12 Currency Facts You Probably Didn’t Know

We all use currency for our daily needs, Every country has its own unique currency, except for some countries.

Since inventing currency, we have been perfecting its flow by setting up rules and regulations for its fair exchange.

Here are some interesting facts about currency that you probably didn’t know.

1. What are the top five currency trade pairings in the foreign-exchange markets?

Today these are: US dollar/Euro, US dollar/Japanese yen, US dollar/sterling, US dollar/Australian dollar and US dollar/Canadian dollar.

2. What is the currency trade known as “cable”?

Obviously, currencies are always quoted and traded in pairs. A GBP/USD, pound/dollar trade, is called “cable” by traders. Why? Because prices used to be transmitted between New York and London by the transatlantic cable, which started working in the 1860s. If you think your broadband connection slows down your online trading, spare a thought for the 1860s Forex dealer! And although the cable isn’t used, the trading term still is.

3. Does Germany hold the record for the worst currency inflation?

Forget Germany. The worst inflation ever in the history of currency was the one experienced by Zimbabwe. The inflation rate was 6.5 sextillion percent. And we think Mark Carney has problems.

4. When was currency trading opened to the public?

Twenty years ago, you wouldn’t have been allowed to trade currencies. Until the mid-1990s only financial institutions and banks were allowed to carry out Forex trading. And to qualify as a Forex trading house they had to put up round about $40 million. Today, people can trade a huge range of currencies without putting up any deposit at all, if they use spread betting from an online broking platform such as CMC Markets.

5. Who was the first African American to appear on the US currency?

The first African American was Booker T. Washington, who had been an educator, leader and adviser to presidents. The first woman was not even American – it was Queen Isabella of Spain, who appeared on a memorial coin.

6. Which has the bigger currency market, the US or the UK?

The UK is a bigger foreign exchange market than the US. While the US leads in many financial markets in terms of volume and value of transactions, the UK leads in foreign-exchange transactions. The UK handles 41% of global currency transactions, the US handles 19% and the entire rest of the world shares the remaining 40%.

7. How much currency is traded each day?

$5.3 trillion is traded on the foreign-exchange markets every day, far exceeding the amounts used to trade stocks.

How much currency is traded each day?

8. On the UK currency, why does the monarch’s head change direction?

When there’s a new king or queen, their head is shown on bank notes and coins facing in the opposite direction from the last king or queen. It’s tradition.

9. What are the top five currencies traded?

The top five traded currencies are: US dollar, Euro, Japanese Yen, Pound sterling, Australian dollar.

10. Is it true that the US currency features only dead people?

As far as presidents are concerned, yes. No living president can appear on the American currency. This is because it was originally considered that having a living person on coins and notes was too much like having an image of a king or queen.

Is it true that the US currency features only dead people?

11. Are there any “traditional” exchanges left?

Since the internet, nearly all currency exchange happens online rather than in any land-based currency exchanges. So provided you have mobile broadband Internet, you’re in the game.

12. How many US dollar notes end up overseas?

The reckoning is that 95% of all notes that are printed are used to replace paper dollars that have gone overseas. Someone should tell these currency exporters about foreign exchange trading platforms! Or could it be that some of this currency is a little undeclared?

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