Ocean Of Knowledge

First, I am going to tell you the difference and detail of the word Money and Currency.

(1) Money:-
                          Money is any object or record that is generally accepted as payment for goods and services. Any kind of object or secure verifiable record that fulfills these functions can be considered money.Tn the past money was generally considered to have the following four main function.Money is a matter of Functions four, a medium (medium of exchange), a measure (a unit of account), a standard (standard of deferred payment) and a store (store of value).


(i) Medium Of Exchange:-
                                              When money is used to intermediate the exchange of goods and service, it is performing a function as a medium of exchange.

(ii) Unit Of Account:-
                                  To function as a unit of account, Whatever is being used as money must be:

•  Divisible into smaller units without loss of value; precious metals can be coined form bars, or melted down into bars again.
• A specific weight, or measure or size to be verifiable countable.

(iii) Store of value:-
                                  To act as store of value a money must be able to be reliably Saved, Stored and Retrieved and use it when it retrieved and use it when it retrieved and use it when it retrieved. the value of the money must also remain stable over time.

(iv) Standard Of Deferred Payment:-
                                                                        A "Standard of deferred payment" is an accepted way to settle a debt a unit in which debts are denominated, and the status of money a legal tender.

(v) Measure Of Value:-
                                        Money acts as a standard measure and common denomination of trade. It is thus a basis for quoting and bargaining of prices. It is necessary for developing efficient accounting system. But it's most important usage is as a method for comparing the value of dissimilar objects.

(2) Currency:-
             The most specific use of the world refers to money in any form when in actual use or circulation, as a medium of exchange especially circulation paper money. The former definitions of the term "Currency" are discussed in their respective synonymous articles Banknote, Coin and Money.
(i)  Coinage:-
In history the very first form of currency is coins. These factors led to the shift of the store of value being the metal itself. At first Silver, then both Silver and Gold, At one point there was Bronze as well.Now we have copper coins and other non-precious metals as coins.Metals were mined ,Weighed and stamped into coins. In most major economies using coinage, Copper, Silver and Gold coins were used for large purchase, payment of the military and backing of state activities, Silver coins were used for mid sized transactions, and as a unit of account for Taxes, Dues etc. While copper coins represented the coinage of common transaction.

(ii) Paper Money:-
The need for credit and for circulation a medium that was for circulation a medium that was less of a burden than exchange thousands of copper coins led to the introduction of paper money, Commonly know today as banknotes.Yet the banknotes issued wee still regionally valid and temporary, it was not until the mid 13th century that a standard and uniform government issue of paper money was made into an acceptable nationwide currency.A banknotes is a type of currency, and commonly used as legal tender in many jurisdictions with Coins, Banknotes are mostly Paper.