to its most esteemed founders. Professional societies organized in the 19th century, the Royal Numismatic Society was founded in 1836 and immediately began publishing the journal that became the Numismatic Chronicle. The American Numismatic Society was founded in 1858 and began publishing the American Journal of Numismatics in 1866, in 1931 the British Academy launched the Sylloge Nummorum Graecorum publishing collections of Ancient Greek coinage. The first volume of Sylloge of Coins of the British Isles was published in 1958, after World War II in Germany a project, Fundmünzen der Antike was launched, to register every coin found within Germany. This idea found successors in many countries, in the United States, the US mint established a coin Cabinet in 1838 when chief coiner Adam Eckfeldt donated his personal collection
4.
Currency
–
A currency in the most specific use of the word refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins. A more general definition is that a currency is a system of money in common use, under this definition, US dollars, British pounds, Australian dollars, and European euros are examples of currency. These various currencies are recognized stores of value and are traded between nations in exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance, other definitions of the term currency are discussed in their respective synonymous articles banknote, coin, and money. The latter definition, pertaining to the systems of nations, is the topic of this article. Currencies can be classified into two systems, fiat money and commodity money, depending on what guarantees the value. Some currencies are legal tender in certain jurisdictions, which means they cannot be refused as payment for debt. Others are simply traded for their economic value, digital currency has arisen with the popularity of computers and the Internet. Currency evolved from two basic innovations, both of which had occurred by 2000 BC, originally money was a form of receipt, representing grain stored in temple granaries in Sumer in ancient Mesopotamia, then Ancient Egypt. In this first stage of currency, metals were used as symbols to represent value stored in the form of commodities and this formed the basis of trade in the Fertile Crescent for over 1500 years. Trade could only reach as far as the credibility of that military and it is not known what was used as a currency for these exchanges, but it is thought that ox-hide shaped ingots of copper, produced in Cyprus, may have functioned as a currency. It is thought that the increase in piracy and raiding associated with the Bronze Age collapse, possibly produced by the Peoples of the Sea, brought the trading system of oxhide ingots to an end. In Africa, many forms of value store have been used, including beads, ingots, ivory, various forms of weapons, livestock, the manilla currency, the manilla rings of West Africa were one of the currencies used from the 15th century onwards to sell slaves. African currency is still notable for its variety, and in many various forms of barter still apply. These factors led to the metal itself being the store of value, first silver, now we have copper coins and other non-precious metals as coins. Metals were mined, weighed, and stamped into coins and this was to assure the individual taking the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but they created a new unit of account. Most major economies using coinage had several tiers of coins, using a mix of copper, silver, gold coins were used for large purchases, payment of the military and backing of state activities, they were more often used as measures of account than physical coins
5.
Coin
–
A coin is a small, flat, round piece of metal or plastic used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in quantities at a mint in order to facilitate trade. They are most often issued by a government, Coins are usually metal or alloy, or sometimes made of synthetic materials. Coins made of metal are stored in large quantities as bullion coins. Other coins are used as money in transactions, circulating alongside banknotes. Usually the highest value coin in circulation is less than the lowest-value note. In the last hundred years, the value of circulation coins has occasionally been lower than the value of the metal they contain. Exceptions to the rule of face value being higher than content value also occur for some bullion coins made of copper, silver, or gold, while the Eagle, Maple Leaf, and Sovereign coins have nominal face values, the Krugerrand does not. The first coins were developed independently in Iron Age Anatolia and Archaic Greece, India, Coins spread rapidly in the 6th and 5th centuries BCE, throughout Greece and Persia, and further to the Balkans. Standardized Roman currency was used throughout the Roman Empire, important Roman gold and silver coins were continued into the Middle Ages. Fiat money first arose in medieval China, with the paper money. Early paper money was introduced in Europe in the later Middle Ages, the penny was minted as a silver coin until the 17th century. The first circulating United States coins were cents, produced in 1793, Coins were an evolution of currency systems of the Late Bronze Age, where standard-sized ingots, and tokens such as knife money, were used to store and transfer value. In the late Chinese Bronze Age, standardized cast tokens were made and these were replicas in bronze of earlier Chinese currency, cowrie shells, so they were named Bronze Shell. According to Aristotle and Pollux, the first issuer of coins was Hermodike of Kyme The earliest coins are associated with Iron Age Anatolia. Early electrum coins were not standardized in weight, and in their earliest stage may have been ritual objects, such as badges or medals, issued by priests. The first Lydian coins were made of electrum, a naturally occurring alloy of silver, most of the early Lydian coins include no writing, only an image of a symbolic animal. Anatolian Artemis was the Πὀτνια Θηρῶν, whose symbol was the stag, a small percentage of early Lydian/Greek coins have a legend
6.
Banknote
–
A banknote is a type of negotiable instrument known as a promissory note, made by a bank, payable to the bearer on demand. Banknotes were originally issued by banks, who were legally required to redeem the notes for legal tender when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the served by the issuing bank. Commercial banknotes have primarily been replaced by national banknotes issued by central banks, national banknotes are generally legal tender, meaning that medium of payment is allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Historically, banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment and this practice of backing notes with something of substance is the basis for the history of central banks backing their currencies in gold or silver. Today, most national currencies have no backing in precious metals or commodities and have value only by fiat, with the exception of non-circulating high-value or precious metal issues, coins are used for lower valued monetary units, while banknotes are used for higher values. The idea of using a durable light-weight substance as evidence of a promise to pay a bearer on demand originated in China during the Han Dynasty in 118 BC, the first known banknote was first developed in China during the Tang and Song dynasties, starting in the 7th century. Its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants, during the Yuan Dynasty, banknotes were adopted by the Mongol Empire. In Europe, the concept of banknotes was first introduced during the 13th century by such as Marco Polo. Counterfeiting, the forgery of banknotes, is an inherent challenge in issuing currency and it is countered by anticounterfeiting measures in the printing of banknotes. Fighting the counterfeiting of banknotes and cheques has been a driver of security printing methods development in recent centuries. Paper currency first developed in the Tang Dynasty China during the 7th century, although true paper money did not appear until the 11th century, the usage of paper currency later spread throughout the Mongol Empire. European explorers like Marco Polo introduced the concept in Europe during the 13th century, napoleon issued paper banknotes in the early 1800s. Paper money originated in two forms, drafts, which are receipts for value held on account, and bills, the perception of banknotes as money has evolved over time. Originally, money was based on precious metals, Banknotes were seen as essentially an I. O. U. or promissory note, a promise to pay someone in precious metal on presentation. With the gradual removal of precious metals from the system, banknotes evolved to represent credit money. Notes or bills were referred to in 18th century novels and were often a key part of the plot such as a note drawn by Lord X for £100 which becomes due in 3 months time. Its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants, before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle
7.
Counterfeit money
–
Counterfeit money is imitation currency produced without the legal sanction of the state or government. Producing or using counterfeit money is a form of fraud or forgery, counterfeiting is almost as old as money itself. Plated copies have found of Lydian coins which are thought to be among the first western coins. Before the introduction of money, the most prevalent method of counterfeiting involved mixing base metals with pure gold or silver. A form of counterfeiting is the production of documents by legitimate printers in response to fraudulent instructions, during World War II, the Nazis forged British pounds and American dollars. Today some of the finest counterfeit banknotes are called Superdollars because of their high quality, there has been significant counterfeiting of Euro banknotes and coins since the launch of the currency in 2002, but considerably less than for the US dollar. Traditionally, anti-counterfeiting measures involved including fine detail with raised intaglio printing on bills which allows non-experts to easily spot forgeries, on coins, milled or reeded edges are used to show that none of the valuable metal has been scraped off. Counterfeiting is as old as money itself, and is prevalent throughout history that it has been called the worlds second oldest profession. Coinage of money began in the Greek city of Lydia around 600 B. C, before the introduction of paper money, the most prevalent method of counterfeiting involved mixing base metals with pure gold or silver. A common practice was to shave the edges of a coin, precious metals collected in this way could be used to produce counterfeit coinage. A fourrée is an ancient type of coin, in which a base metal core has been plated with a precious metal to resemble its solid metal counterpart. When paper money was introduced in China in the 13th century, to control access to the paper, guards were stationed around mulberry forests, while counterfeiters were punished by death. In the 13th century Mastro Adamo was mentioned by Dante Alighieri as a counterfeiter of the Florentine fiorino, the English couple Thomas and Anne Rogers were convicted on 15 October 1690 for Clipping 40 pieces of Silver. Thomas Rogers was hanged, drawn and quartered while Anne Rogers was burnt alive, evidence supplied by an informant led to the arrest of the last of the English Coiners King David Hartley, who was executed by hanging in 1770. The extreme forms of punishment were meted out for acts of treason against state or Crown and these include producing the false money and selling it wholesale. Similarly, in America, Colonial paper currency printed by Benjamin Franklin, the theory behind such harsh punishments was that one who had the skills to counterfeit currency was considered a threat to the safety of the State, and had to be eliminated. Far more fortunate was a practitioner of the same art. Rather than executing Alexander the Barber, the Emperor chose to employ his talents in the governments own service, nations have used counterfeiting as a means of warfare
8.
ISO 4217
–
The ISO4217 code list is used in banking and business globally. ISO4217 codes are used on tickets and international train tickets to remove any ambiguity about the price. The first two letters of the code are the two letters of the ISO 3166-1 alpha-2 country codes and the third is usually the initial of the currency itself, so Japans currency code is JPY—JP for Japan and Y for yen. This eliminates the problem caused by the dollar, franc, peso and pound being used in dozens of different countries. Also, if a currency is revalued, the currency codes last letter is changed to distinguish it from the old currency. Other changes can be seen, however, the Russian ruble, for example, changed from RUR to RUB and these currency units are denominated as one troy ounce of the specified metal as opposed to USD1 or EUR1. The code XTS is reserved for use in testing, the code XXX is used to denote a transaction involving no currency. There are also codes specifying certain monetary instruments used in international finance, the codes for most supranational currencies, such as the East Caribbean dollar, the CFP franc, the CFA franc BEAC and the CFA franc BCEAO. The predecessor to the euro, the European Currency Unit, had the code XEU, the use of an initial letter X for these purposes is facilitated by the ISO3166 rule that no official country code beginning with X will ever be assigned. Because of this rule ISO4217 can use X codes without risk of clashing with a country code. ISO3166 country codes beginning with X are used for private custom use, consequently, ISO4217 can use X codes for non-country-specific currencies without risk of clashing with future country codes. The inclusion of EU in the ISO 3166-1 reserved codes list, the ISO4217 standard includes a crude mechanism for expressing the relationship between a major currency unit and its corresponding minor currency unit. This mechanism is called the exponent and assumes a base of 10. For example, USD is equal to 100 of its currency unit the cent. So the USD has exponent 2, the code JPY is given the exponent 0, because its minor unit, the sen, although nominally valued at 1/100 of a yen, is of such negligible value that it is no longer used. Usually, as with the USD, the currency unit has a value that is 1/100 of the major unit, but in some cases 1/1000 is used. Mauritania does not use a decimal division of units, setting 1 ouguiya equal to 5 khoums, some currencies do not have any minor currency unit at all and these are given an exponent of 0, as with currencies whose minor units are unused due to negligible value. There is also a code number assigned to each currency
9.
Local currency
–
In economics, a local currency is a currency that can be spent in a particular geographical locality at participating organisations. A regional currency is a form of local currency encompassing a larger geographical area, a local currency acts as a complementary currency to a national currency, rather than replacing it, and aims to encourage spending within a local community, especially with locally-owned businesses. The currency may not be backed by a government or be legal tender. About 300 complementary currencies, including local currencies, are listed in the Complementary Currency Resource Center worldwide database, local currency - a complementary currency used in a locality. Regional currency - a local currency where the locality is a larger region, auxiliary currency, microcurrency, Eco-Money - less common synonyms for community or local currency. Private currency - a currency issued by an individual, business or non-governmental organization, Complementary currencies are a type of private currency. Sectoral currency - a complementary currency used within one economic sector, the Wörgl experiment illustrates some of the common characteristics and major benefits of local currencies. Local currencies with negative interest rate or demurrage tend to much more rapidly than national currencies. The same amount of currency in circulation is employed more times and it produces greater benefit per unit. The higher velocity of money is a result of the negative interest rate which encourages people to spend the more quickly. Local currencies enable the community to fully utilize its existing productive resources, especially unemployed labor. They are based on the premise that the community is not fully utilizing its productive capacities, the alternative currency is utilized to increase demand, resulting in a greater exploitation of productive resources. Since local currencies are accepted within the community, their usage encourages the purchase of locally produced and locally-available goods. Thus, for any level of activity, more of the benefit accrues to the local community. For instance, construction work undertaken with local currencies employs local labor, the enhanced local effect becomes an incentive for the local population to accept and utilize the scrips. Some forms of currency can promote fuller utilization of resources over a much wider geographic area. The Fureai kippu system in Japan issues credits in exchange for assistance to senior citizens, family members living far from their parents can earn credits by offering assistance to the elderly in their local community. The credits can then be transferred to their parents and redeemed by them for local assistance, airline frequent flyer miles are a form of complementary currency that promotes customer-loyalty in exchange for free travel
10.
Company scrip
–
Company scrip is scrip issued by a company to pay its employees. It can only be exchanged in company owned by the employers. In the UK, such systems have long been formally outlawed under the Truck Acts. In the United States, mining and logging camps were created, owned and operated by a single company. With this economic monopoly, the employer could place large markups on goods, making workers dependent on the company, in 19th century United States forested areas, cash was often hard to come by. This was particularly true in lumber camps, where workers were paid in company-issued scrip rather than government issued currency. In Wisconsin, for example, forest-products and lumber companies were exempted from the state law requiring employers to pay workers wages in cash. Lumber and timber companies paid their workers in scrip which was redeemable at the company store. Company-run stores served as a convenience for workers and their families, in certain cases, employers included contract provisions requiring employees to patronize the company stores. Employees who wanted to change their scrip to cash generally had to do so at a discount, lumber company scrip was redeemable in lumber as well as other merchandise. According to the Wisconsin Historical Society, such an option may have appealed to new settlers in the region, taking some of their wages in lumber may have helped them build a much-needed house or barn. Coal scrip is tokens or paper with a monetary value issued to workers as an advance on wages by the company or its designated representative. As such, coal scrip could only be used at the locality or coal town of the company named. As there were no other retail establishments, this constituted a monopoly, the country musician Merle Travis makes a reference to coal scrip in the song, Sixteen Tons on the Folk Songs of the Hills album. The practice has been documented as recently as September,2008, Truck system Private currency Disney dollar Harte, C. J. Coal mine scrip collectors to meet, cawood, Steve, past president National Scrip Collectors AssociationScrip Definition
.png)
.jpg)