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A currency is anything that two people agree is a currency

Posted on 07 August 2013

Loyal readers of this column, if there are any, will know that a few weeks ago I was in the Galápagos Islands, part of Ecuador. As is inevitable, I came back with a handful of small change. There is a US dollar coin, and another coin that simply states on its face “fifty cents”.
The 50 cent coin is minted for the government of Ecuador, but there is no Ecuadorean currency, and the cents referred to are therefore not Ecuadorean cents. Ecuador is the largest country in the world to have chosen the route commonly known as “dollarisation”………………………………………..Full Article: Source


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VRS - who has written 39856 posts on Opalesque Commodities Briefing.


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