Pound Sterling against U. The symbols assigned to the different currencies consist of three letter codes called ISO codes that are assigned by the International Organization of Standards. The first two letters in the code generally consist of the ISO country code also sometimes known as the Internet country code , while the last letter is the first letter of the currency.
For example, the U. What follows in the table below are the countries, currency names, three letter codes and traditional symbols for the major and minor currencies:.
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Many other countries exist in the world, and most of them have their own currencies. Exotic currencies are made up of the hundreds of currencies not in the major or minor leagues, but which are nevertheless important as well, especially in international commerce and finance. These make up just a few of the most actively traded exotic currencies. In some cases, a country will use U. Dollars as their currency, such as countries like Haiti for example.
One exotic currency which is seldom seen traded in the forex market is the Chinese Yuan or Remnimbi.
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The reason for this is that the Yuan is pegged to the U. Dollar, and the exchange rate that the Chinese maintain by intervening in the forex market is currently set at 8. What this means is that whenever the U. Dollar moves, the Chinese Yuan moves with it. During the reign of King Henry I, the majority of issued coins were When looking up a currency quote, currency codes are typically used instead of symbols.
For example, the euro is represented by the letters EUR. This is because each currency has its own currency code, but not every currency has its own currency symbol.
Currency prices are always quoted in pairs—the value of one currency relative to another—and they use currency codes. If the rate is 1.
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International Organization for Standardization. Press Information Bureau, Government of India. India Institute of Technology Bombay. Stephen Webb. Springer, David K. Eiteman, Arthur I. Stonehill, Michael H. Moffett, Chuck Kwok. Addison-Wesley Publishing Company, Encyclopedia Britannica. Kevin Butcher. Oxbow Books, Your Privacy Rights.
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Key Takeaways Major currencies often have a unique symbol attached to them. This helps graphically show that a number represents a specific currency amount. Some countries use the same currency symbol. Because not every currency has its own symbol, each currency has its own currency code, such as EUR for euros. These codes are maintained by the International Organization for Standardization.
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