Top 10 Most Valuable Currencies in the World
By admin | April 22, 2014
Whenever the word currency is spoken, a euro or dollar sign floats in front of our eyes. A currency is nothing but the money, also known as medium of exchange, which is commonly used in a particular nation for transaction between an individual and business.
Earlier when medium of exchange was not there or was in unstable mode, trading among people or countries was done through a Barter system.
In the barter exchange system, an individual or business was supposed to directly exchange their goods and services by other goods and services without using medium of exchange or currency.
Consider a farmer and milk man in a village do the trading, where farmer give grains and pulses to milk man and in return milk man gives milk to the farmer.
So trading through this barter system was done on basis of faith and mutual understanding in presence of any third party agent or broker. Things have changed since then and today we’ll be discussing the top 10 most valuable currencies in the world.
10. Swiss Franc
Swiss Franc is the currency of Switzerland as well as Liechtenstein. It is also a currency (unofficially) in the Italian exclave of Campione d’Italia and German exclave of Busingen. ‘
This is the only version of Franc that is still circulating in Europe. The value of this money is actually greater than the U.S. dollar, since 1 CHF is around the $1.10 mark. Given the different languages used in Switzerland, Latin is the dominant language used on the coins.
9. Cayman Islands Dollar
Cayman Islands Dollar, which has a currency code of KYD, is currently the official monetary unit of the Cayman Islands. It is abbreviated with a $ or C/$ in order to distinguish it from other dollar currencies, such as the US dollar and the Canadian dollar.
There is no direct taxation and the islands thrive as an offshore financial center. This currency is actually one of the most valuable currencies since 1 KYD is around $1.20 U.S. dollars. It is the 9th-highest-valued currency unit in the world and the highest-valued dollar unit.
8. Hong Kong Dollar
The Hong Kong dollar is the currency used in Hong Kong. It is the eighth most traded currency of 2014. The Hong Kong dollar is subdivided into 100 cents. In formal Cantonese, the 圓 character is used.
In spoken Cantonese, 蚊 is used, perhaps because the first syllable symbolizes “money”, although some suggest that the character is a corruption of 緡. 元 is also used to some degree.
7. Canadian Dollar
At No.7, the Canadian dollar has a 5.3% share in daily currency transactions in the world. Until the early 19th century, a number of different currencies, British, French, and local currencies, were used throughout Canada.
In the years leading up to the Confederation, most of the country was organized as small rural settlements spread over a large area, which made branch banking the best approach to banking.
Just recently in April 2014, the Canadian dollar gained to the strongest level in more than six weeks after the government created more jobs than forecast in March, rebounding from a decline the previous month, and the unemployment rate unexpectedly fell. Canada also now holds the 11th largest economy in the world.
6. The Japanese Yen
The Japanese Yen lands itself on the 6th spot among the most stable currencies in the world. About 20 per cent of the daily transactions in the forex market involve the Japanese Yen.
The word yen stands for ’round object’ in Japanese. The spelling and pronunciation “yen” is standard in English. This is because mainly English speakers who visited Japan at the end of the Edo period to the early Meiji period spelled words this way. ゑん/wen/ in historical kana orthography.
5. UK Pound Sterling’
The Pound Sterling, commonly known as Pound, is the official currency of United Kingdom. It is subdivided into 100 pence. You really need to make sure that when you visit this country, you have lots of money with you because the currency is actually one of the most valuable currencies in the world.
When you convert 1 GBP to U.S. dollar, it is actually more or less 2.068. A sandwich that may cost $10 in the United States will cost $20 in the U.K.
4. The Australian Dollar’
The Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos (Keeling) Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu.
In Australia, it is abbreviated with the dollar sign ($), with A$ sometimes used to distinguish it from other dollar currencies in the world. As of 2011, the Australian dollar is the 5th most traded currency in the world, accounting for 7.6% of the world’s daily share. The currency is commonly referred to by foreign-exchange traders as the “Aussie”.
3. The U.S. Dollars
Approximately 85% of the transactions in foreign exchange markets include the American dollar. Until the establishment of the Federal Reserve System in 1913, multiple currencies were used to complete currency exchanges.
During the American Revolution, the Continental Congress printed its first paper money, known ascontinentals. But issues with inflation caused the Continentals to become worthless pretty quickly.
The First Bank of the United States, established in 1791, as the first attempt to central banking, which was not well-received by a mostly agrarian electorate. It was not renewed in 1811.
The Second Bank of the United States of 1816 saw similar fate. The Free Banking Era (1836–1865) had state-chartered banks and unchartered “free banks,” issuing their own notes, redeemable in gold or specie.
Following the financial panics of the late 19th and early 20th century, the American public was ready to invest in a centralized bank. In 1913, President Woodrow Wilson signed the Federal Reserve Act into law. The currency got the boost it needed to become one of the strongest in the world.
2. Bahraini Dinar
It is well-known fact that Bahrain has a great value of their money, therefore Bahraini dinar is one of the most valuable currencies. When you convert 1 BHD to U.S. dollars, it actually translates to 2.66.
This is really the reason why some overseas workers prefer to work in Bahrain. They have an assurance that they will earn good money for their hard work.
According to the 2011 Index of Economic Freedom, Bahrain has the freest economy in the Middle East and North Africa region an.d is the tenth freest economy in the world. It is also one of the more liberal countries in the Middle East region.
1. Kuwaiti Dinar
Kuwaiti Dinar is the currency of Kuwait. The Kuwait currency is currently the world’s highest valued currency against the US Dollar, mainly due to their large scale oil production.
Pegged to the dollar, on Kuwaiti Dinar is worth $3.65 USD. Even though Kuwait has the most valuable currency, a lot of people are still choosing U.S. as their destination. The most popular Kuwait Dinar exchange rate is the Indian Rupee to Kuwaitti Dinar rate.
The World's Most Valuable Currencies Uploaded on Aug 8, 2011