POPULAR CURRENCIES

Dollar

In 1792, the US accepted the dollar as its legal tender and the term `dollar’ has been taken from the word `thaler’ that was a silver coin used in the European continent for centuries. Our Indian rupee is only valid and used in the country itself. But how many of us are aware of the fact that the dollar is used in over 20 countries in the world? These countries include Canada, Hong Kong, Taiwan, Zimbabwe, New Zealand, Jamaica, etc but history and values differ from one country to another. The dollar is one of the most notable global currencies because of its trade quality and wide range of circulation. US dollar is popular due to the fact that it is the unofficial global reserve currency in every central bank.

Euro

Euro was introduced to the world on January 1^st,1999 but the circulation only progressed three years later. Euro is the authorized currency of the European Union. In this union comprising 28 member countries,  19 countries accepted the euro as their legal tender whereas some members still stick to previous currencies. Euro is the second largest reserve global currency preceded by the dollar. All its management is done by the Frankfurt-based European Central Bank. Euro is widely used by countries like France, Italy, Germany, Ireland, Spain, Portugal, Austria, etc.

Pound

 Pound sterling or pound is the official currency of the United Kingdom that was produced in the latter half of the 8th century during the reign of the King Off of Mercia. From there, it spread to other Anglo Saxons kingdoms and thus to various parts of the British Empire. It is credited as the oldest currency in the world that has been prevailing since its introduction.

Even after the flee of the British some independent colonies and dominance like Barbados continued to use the euro as their legal tender. Even though the UK was among the European Union, it refused to accept the euro as its currency.  The pound is considered the fourth most traded currency in the world and it is managed by the Bank of England, the central bank that was established in 1694.

Yen

Yen became the official currency of Japan on June 27th, 1871 during the Meiji period. This currency plays a major role in the world economy thus it became the third most traded currency. As the yen is the single currency used throughout the country, it led to the modernization of Japan and the entry of the nation into the global space. The trade connection between Japan and other Asian countries became strong and this directed to the emergence of Japan as an economically powerful state. The production, management, and circulation of this currency are managed by the Bank of Japan established in 1882.

I hope this write-up deciphered about the popular currencies in the world and how they became dominant among other currencies.