Money was historically an emergent market phenomenon that possessed intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar.
The British farthing (derived from the Old Englishfeorthing, a fourth part) was a British coin worth a quarter of an old penny (1⁄960 of a pound sterling). It ceased to be struck after 1956 and was demonetised from 1January 1961.
The British farthing is a continuation of the English farthing, struck by English monarchs prior to the Act of Union 1707, which unified the crowns of England and Scotland into the Kingdom of Great Britain. Only pattern farthings were struck under Queen Anne as there was a glut of farthings from previous reigns. The coin was struck intermittently under George I and George II, but by the reign of George III, counterfeits were so prevalent the Royal Mint ceased striking copper coinage after 1775. The next farthings were the first struck by steam power, in 1799 by Matthew Boulton at his Soho Mint under licence. Boulton coined more in 1806, and the Royal Mint resumed production in 1821. The farthing was struck fairly regularly under George IV and William IV. By then it carried a scaled-down version of the penny's design, and would continue to mirror the penny and halfpenny until after 1936. (Full article...)
The South Korean won, sometimes known as the Republic of Korea won (symbol: ₩; code: KRW; Korean:대한민국 원), is the official currency of South Korea. The won is technically equal to 100 jeon, but the jeon is no longer used for everyday transactions and appears only in foreign exchange rates. The currency is issued by the Bank of Korea, based in the capital city of Seoul. The South Korean won was first issued in 1949, then was replaced by the South Korean hwan between 1953 and 1962, before the adoption of the current South Korean won in 1962. (Full article...)
... that fake Buddhist monks scam tourists out of money to build non-existent temples?
... that Russian indie artist polnalyubvi bought her first guitar with money earned from busking with her violin?
... that a group of parents discovered that a children's charity had been embezzling money?
... that a member of Active Bird Community made a solo EP with money intended for the band's fifth album?
... that in the span of three days, a Florida man was approved by bankruptcy courts to buy TV stations in Roanoke and Lynchburg, Virginia, and then arrested on charges of laundering millions in drug money?
... that Stephen Foster's best-selling song "Old Uncle Ned" made little money for him due to the many pirated publications circulating in the marketplace?
Image 37A 640 BC one-third staterelectrum coin from Lydia. According to Herodotus, the Lydians were the first people to introduce the use of gold and silver coins. It is thought by modern scholars that these first stamped coins were minted around 650 to 600 BC. (from Money)
Taiwanese prosecutors indict 62 people, including Chen Zhi, for their alleged links to the Prince Group, a multinational criminal network that operates scam centers in Cambodia. They also charge 13 companies with offences related to the criminal organization and money laundering. (DW)
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