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The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. Under the gold standard, currency issuers guarantee to redeem notes in that amount of gold. Governments that employ such a fixed unit of account, and which will redeem their notes to other governments in gold, share a fixed-currency relationship. Supporters of the gold standard claim it is more resistant to credit and debt expansion. Unlike a fiat currency, the money backed by gold cannot be created arbitrarily by government action. This restraint prevents artificial inflation by the devaluation of currency. This is supposed to remove "currency uncertainty," keep the credit of the issuing monetary authority sound, and encourage lending. Nevertheless, countries under the gold standard, like countries with fiat currencies, underwent debt crises and depressions throughout the history of its use.

The gold standard is no longer used in any nation, having been replaced completely by fiat currency. It still is in use by private institutions in the supply of digital gold currency, which uses gold grams as money. Due to its rarity, durability, and the general ease of identification through its unique color, weight, ductility and acoustic properties, gold is a commodity that merchants and traders came to select as a common unit of account - thus it has long been used as a form of money and store of wealth.

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Did you know...

• ...that Mount Burgess is nicknamed the Ten Dollar Mountain because it was featured on Canadian currency?
• ...that the American Buffalo gold bullion coin was the first .9999 fine 24-carat gold coin released by the United States Mint?
• ...that the Alabama centennial half dollar was the first commemorative coin minted with the image of a living individual?
• ...that Aksumite currency was the only native coinage to be issued in Africa without direct influence by an outside culture like Roman, Greek, etc...?
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The British Fifty Pence coin was issued on October 14, 1969 in the run-up to decimalisation. The coin is minted from an alloy of 75% copper and 25% nickel. Note that the coin is not circular but an equilaterally curved heptagon. This denomination has frequently been used for commemorative purposes, and consequently there are more design variations in this coin than in any other current British denomination.

The normal reverse of the coin, designed by Christopher Ironside, depicts the seated Britannia with a lion. Three different effigies of Queen Elizabeth II have been used on the obverse.

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Numismatic terminology

• Bullion - Precious metals (platinum, gold and silver) in the form of bars, ingots or plate.
  
• Error - Usually a mis-made coin not intended for circulation, but can also refer to an engraving or die-cutting error not discovered until the coins are released to circulation. This may result is two or more varieties of the coin in the same year.
• Exonumia is the study of coin-like objects such as token coins and medals, and other items used in place of legal currency or for commemoration.
• Fineness - Purity of precious metal content expressed in terms of one thousand parts. 90% is expressed as .900 fine.
  
• Notaphily is the study of paper money or banknotes.
  
• Scripophily is the study and collection of stocks and Bonds.
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Numismatic News

January 1, 2008 Venezuela launched a new currency with the new year, lopping off three zeros from denominations in a bid to simplify finances and boost confidence in a money that has been losing value due to high inflation. The new currency is called bolívar fuerte or "strong bolívar". Officials also say it is part of a broader effort to contain rising prices and strengthen the economy. More...

January 1, 2008

Today at midnight, the Cyprus and the Malta adopted the euro as their official currency; less than four years after their accession to the European Union. The single currency has replaced the Cypriot pound and the Maltese lira at a rate of one euro to 0.585274 Cypriot pound and 0.4293 to the Maltese lira. In both countries the euro was welcomed with outdoor celebrations, including a fireworks display in Malta's capital Valletta. More...

September 26, 2007

Designs for three of four themes proposed for the reverse of 2009 Lincoln cents to honor Abraham Lincoln's life were endorsed by the Citizens Coinage Advisory Committee. More...

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