Foreign Currency – 5 Most Frequently used Currencies around the World

United States Dollar

• Also abbreviated US$, United States Dollar is the official currency of the United States.

• Federal Reserve Notes are circulated as paper money in the US and one dollar is divided into 100 smaller cents.  

• Being the world’s primary reserve currency, the dollar is extensively used in international transactions.

• Its symbol $ is derived from the scribal abbreviation of the Spanish dollar and is usually written before the numerical amount.

Euro

• The official currency of the Eurozone is estimated to be used by 337 millions Europeans on daily basis.

• The symbol for Euro is € and its code is EUR.

• Replacing the former European Currency Unit, EUR was introduced as an accounting currency.

• After the US dollar, it is the second most widely held reserve currency.

Japanese Yen

• The Yen is the third-most valued currency in the foreign exchange market and is used extensively as a reserve currency.

• Derived from the Japanese word “round” or “circle”, the spelling and pronunciation of the Yen is in standard English.

• At present, there are 1, 5, 10, 50, 100 and 500 yen coins in circulation since the year 2009.

• In terms of banknotes, 1,000, 2,000, 5,000 and 10,000 yen notes are in circulation since 2004.

Pound Sterling

• Also known as Great Britain Pound, it is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha.

• One interesting fact is that this is the world’s oldest currency which is still in use and is the fourth most-traded currency in the foreign exchange market.

• Pound Sterling is divided into 100 pence.

Australian Dollar

• As per the 2011 stats, AU dollar was the fifth most traded currency in the world, and is commonly referred as “Aussie Dollar”.

• This currency is also subdivided into 100 cents – banknotes comes in denominations of $5, $10, $20, $50 and $100 notes.

• Coins come in 5, 10, 20 and 50 cent and one and two dollar denominations.

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