Currency

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Currency is a unit of money used for buying and selling goods and services, commonly backed by a country or a union of countries.

Some currencies are "pegged" or "fixed" to something, like another currency. These currencies have a constant value compared to what it is pegged to. For example, the Cape Verdian escudo is pegged to the Euro. This means that any changes in the value of the Euro equally affect the escudo.

Some currencies are pegged to a commodity, like gold or silver rather than to another currency. This was called the "gold standard" or "silver standard". Most countries stopped using silver and gold standards in the 20th century.

Some well-known currencies are:

• the United States dollar
• the Euro
• the British pound