A country's money. A currency is convertible if it can be changed into other currencies without restriction. A currency depreciates if it becomes cheaper relative to other currencies. For example, if £1 can be exchanged for $2, but subsequently the rate falls to £1 for $1.50, the pound has depreciated against the dollar; the dollar, by comparison, has appreciated.
Privately issued currencies
See also: Private currencyFrom the earliest times token coins were issued by companies in remote parts of the world to overcome the shortage of circulating currency. While these can hardly be considered stable currency systems, they present many of the same features as "legitimate" currency: they are a store of value, issued in discrete units;
Alternative currency: A currency such as the Liberty Dollar, with a one-to-one exchange rate with the U.S. Dollar. Digital gold currency: Privately issued digital currency backed by gold Frequent flyer miles: A type of private currency, different versions of which are issued by most major airlines to encourage customer loyalty. However, scrip is not considered a currency in itself, but merely a store of value, denominated in another currency.Local currencies
See also: Local currencyIn economics, a local currency is a currency not backed by a national government, and intended to trade only in a small area.
Local currencies can also come into being when there is economic turmoil involving the national currency.
Single global currency
With such developments as the euro allowing for facilitated trade and perhaps a corresponding increase in a wider identity, proposals for a single global currency have accelerated, even while it is recognized that several political and economic factors would need to be addressed and intermediate steps taken before such a concept might be accepted by the diverse nations of the world.
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