Difference between money and currency

Posted By: Sm Adminon: November 08, 2015In: Miscellaneous

Money:
Money is any item that is used for payment of goods and services. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and perhaps, a standard of deferred payment.
Currency:
A currency is the form of money that is in public circulation. Currency is anything that is used in any circumstances, as a medium of exchange. Currencies can be classified into two monetary terms: fiat money and commodity money.
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Basis	Money	Currency
Definition (www.oxforddictionaries.com)	A current medium of exchange in the form of coins and banknotes; coins and banknotes collectively.	A system of money in general use in a particular country.
Objectives/Purpose	The purposes of money are: medium of exchange a unit of account store of value	The purposes of currency are: To provide the common currency throughout the country. To serve as the medium of exchange.
Synonyms	Wealth, salary, bill, capital, check and fund	Bills, cash, notes, roll, coinage and cabbage
Antonyms	Debt	Antiquity, negation, unpopularity, rejection and maintain
Types	Its types are: Commodity Representative Fiat Coinage Paper Commercial bank Electronic or digital	Its types are: Euro Commodity currencies High and Low yield currencies Reserve currencies
History	Paper money or banknotes were first used in China during the Song Dynasty. These banknotes, known as “jiaozi”, evolved from promissory notes that had been used since the 7th century.	In 600 B.C., Lydia’s King Alyattes minted the first official currency. The coins were made from electrum, a mixture of silver and gold that occurs naturally, and stamped with pictures that acted as denominations. In the streets of Sardis, circa 600 B.C., a clay jar might cost you two owls and a snake.
Word origin	It was originated from the Middle English: from Old French moneie, from Latin moneta ‘mint, money’, originally a title of the goddess Juno, in whose temple in Rome money was minted.	It was originated in between 1650-60 from Medieval Latin currentia.
Pronunciation	Eng (UK): /ˈmʌni/ Eng (US): /ˈmənē/	Eng (UK): /ˈkʌr(ə)nsi/ Eng (US): /ˈkərənsē/
Main function	The main function of money are: a medium of exchange a unit of account a store of value a standard of deferred payment	The functions of currency are: a means of payment a unit of account a store of value
Basically	Money is the actual value that is traded for goods and services.	Currency is the paper money or coins that we carry around to make our day to day payments.
Advantages/Benefits	Its advantages are: Economical Convenient Homogeneous Stability Elasticity Cheap remittance Advantageous to banks	Its advantages are: Elimination of the cost of converting currencies Increased price transparency Increased competition and efficiency Increased towards investment Elimination of exchange rate uncertainty
Disadvantages	Its disadvantages are: Paper money is of no value outside the country of issue. There is a possibility of the damage to paper. There is always a danger of its over-issue when the Government is in financial difficulties.	Its disadvantages are: One size fits all the policy Differing policy effects Shocks Transition costs
Example in Sentence	I am saving money to buy a scooter. I don’t have any money left.	Rupee is the currency of Nepal. She is collecting the currencies of different countries.