OT: coins and currency
|From:||R A Brown <ray@...>|
|Date:||Friday, January 6, 2006, 8:12|
Nomad of Norad -- David C Hall wrote:
> And then, of course, we've got the "euro." Sometimes it's called the
> "euro-dollar," even though it's not the same value as a US dollar.
Euros and Eurodollars are *not* the same thing!
Eurodollars are, in fact, deposits denominated in United States dollar
at banks outside the United States, and thus are not under the
jurisdiction of the Federal Reserve. They got the name 'Eurodollars'
because at one time such deposits were held mostly by European banks and
financial institutions. Now a days, such deposits are held in many
countries throughout the word, but the name 'Eurodollar' continues to be
applied to them, irrespective of where they are held.
Similarly, deposits of the Yen held outside of Japan and not under
Japanese jurisdiction may be called 'Euroyen'.
Nomad of Norad may have been misled in that prior to the introduction of
the euro within the European Union, traders in Eurodollars colloquial
referred to them as Euros. But because orally euro & Euro cannot be
distinguished, this practice is dying out.
> ............. and I wasn't aware that the "cent" was
> Finnish currency. I only know markka and penni.
Gosh! Next you're be telling us they use francs & centimes in France!
(Yes - I know the euro-cent is often colloquially called 'centime', but
that's a different matter)
A large part of Europe now use (euro)cents, so we can expect a variety
of abbreviations, I guess.
Roger Mills wrote:
> I spent a couple months in England in the olden days (back 52 yrs
> pound was around $2.80) and was also confused by the guinea, though
> budget it didn't much matter, and I eventually figured it out. (Is
> still used? for L 1.10?)
The guinea was £1.05 in fact (one pound & one shillings; the latter is
five post-decimalization pennies, not ten).
Yes - it was traditional in some markets and trading places and
certainly prices continued to be shown in guineas for a time after
decimalization. But AFAIK the practice has now died out; after all,
while one could readily convert X number of guineas to the actual
currency (X pounds + X shillings), the post-decimalization value of 1.05
was not so convenient.
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