Have you ever wondered where the dollar got its name from? World currency names are as wide and varied as the cultures that possess them; indeed many are linked to their cultures too. It’s an interesting topic that many might not even realise or think twice about. Let’s go over the history of the world currency and money monikers to better understand how and why these names exist.
The Dollar
Let’s start off with the golden standard; the dollar is tied to pretty much all the currency rates in the world and is often used in more than the United States. There is an Australian, New Zealand and even Zimbabwean dollar. The etymology of the dollar has a rich history that doesn’t find its home in the United States; in fact it predates the founding of the world power by two centuries. The exact date of the 15th of January 1520, a Bohemian lord known as Hieronymus Schlick started minting currency dubbed Joachimsthaler for the town the silver was mined in. Obviously that name is far too long to be universally pronounced and it was shortened for ease. Common usage became ‘taler’ or ‘thaler’ which found its way into many different languages around the world. In English it became known as the ‘dollar’ which is essentially the most common name for monetary currency of the world with no less than 35 currencies adopting it.
The Pound
The pound sterling, the formal name of the pound has its roots in weight; again the silver is related as the subject of the weight. The English word pound is translated from the Latin word ‘libra’ which was the currency of the Roman Empire; the Roman libra; interestingly enough this is why the symbol for pounds is lbs. World currency exchange seems to be intrinsically linked to silver even though the term gold standard relates to contemporary financial topics. As a bonus, the slang for the pound ‘quid’ is thought to have its roots from Latin as well; specifically the phrase ‘quid pro quo.’ Sterling has its history, however, in Old French as ‘esterlin’ or in full ‘libræ sterilensis monetæ’ which referred to the Norman silver penny. This in Old English became ‘steorling’ which meant little star since early Norman pennies were imprinted with a tiny star.
The Yen
The Yen is the third most traded currency world-wide and its world currency conversion is currently at an all time high against the dollar. The etymology of the Yen relates more to shape than weight or even silver; the Yen is pronounced ‘en’ in Japanese and literally translates to ‘round object.’ The word became Yen because of early English and Portuguese explorers spelling it this way. Specifically Portuguese missionaries made notes of the word with ‘ye’ and to this day the Yen is known as is. There are many more stories behind world currency names and they’re all for the most part interesting.
Eugene Calvini is a writer and money enthusiast; using a Metatrader 4 account, he keeps an keen eye on the forex and recommends the Metatrader 4 platform completely.
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