Treasury to stop minting pennies because their production cost exceeds their face value, which ifc markets review may leave Americans wondering what to do with coins they currently have. A quick Google search can give you an idea if the coin you have is rare or if it could be worth anything. But if you have questions, you can also reach out to the American Numismatic Association.
The official currency of the Republic of Haiti is goud or gourde, a French word that means “hard pieces of eight,” a cognate to the Spanish term “gordo” for something fat. But are you aware of the oldest currencies in the world which are still in use? Here are 8 of the world’s oldest currencies that continue to be used today. As long as world trade continues, the concept of money will always be here and will continue to evolve and adapt to human needs.
- Here are 8 of the world’s oldest currencies that continue to be used today.
- In fact, it’s estimated that there were only seven coins produced that year and, due to tradition, three of them were buried in the foundation stones of buildings erected in 1933.
- Known for its stability, especially in times of global economic turmoil, the Swiss Franc is widely regarded as a safe-haven currency and is often used as a store of value in international markets.
The pound sterling is one of the most traded currencies in the world, along with the US dollar, Japanese yen, euro and Swiss franc. See our guide to the most traded forex pairs that comprise of these currencies and more. The British pound is used only as a national currency in the United Kingdom and South Georgia and South Sandwich Islands. Other countries to use a version of the pound sterling include Gibraltar, Falkland Islands, and St. Helena. The Bank of England introduced a new 12-sided £1 coin on 28 March 2017, and the previous £1 coin lost its legal tender status at midnight on 15 October 2017.
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Though relatively young compared to European currencies, the US Dollar quickly established itself as one of the world’s most influential. Introduced in 1785 by the Continental Congress shortly after the United States gained independence, the Dollar was initially modelled after the Spanish dollar, which had been widely circulated in the American colonies. Over the centuries, the Dollar has become the most widely used currency in international trade and what is etoro a major reserve currency, signifying American economic strength and global influence.
America could kill both the penny and the nickel, the two money-losers on its roster of coins. Both NerdWallet and Bankrate offer tip sheets on exchanging coins for cash. Most banks will take an account holder’s coins for free, Bankrate reports, but not all, and you may need to roll the coins yourself. Some of those coins may be pennies, or cents, and they may be unsure what to do with them.
How to trade on the world’s oldest currency
However, in 1940, an agreement with the US meant that the pound sterling changed to be pegged to the US dollar, as part of the Bretton Woods system which oversaw post-war exchange rates. Between these years until 1971, the pound was continually devalued against the dollar due to economic pressure. Upon breakdown of the Bretton Woods system, the pound became a free-floating currency and many others followed suit, which it remains to this day. About 3000 years after the barter form of trade existed, the first forms of currencies invented in early China and Europe were coins. The emergence of banks switched the currency production from coins to bank notes to enable easy storage and transportation. The Serbian Dinar has a history stretching back to the early 13th century when it was first minted under the rule of Serbian King Stefan Nemanjić in 1214.
- Three Cameroon and Canada nationals were arrested by the West Jakarta immigration officers for possessing counterfeit money.
- The pound’s official adoption as the currency of the United Kingdom occurred in 1707, marking the unification of England and Scotland into a single country.
- Here’s a look at when the penny will be phased out and what type of pennies Tennesseans should be checking their piggy banks for that might be worth a bit more than 1 cent.
- Introduced in 1813, shortly after Haiti gained independence from France, the Gourde replaced the livre, which had been used during colonial rule.
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List Of World’s 10 Oldest Currencies Still In Use
It’s a no-brainer that currency is present in every country, whether it’s their own or an adopted form of currency. Bank Indonesia says its strategies have effectively strengthened the rupiah, as seen in its May 2025 performance against other Asian currencies. Three Cameroon and Canada nationals were arrested by the West Jakarta immigration officers for possessing counterfeit money. However, keep in mind that its historical usage as money can be traced back to the 8th century, notably to the year 760, according to Investopedia. The pound’s official adoption as the currency of the United Kingdom occurred in 1707, marking the unification of England and Scotland into a single country. Money and currency are sometimes used interchangeably but Investopedia clearly and distinctly defines money and currency as having different meanings.
How many pennies are made each year?
“The penny is outdated and inefficient and no longer serves the needs of our economy,” said Sen. Kirsten Gillibrand, the New York Democrat. Certain groups of Americans — lower-income households, and those over 55 — still use plenty of cash, the Fed found, along with people who prefer to shop in person. The typical household is sitting on $60 to $90 in neglected coins, enough to fill one or two pint-size beer mugs, according to the Federal Reserve. Beyond doing your own research, the easiest way to see if your coin is worth anything is to get it appraised. Think that old penny you have in the drawer might be worth something? Trump’s February announcement about the halting of the production of the penny stated it is being done as a cost-saving measure for the budget.
Traditionally, monarchs alternate the direction they face on pound coins. The first banknote featuring the Queen’s portrait was a £1 note issued in 1960. So-called “wheat pennies” get their name from the back of the coin having stalks of wheat encircling the “One Cent” text. After that, pennies began displaying an engraving of the Lincoln Memorial. Depending on their condition, those 1943 Lincoln wheat pennies would be worth at most between $100,000 and $250,000, Feigenbaum told USA TODAY.
The Swiss Franc, one of the world’s most stable and trusted currencies, was officially introduced in 1850. It replaced the numerous local currencies that were in circulation in Switzerland’s various cantons and brought unity to the country’s financial system. Known for its stability, especially in times of global economic turmoil, the Swiss Franc is widely regarded as a safe-haven currency and is often used as a store of value in international markets. The Dominican Peso has been in circulation since the Dominican Republic gained independence from Haiti in 1844.
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The term “ruble” originally referred to a piece of a silver bar that was chopped off, and it became a standard unit of currency in Russia around 1300. If you find a 1943 copper Lincoln wheat penny, you might have something. These copper 1 cent pieces were produced accidentally as the U.S. mints were supposed to use zinc to save copper for the World War II effort, said John Feigenbaum, publisher of rare coin price guide Greysheet. The penny is worth some money, but only a few have gone for $1 million. Despite its independence in 1833, the Falkland Islands have maintained the pound as their official currency, which is pegged to the pound sterling at the same rate. The islands’ pound’s first banknotes were issued in 1899, says Banknote World.
The world’s top 10 oldest currencies that are still in use
Money has remained a huge part of human evolution irrespective of its form as objects, coins or banknotes in the past 5000 years. The oldest currency that is still in use today is the British pound, also known as the pound sterling. Sterling silver pennies have been around since 775AD, with King Offa of Mercia generally credited with being responsible for the widespread adoption of the coins. Before that, following its establishment in 1694, the Bank of England only issued partially printed notes with the ‘£’ sign as well as the first digit. The numbers had to be added by hand and each note had to be signed by one of the bank’s cashiers. Today’s banknotes developed out of these original handwritten notes.
The currency that is only worth 1 cent costs about 3.7 cents to produce in fiscal year 2024, according to the U.S. The price to make both coins has been on the rise for almost the last decade. The Haitian Gourde is a symbol of Haiti’s struggle for independence and its early position as the first independent Black republic in the Western Hemisphere. Introduced in 1813, shortly after Haiti gained independence from France, the Gourde replaced the livre, which had been used during colonial rule. Despite Haiti’s tumultuous history of political instability and economic challenges, the Gourde remains a vital part of Haitian identity and daily life. Following the country’s independence from Haiti in 1844, the same year witnessed the initial circulation of the currency, which later would be managed and issued by the Central Bank of the Dominican Republic.
Although the Serbian state has experienced numerous upheavals, including periods of Ottoman rule and the breakup of Yugoslavia in the 20th century, the Dinar has persisted. Modern iterations of the Dinar continue to serve as the official currency of Serbia, symbolizing the country’s long-standing heritage and resilience. The currency was created during the Anglo-Saxon period, when silver pennies were first minted in what is now England.
The pound’s official adoption as the currency of the United Kingdom occurred in 1707, marking the unification of England and Scotland into a single country. The Dominican peso has been the official currency of the Dominican Republic since 2011, but ascending triangle pattern it was introduced in 1844 when the Dominican Republic took back its sovereignty from Haiti. It’s impossible to think about living today without any form of currency, no matter where you reside in the world.
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