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Money

The Concept of Money

Money is any object with a pre-determined value, which is in commercial circulation and serves for a period of time (longer/shorter) as a permanent means of payment, with the help of which you can purchase products and services and/or repay debt.

The emergence of Money

Nowadays bartering is prohibited by the government, because any business without the use of currency is very difficult to check and tax. The so-called barter deals are still used, when two products or services of the same value are exchanged. But even in these cases the values have to be expressed in money in the form of a contract.

History of Money

Currently, every country uses coins or paper money as a currency. The history of money can be traced back to ancient times. Coins were invented by the ancient Phoenicians, and later in the Middle Ages coin minting became the monopoly (produced exclusively) of the monarchs. In the beginning precious metals were used for coinage, although later they switched to mixed metal coins, to make coin minting more economical.

Today, coins no longer contain any precious metals. On one side the number can be found that represents the value (officially the reverse), and on the other side (the obverse) the issuing government’s symbol. Banknotes, compared to coins, have higher value and are much lighter. The birth of the banknotes led to the emergence of banks.

Currencies

Hungary is a member of the European Union. The official Hungarian currency is the Hungarian Forint (HUF). Unlike in Hungary, in many European member states Euros, the official EU currency, has already been introduced.

Denominations of Hungarian Forint:

 

Coins:

Paper money:

Denominations of Euro:

Coins:

Paper money: