Blog-RemitForex

foot
unimoni-logo-155x85

Decoding Currency Symbols & Codes: Unveiling the Secrets!

What Is a Currency Symbol?

When referring to a currency unit, a currency symbol is used. The national central bank of the currency usually determines the symbol. Currency symbols are used in financial transactions, news reports, and everyday conversations. The placement of the currency symbol varies depending on the country or region. In the USA, Canada, and some other countries, the dollar sign ($) is typically placed before the amount, for example, $10. However, in other countries like Australia and New Zealand, the dollar sign is often placed after the amount, like this: 10$. It is always essential to verify the local conventions when writing about money in a particular country.

Artistic Design of Currency Symbols

Currency symbols can have varying artistic designs, ranging from simple to complex and ornate. The design of a currency symbol is influenced by several factors, such as the country’s history and culture, the currency’s economic importance and the designers’ aesthetic preferences.

Here are some examples of the artistic design of currency symbols:

  • The dollar sign ($) is thought to have originated from the Spanish peso, which was represented by a stylized “P”. The ” P ” vertical line was eventually dropped, and the dollar sign was born.
  • The euro symbol (€) is a stylized combination of the Greek epsilon (ε) and the Latin letter “E”. The epsilon represents Europe, and the “E” means the euro.
  • The pound sterling symbol (£) is thought to have originated from the Latin word “libra”, which means “pound”. The symbol is a stylized representation of the Roman numeral “L”.
  • The yen symbol (¥) is thought to have originated from the Chinese character for “coin”. The symbol is a stylized representation of the character “圓”.
  • The rupee symbol (₹) is a stylized representation of the Sanskrit letter “र” (ra), which is the first letter of the word “rupee”.

When designing a currency symbol, practicality and ease of use are just as important as aesthetics. It should be easily recognizable and distinguishable from other symbols, and simple to write and type without confusing with other symbols. The design of currency symbols is a fascinating and complex topic, as they can be considered works of art and hold significance as symbols of national identity and economic strength.

What is a Currency Code?

A currency code is a three-letter code representing a particular currency and is assigned by the ISO in the ISO 4217 standard. These codes are used in various contexts, including financial transactions, news reports, and software applications. 

Typically, the first letter of a currency code reflects the first letter of the country’s name in English. For instance, the currency code for the United States dollar is USD, where “U” stands for “United” and “S” stands for “States”. Meanwhile, the second and third letters are unique and memorable, such as the currency code for the euro, which is EUR. The letter “E” represents “Europe” while “U” stands for “union”.

Each currency has a unique three-digit numeric code and the three-letter code that defines it. Typically, the numeric code for a currency matches the ISO 3166-1 alpha-2 country code used by the country that uses the currency. For instance, the United States dollar’s numeric code is 840, equivalent to the ISO 3166-1 alpha-2 country code for the United States (US).

When communicating and engaging in international commerce, currency codes are crucial tools. They prevent any misunderstandings about which currency is being discussed. Additionally, currency codes determine exchange rates, establishing the value at which one currency can be traded for another.

Here are some examples of currency codes:

  • USD – United States dollar
  • EUR – Euro
  • GBP – British pound sterling
  • JPY – Japanese yen
  • CNY – Chinese yuan
  • INR – Indian rupee
  • AUD – Australian dollar
  • CAD – Canadian dollar
  • BRL – Brazilian real
  • RUB – Russian ruble
  • INR – Indian rupee

Currency Symbols vs. Currency Codes

Feature
Currency Symbol
Currency Code
Purpose
Represents a currency
Identifies a currency
Format
Graphic symbol
Three-letter code
Usage
Everyday speech and writing, financial transactions, news reports
Financial transactions, news reports, software applications
Currency
Currency Symbol
Currency Code
United States dollar
$
USD
Euro
EUR
British pound sterling
£
GBP
Japanese yen
¥
JPY
Chinese yuan
¥
CNY
Indian rupee
INR
Australian dollar
$
AUD
Canadian dollar
$
CAD
Brazilian real
R$
BRL
Russian ruble
RUB

Some Important Currency Symbols

Here are some of the most common currency symbols:

    • Dollar ($): United States dollar, Canadian dollar, Australian dollar, New Zealand dollar, etc.
    • Euro (€): Eurozone countries
    • Pound sterling (£): United Kingdom
    • Yen (¥): Japan
    • Franc (₣): Switzerland, France, Belgium, Luxembourg, etc.
    • Rupee (₹): India
    • Dinar (د. ك): Kuwait, Iraq, Jordan, etc.
    • Dirham (د. إ): United Arab Emirates, Morocco, etc.
    • Riyal (﷼‎): Saudi Arabia, Qatar, etc.
    • Mark (₻): Germany
    • Ruble (₽): Russia
    • Lari (₾): Georgia
    • Lira (₺): Turkey
    • Manat (₼): Azerbaijan
    • Tenge (₸): Kazakhstan
    • Hryvnia (₴): Ukraine
    • Spesmilo (₷): Slovenia
    • Baht (฿): Thailand
    • Won (원): South Korea
    • Dong (₫): Vietnam
    • Tugrik (₮): Mongolia
    • Drachma (₯): Greece
    • Peso (₱): Philippines, Mexico, Argentina, etc.
    • Austral (₳): Argentina
    • Cedi (₵): Ghana
    • Guarani (₲): Paraguay
    • Sheqel (₪): Israel
    • Penny (₰): Germany, Austria, Switzerland, etc.

Decoding Currency Nicknames

Informal names that refer to currencies are known as currency nicknames. These names can be derived from the currency’s name, symbol, or history.

Here are some examples of currency nicknames:

    • The US dollar is often called the “buck” or the “greenback”. The term “buck” is thought to have originated from the deerskin used as currency in colonial America. The term “greenback” refers to the green colour of the US dollar bill.
    • The euro is often called the “euro” or the “€uro”. The term “euro” is simply the name of the currency. The word “€uro” is a stylized version of the euro symbol.
    • The British pound sterling is often called the “pound” or the “quid”. The term “pound” is simply the name of the currency. The term “quid” is thought to have originated from the Latin word “quid”, meaning “what”.
    • The Japanese yen is often called the “yen” or the “JPY”. The term “yen” is simply the name of the currency. The term “JPY” is the currency code for the Japanese yen.
    • The Chinese yuan is often called the “yuan” or the “CNY”. The term “yuan” is simply the name of the currency. The term “CNY” is the currency code for the Chinese yuan.

The names of currencies can change over time depending on the country or region. An example is the British pound sterling, which used to be referred to as both the “shilling” and the “pound”. Using currency nicknames can be an enjoyable way to refer to different currencies. Furthermore, it can help prevent confusion, particularly when multiple currencies have similar names.

When you need to exchange your currency for another one, getting the best rates is essential. There are many different currency exchange businesses that you can consult, but not all of them offer the same rates.

It would help if you chose Unimoni for the best currency exchange service. Here are a few of them:

    • They offer competitive rates: The best currency exchange businesses in India offer competitive rates often lower than those banks provide. It will save you a lot of money, especially if you exchange a large amount of currency.
    • They have a vast network of branches: The best currency exchange businesses in India have many branches nationwide, so you can easily find one near you. It is convenient if you need to exchange currency quickly or travel to a different city.
    • They offer reliable service: The best currency exchange businesses in India offer reliable service with friendly and professional staff. You can be sure that your transaction will be processed quickly and accurately.
    • The RBI authorizes them: The Reserve Bank of India (RBI) authorizes India’s best currency exchange businesses. It means that your money is safe.

Unimoni India is a pioneer in Money Transfer, Foreign Currency Exchange, Send Money Abroad, Inward remittance, Gold Loans, Insurance, Travel and tour Services and more. We serve you at 300+ branches across India. For more queries, please visit the nearest Unimoni branch.

Related Articles

Turkey Announces Scholarships for Indian Students: Check Important Dates, Eligibility and Other Details- Part I Turkey is an attractive option for international students seeking a fulfilling and transformative educational experience.…
Canada Announces Two-Year Cap on International Students. How will it Affect Indians?…
Why move to Mexico? Everything You Need to Know about Travelling, Living,…