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Penny

Penny

A penny (pl. pence or pennies) is a unit of currency or a coin used in several English-speaking countries:
- 1/100 of the British Pound Sterling or the Irish pound (1971-2001), or a coin with that value: see history of the English penny.
- 1/240 of the British pound sterling or Irish pound prior to February 15, 1971, and also the pre-decimalisation currencies of Australia, New Zealand and South Africa (1/12 of the shilling), or a coin of that value.
- a standard but unofficial name for the one-cent coin in the United States and in Canada, worth 1/100 of the dollar: see penny (U.S. coin), penny (Canadian coin). Note that this word is not officially used by the United States Mint or the Royal Canadian Mint; they use cent. In the USA and Canada, "penny" is normally used to refer to the coin; the quantity of money is a "cent". Elsewhere in the English-speaking world, the plural of "penny" is "pence" when referring to a quantity of money and "pennies" when referring to a number of coins. Thus a coin worth five times as much as one penny is worth five pence, but "five pennies" means five coins each of which is a penny. In Canada, penny originally referred to pence coinage that they used until 1859 since there was a coin with the word "penny" on it (for pence). Since this was a term that they used for many years, the One Cent denomination stayed with the penny nickname ever since. The Royal Canadian Mint and the Federal Government of Canada don't officially call the One Cent coin a penny but a "One Cent" coin. When dealing with British or Irish (pound) money, amounts of the decimal "new pence" less than £1 may be suffixed with "p", as in 2p, 5p, 26p, 72p. Pre-1971 amounts of less than 1/- (one shilling) were denoted with a "d" which derived from the term "denarius", as in 2d, 6d, 10d. The lettering "new pence" was changed to "pence" on British decimal coinage in 1982. Irish pound decimal coinage only used "p" to designate units (possibly as this sufficed for both the English word "pence", and Irish form "pingin").

Other uses

As a forename Penny is a familiar version of the name 'Penelope' ja:ペニー

Currency

:For current exchange rates, see Exchange links. A currency is a unit of exchange, facilitating the transfer of goods and services. It is a form of money, where money is defined as a medium of exchange (rather than e.g. a store of value). A currency zone is a country or region in which a specific currency is the dominant medium of exchange. To facilitate trade between currency zones, there are exchange rates i.e. prices at which currencies (and the goods and services of individual currency zones) can be exchanged against each other. Currencies can be classified as either floating currencies or fixed currencies based on their exchange rate regime. In common usage, currency sometimes refers to only paper money, as in "coins and currency", but this is incorrect. Coins and paper money are both forms of currency. In most cases, each country has monopoly control over its own currency. Member countries of the European Monetary Union are a notable exception to this rule, as they have ceded control of monetary policy to the European Central Bank. In cases where a country does have control of its own currency, that control is exercised either by a Central Bank or by a Ministry of Finance. In either case, the institution that has control of monetary policy is referred to as the monetary authority. Monetary authorities have varying degrees of autonomy from the governments that create them. In the United States, the Federal Reserve operates with full independence from the government. It is important to note that a monetary authority is created and supported by its sponsoring government, so independence can be reduced or revoked by the legislative or executive authority that creates it. In almost all Western countries, the monetary authority is largely independent from the government. Several countries can use the same name, each for their own currency (e.g. Canadian dollars and US dollars), several countries can use the same currency (e.g. the euro), or a country can declare the currency of another country to be legal tender. For example, Panama and El Salvador have declared US currency to be legal tender, and from 1791-1857, Spanish silver coins were legal tender in the United States. At various times countries have either restamped foreign coins, or used currency board issuing one note of currency for each note of a foreign government held, as Ecuador currently does. Each currency typically has one fractional currency, often valued at 1/100 of the main currency: 100 cents = 1 dollar, 100 centimes = 1 franc, 100 pence = 1 pound. Units of 1/10 or 1/1000 are also common, but some currencies do not have any smaller units. Mauritania and Madagascar are the only remaining countries that do not use the decimal system; instead, the Mauritanian ouguiya is divided into 5 khoum, while the Malagasy ariary is divided into 5 iraimbilanja. However, due to inflation, both fractional units have in practice fallen into disuse. See Non-decimal currencies for other (mostly historic) currencies with non-decimal divisions.

History

Early Currency

The origin of currency is the creation of a circulating medium of exchange based on a store of value. Currency evolved from two basic innovations: the use of counters to assure that shipments arrived with the same goods that were shipped, and the use of silver ingots to represent stored value in the form of grain. Both of these developments had occurred by 2000 BC. This first stage of currency, where metals were used to represent stored value, and symbols to represent commodities, formed the basis of trade in the Fertile Crescent for over 1500 years. However, the collapse of the Near Eastern trading system pointed to a flaw: in an era where there was no place that was safe to store value, the value of a circulating medium could only be as sound as the forces that defended that store. Trade could only reach as far as the credibility of that military.

Coinage

These factors led to the shift of the store of value being the metal itself: at first silver, then both silver and gold. Metals were mined, weighed, and stamped into coins. This was to assure the individual taking the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but they also created a new unit of account, which helped lead to banking. It was with Archimedes' principle that the next link in currency occurred: coins could now be easily tested for their fine weight of metal, and thus the value of a coin could be determined, even if it had been shaved, debased or otherwise tampered with. (See Coinage). In most major economies using coinage, copper, silver and gold formed three tiers of coins. Gold coins were used for large purchases, payment of the military and backing of state activities. Silver coins were used for large, but common, transactions, and as a unit of account for taxes, dues, contracts and fealty, while copper coins represented the coinage of common transaction. In Europe this system worked through the medieval period because there was virtually no new gold, silver or copper introduced through mining or conquest. Thus the overall ratios of the three coinages remained roughly equivalent. In China, however, the need for credit and for circulating medium led to the introduction of paper money. In Europe paper money was first introduced in Sweden 1661. Sweden was rich on copper but because of copper's low value extraordinarily big coins had to be made. It was probably more convenient to have a note stating your possession of such a coin.

The Era of Hard and Credit Money

Paper money was, in one sense, a return to the oldest form of currency: it represented a store of value backed by the credibility of the issuing authority. Drafts and checks issued privately had been in intermittent use for centuries, however, it was with the rise of global trade that paper money would find a permanent place in currency. The advantages of paper currency were numerous: it reduced transport of gold and silver, and thus lowered the risks; it made loaning gold or silver at interest easier, since the specie (gold or silver) never left the possession of the lender until someone else redeemed the note; and it allowed for a division of currency into credit and specie backed forms. It enabled the sale of stock in joint stock companies, and the redemption of those shares in paper. However, these advantages held within them disadvantages. First, since a note has no intrinsic value, there was nothing to stop issuing authorities from printing more of it than they had specie to back it with. Second, because it created money that did not exist, it was subject to Gresham's Law: people would exchange money rather than coins of the same value, and this increased the velocity of money and therefore increased inflationary pressures, a fact observed by David Hume in the 18th century. The result is that paper money would often lead to an inflationary bubble, which would then collapse when the demand for paper notes fell to zero, and people began demanding hard money. The printing of paper money was also associated with wars, and financing of wars, and therefore regarded as part of maintaining a standing army. For these reasons, paper currency was held in suspicion and hostility in Europe and America. It was also addictive, since the speculative profits of trade and capital creation were quite large. Major nations established mints to print money and mint coins, and branches of their treasury to collect taxes and hold gold and silver stock.

Legal Tender Era

With the creation of central banks, currency underwent several significant changes. During both the coinage and credit money eras the number of entities which had the ability to coin or print money was quite large. One could, literally, have "a license to print money"; many nobles had the right of coinage. Royal colonial companies, such as the Massachusetts Bay Company or the British East India Company could issue notes of credit—money backed by the promise to pay later, or exchangeable for payments owed to the company itself. This led to continual instability of the value of money. The exposure of coins to debasement and shaving, however, presented the same problem in another form: with each pair of hands a coin passed through, its value grew less. The solution which evolved beginning in the late 18th century and through the 19th century was the creation of a central monetary authority which had a virtual monopoly on issuing currency, and whose notes had to be accepted for "all debts public and private". The creation of a truly national currency, backed by the government's store of precious metals, and enforced by their military and governmental control over an area was, in its time, extremely controversial. Advocates of the old system of Free Banking repealed central banking laws, or slowed down the adoption of restrictions on local currency. (See Gold standard for a fuller discussion of the creation of a standard gold based currency). At this time both silver and gold were considered legal tender, and accepted by governments for taxes. However, the instability in the ratio between the two grew over the course of the 19th century, with the increase both in supply of these metals, particularly silver, and of trade. This is called bimetallism and the attempt to create a bimetallic standard where both gold and silver backed currency remained in circulation occupied the efforts of inflationists. Governments at this point could use currency as an instrument of policy, printing paper currency such as the United States Greenback, to pay for military expenditures. They could also set the terms at which they would redeem notes for specie, by limiting the amount of purchase, or the minimum amount that could be redeemed. By 1900, most of the industrializing nations were on some form of gold standard, with paper notes and silver coins constituting the circulating medium. Governments too followed Gresham's Law: keeping gold and silver paid, but paying out in notes.

The Paper Money Era

See the history of paper money.

Modern currencies

To find out which currency is used in a particular country, start at the countries of the world or look at the table of historical exchange rates. Nowadays ISO have introduced a system, ISO 4217, using three-letter codes to define currency (as opposed to simple names or currency signs), in order to remove the confusion that there are dozens of currencies called the dollar and many called the franc. Even the pound is used in nearly a dozen different countries, all, of course, with wildly differing values. In general, the three-letter code uses the ISO 3166-1 country code for the first two letters and the first letter of the name of the currency (D for dollar, for instance) as the third letter. The International Monetary Fund uses a variant system when referring to national currencies. :For exchange rates, see here. See Non-decimal currencies

Currency names

Currency names of the world in alphabetic order by currency name:

Privately-issued currencies

From the earliest times token coins were issued by companies in remote parts of the world to overcome the shortage of circulating currency. Several large companies issue points to their customers, to be redeemed for products and services produced by that company. Often, a network of companies will join to share in the offering and redemption of points. While these can hardly be considered stable currency systems, they present many of the same features as "legitimate" currency: they are a store of value, issued in discrete units; they are controlled by a central issuing authority; and they have varying rates of exchange with other forms of currency. For example, frequent flyer miles can be bought using U.S. dollars.
- Frequent Flyer Miles: A type of private currency, different versions of which are issued by most major airlines to encourage customer loyalty. Other customer loyalty incentives have followed this model, including points systems offered by soft drink manufacturers such as PepsiCo. Subway tokens, issued by city transit authorities, can be considered a highly specialized form of currency.
- E-gold: Privately issued digital currency backed by gold
- Scrip: A type of private currency where a certain value is captured, and used to purchase goods from a company. Examples of scrip include gift certificates, gift cards, and Disney Dollars or Canadian Tire Money. However, scrip is not considered a currency in itself, but merely a store of value, denominated in another currency.
- Liberty Dollar: A currency backed by silver, with a one-to-one exchange rate with the U.S. Dollar.

Local currencies

In economics, a local currency is a currency not backed by a national government, and intended to trade only in a small area. Advocates such as Jane Jacobs argue that this enables an economically depressed region to pull itself up, by giving the people living there a medium of exchange that they can use to exchange services and locally-produced goods (In a broader sense, this is the original purpose of all money.) Opponents of this concept argue that local currency creates a barrier which can interfere with economies of scale and comparative advantage, and that in some cases they can serve as a means of tax evasion. Local currencies can also come into being when there is economic turmoil involving the national currency. An example of this is the Argentine economic crisis of 2002 in which IOUs issued by local governments quickly took on some of the characteristics of local currencies. see: local currency also called community currency

World currency

With such developments as the Euro allowing for facilitated trade and perhaps a corresponding increase in a wider identity, proposals for a global currency have accelerated, even while it is recognized that several political and economic factors would need to be addressed and intermediate steps taken before such a concept might be accepted by the diverse nations of the world.

Historic Currencies

Ancient Greece

- Drachma

Ancient Rome

- Antoninianus
- As
- Denarius
- Dupondius
- Sestertius

Africa

- Dollar - Rhodesia
- Escudo
- Mozambican escudo - Mozambique
- São Tomé and Príncipe escudo - São Tomé and Príncipe
- Ekwele (Ekuele) - Equatorial Guinea
- Florin - Kenya, Somalia, Tanzania and Uganda
- Franc
- Moroccan franc
- Malagasy franc
- Metica - Mozambique
- Peseta - Equatorial Guinea
- Peso - Guinea Bissau
- Pound
- Gambian pound - Gambia
- Ghanaian pound - Ghana
- Libyan pound - Libya
- Malawian pound - Malaŵi
- Nigerian pound - Nigeria
- Rhodesian pound - Rhodesia
- South African pound - South Africa
- Sudanese pound - Sudan
- West African pound - Cameroon, Gambia, Ghana, Nigeria and Sierra Leone
- Rial - Morocco
- Rupee - Kenya, Somalia, Tanzania and Uganda
- Shilling - Kenya, Somalia, Tanzania and Uganda
- Somalo - Somalia
- Syli - Guinea
- Zaire - Zaire

America

- Austral - Argentina
- Colón - El Salvador
- Continental Currency - Colonial America
- Cruzeiro, Cruzado - Brazil
- Escudo - Chile
- Gulden - Suriname
- Inti - Peru
- Peso
- Bolivian peso
- Costa Rican peso
- Guatamalan peso
- Honduran peso
- Nicaraguan peso
- Paraguayan peso
- Scudo - Bolivia
- Sucre - Ecuador
- Trade dollar - United States of America

Asia

- Dollar - Mongolia
- Hwan - Korea
- Lira - Turkey
- Mohar - Nepal
- Pound - Israel
- Rixdollar - Sri Lanka
- Ruble - Tajikistan
- Rupee
- Gulf rupee - Bahrain, Kuwait, Oman, Qatar and UAE
- Burmese rupee - Burma
- Tael - China

Australasia

- Pound
- Australian pound
- New Zealand pound

Europe

- 14 national currencies which were replaced by the Euro in 2002:
- Austrian schilling
- Belgian franc
- Dutch gulden
- Finnish markka
- French franc
- German mark
- Greek drachma
- Irish pound
- Italian lira
- Luxemburgese franc
- Portuguese escudo
- San Marinese lira
- Spanish peseta
- Vatican lira
- Daler
- Rigsdaler - Denmark and Norway
- Rijkdaalder - Netherlands
- Riksdaler - Sweden
- Speciedaler - Norway
- Dinar
- Bosnia and Herzegovina dinar
- Croatian dinar
- Yugoslav dinar
- Florin - Austria
- Gulden
- Austro-Hungarian gulden - Austria-Hungary
- Danzig gulden - Danzig
- South German gulden - Baden, Bavaria, Frankfurt, Hohenzollern, Württemberg and other states
- Karbovanets - Ukraine
- Koruna - Slovakia (Second World War)
- Lira - Turkey
- Marka - Poland
- Real
- Spanish real (plural reales)
- Portuguese real (plural réis)
- Rubłi - Latvia
- Perper
- Serbian perper
- Montenegrin perper
- Scudo
- Italian scudo - Lombardy-Venetia, Modena and Papal States
- Maltese scudo - Malta
- Peso - Spain
- Talonas - Lithuania
- Thaler - Germany, Austria, Hungary
- Conventionsthaler
- Reichsthaler
- Vereinsthaler

Accounting units

- Franc Poincaré
- Special Drawing Rights
- European Currency Unit
- Currency sign
- Krugerrand
- Fictional currency
- Local currencies
- Petrocurrency
- Currency Pair

Proposed Currencies

- Eco
- Perun

Lists

- List of currencies
- List of motifs on banknotes
- List of international trade topics
- List of historical exchange rates

External links

- [http://dictionary.reference.com/search?q=currency Table of currencies (from dictionary.com)]
- [http://www.tokencoins.com The early currencies of Southern Africa]
- [http://aes.iupui.edu/rwise/ Ron Wise's World Paper Money Homepage]
- [http://ostermiller.org/calc/currency.html Currency exchange rate conversion calculator] from ostermiller.org
- [http://tokyoahead.com/main/staticpages/index.php/chart2 Historical Currency Charts, Matrix & Converter]
- [http://haas.ca/articles/20040311-currency.cfm Minting New Security]
- [http://www.ratesfx.com/resources/currency.html Currency resources on the net]
- http://www.banknotes.com
- http://www.banknoteworld.com
- [http://www.forexpower.info Foreign Currency Trading Articles]
- [http://www.rebelstatescurrency.com/ Currency issued by the individual States of the Confederacy during the American Civil War]
- [http://www.monetary-unit.com/ Ad-Free website on worldwide currencies with short Descrption and Pictures]

Records

- [http://tomchao.com/trivia.html A site compiling information on cu

Coin

This article is about monetary coins. For alternative meaning see:-
- word coinage
- Coín (a town in Malaga province in Spain) Spain] A coin is usually a piece of hard material, generally metal and usually in the shape of a disc, which is issued by a government to be used as a form of money. Along with banknotes, coins make up the cash forms of all modern money systems. Coins are usually used for lower-valued units, and banknotes are usually used for the higher values; also, in most money systems, the highest value coin is worth less than the lowest-value note.

Collecting coins

See Coin collecting and Numismatics for more information on the collecting of coins, bank notes, token coins and Exonumia.

The value of a coin

The market exchange value of a coin comes from its historic value, and/or the intrinsic value of the component metal (for example gold or silver). However, in modern times, most coins are made of a base metal and their value comes strictly from their status as fiat money. This means that the value of the coin is decreed by government fiat rather than agreed by the people, which really makes it less a coin and more a token in the strictest sense. To distinguish between these two types of coins, as well as from other forms of tokens which have been used as money, monetary scholars have defined three criteria that an object must meet to be a "true coin". These criteria are: # It must be made of a valuable material, and trade for close to the market value of that material. # It must be of a standardized weight and purity. # It must be marked to identify the authority that guarantees the content. By the above definition, the invention and first known usage of coins comes from the Kingdom of Lydia circa 643-630 B.C. Under three generations of Lydian kings, the money of Lydia gradually moved from being lumps of electrum (a naturally occurring alloy of silver and gold) to coins of a guaranteed weight and purity, marked with the seal of the King. True coins also developed very close to this time frame in both India and China. The history of coins is a long and interesting one. For example, in 1979 and 1980 a Chinese architectural team excavating the region surrounding the ancient kingdom of Loulan discovered some Mesolithic stone tools and coins (see Loulan: Modern Chinese Expeditions).

Coin debasement

Loulan: Modern Chinese Expeditions - 2000
Red line marks leaving silver standard]] Throughout history, governments have been known to create more coinage than their supply of precious metals would allow. By replacing some fraction of a coin's precious metal content with a base metal (often copper or nickel), the intrinsic value of each individual coin was reduced (thereby "debasing" their money), allowing the coining authority to produce more coins than would otherwise be possible. Debasement of money almost always leads to price inflation unless price controls are also instituted by the governing authority. Some consider a classic example of this phenomenon to be the behavior of price levels in the United States since 1964 (the last year circulating United States Coins were minted of 90 percent silver). It should be remembered, however, that for most of the era of U.S. silver coinage, such coins were actually fiat money, because the value of silver was relatively low. For example, in 1960, the silver in a dime was worth less than four cents. It also should not be inferred that such debasement and inflation were unique to the U.S. Virtually every other country debased their coinage too. The United Kingdom saw similar inflation during the same era. What is unique to the United States, among the developed countries, is that the U.S. has never revised its coinage system to accommodate this inflation, and as a result, coins in America today are scarcely regarded as "money" in any practical sense. Increasingly common are coin counting machines which charge money to consumers for converting their "coins" into "cash".

Features of modern coinage

The milled edges still found on many coins were originally designed to show that none of the valuable metal had been shaved off the coin. Prior to the use of milled edges, circulating coins suffered from "shaving," a common problem where unscrupulous persons would shave a small amount of precious metal from the edge of a circulating coin. This is the reason some modern coins have ridges, known as "reeds," on their edges; the presence of reeding shows that the coin's edge has not been shaved. Circulating unmilled British sterling silver coins were known to be shaved to almost half of their minted weight. This form of debasement in Tudor England led to the formulation of Gresham's Law. The monarch would have to periodically recall, paying only bullion value of the silver, and re-mint circulating coins. Traditionally the side of a coin carrying a bust of a monarch or other authority, or a national emblem, is called the obverse, or colloquially heads. The back side is called the reverse, or colloquially tails. However, the rule is violated in some cases. [http://www.ucalgary.ca/~cns/euro.html] Another rule is that the side carrying the year of minting is the obverse, although most Canadian coins, and all Japanese coins, are an exception. The orientation of the obverse with respect to the reverse differs between countries. Some coins have coin orientation, where the coin must be flipped vertically to see the other side; other coins, such as British coins, have medallic orientation, where the coin must be flipped horizontally to see the other side. Coins that are not round (British 50 pence for example) usually have an odd number of sides, with the edges rounded off. This is so that the coin has a constant diameter, and therefore will be recognised by machines whichever way it is inserted. If a coin had an even number of sides this would not be true. Some older such designs remain, such as the 12-sided Australian 50 cent coin. Coins are popularly used as a sort of two-sided die; in order to choose between two options with a random possibility, one choice will be labeled "heads" and the other "tails," and a coin will be flipped or "tossed" to see whether the heads or tails side comes up on top. See Bernoulli trial; a fair coin is defined to have the probability of heads (in the parlance of Bernoulli trials, a "success") of exactly 0.5. A widely publicized example of an asymmetrical coin is the Belgian one euro coin. See also coin flipping. Coins are sometimes falsified to make one side weigh more. Such a coin is often said to be "weighted." Some coins, called bracteates, are so thin they can only be struck on one side.

External links

- [http://www.heritagecoin.com/features/numisarticles.php?id=96 The Numismatic Frontier] article surveying the variety of coins in the world.
- [http://www.coinagent.com/ Coin Collecting] - A directory of coin collecting resources.
- [http://www.coinfacts.com/ CoinFacts.com - The Internet Encyclopedia of US Coins] Free information on United States Coins, including pricing, rarity, and historical information.
- [http://dihu.ancients.info Numismopolis-Ancient Coin collecting, Ancient Minting, and Experimental archaeology.] - includes information about collecting and ancient minting
- [http://www.cointalk.org/ Coin Talk Forum] - A coin collecting community.
- [http://www.greekandromancoins.com/forum Ancient Coins Forum] ---- ja:硬貨 simple:Coin zh-min-nan:Gîn-kak-á

English language

English is a West Germanic language that is spoken in the United Kingdom, United States, Canada, Australia, New Zealand, Ireland, South Africa, and many other countries. English is now the third-most spoken native language worldwide (after Chinese and Hindi), with some 380 million speakers. It has lingua franca status in many parts of the world, due to the military, economic, scientific, political and cultural influence of the British Empire in the 18th and 19th centuries and that of the United States from the 20th century to the present. Through the global influence of native English speakers in cinema, airlines, broadcasting, science, and the Internet in recent decades, English is now the most widely learned second language in the world. Many students worldwide are required to learn some English, and a working knowledge of English is required in many fields and occupations.

History

English is a West Germanic language that originated from the Old Saxon language brought to Britain by Germanic settlers from various parts of northwest Germany. The original Old English language was subsequently influenced by two successive waves of invasion. The first was by speakers of languages in the Scandinavian branch of the Germanic family, who colonised parts of Britain in the 8th and 9th centuries. The second wave was of the Normans in the 11th century, who spoke a variety of French. These two invasions caused English to become "creolised" to some degree (though it was never a full creole in the linguistic sense of the word); creolisation arises from the cohabitation of speakers of different languages, who develop a hybrid tongue for basic communication. Cohabitation with the Scandinavians resulted in a significant grammatical simplification and lexical enrichment of the Anglo-Friesian core of English; the later Norman occupation led to the grafting onto that Germanic core a more elaborate layer of words from the Romance branch of European languages; this new layer entered English through use in the courts and government. Thus, English developed into a "borrowing" language of considerable suppleness and huge vocabulary. According to the Anglo-Saxon Chronicle, around the year 449, Vortigern, King of the British Isles, invited the "Angle kin" (Angles led by Hengest and Horsa) to help him against the Picts. In return, the Angles were granted lands in the south-east. Further aid was sought, and in response "came men of Ald Seaxum of Anglum of Iotum" (Saxons, Angles, and Jutes). The Chronicle talks of a subsequent influx of settlers who eventually established seven kingdoms, known as the heptarchy. Modern scholarship considers most of this story to be legendary and politically motivated. These Germanic invaders dominated the original Celtic-speaking inhabitants, whose languages survived largely in Scotland, Wales, Cornwall, and Ireland. The dialects spoken by the invaders formed what would be called Old English, which resembled some coastal dialects in what are now the Netherlands and north-west Germany. Later, it was strongly influenced by the North Germanic language Norse, spoken by the Vikings who settled mainly in the north-east (see Jorvik). The new and the earlier settlers spoke languages from different branches of the Germanic family; many of their lexical roots were the same or similar, although their grammars were more distant, including the prefixes, suffixes and inflections of many of their words. The Germanic language of these Old English inhabitants of Britain would be partly creolised by the contact with Norse invaders. This resulted in a stripping away of much of the grammar of Old English, including gender and case, with the notable exception of the pronouns; thus, the language became simpler and plainer. The most famous work from the Old English period is the epic poem "Beowulf", by an unknown poet. For the 300 years following the Norman Conquest in 1066, the Norman kings and the high nobility spoke only a variety of French. A large number of Norman words were assimilated into Old English, with some words doubling for Old English words (for instance, ox/beef, sheep/mutton). The Norman influence reinforced the continual evolution of the language over the following centuries, resulting in what is now referred to as Middle English. Among the changes was a broadening in the use of a unique aspect of English grammar, the "continuous" tenses, with the suffix "-ing". During the 15th century, Middle English was transformed by the Great Vowel Shift, the spread of a standardised London-based dialect in government and administration, and the standardising effect of printing. Modern English can be traced back to around the time of William Shakespeare. The most well-known work from the Middle English period is Geoffrey Chaucer's The Canterbury Tales.

Classification and related languages

The English language belongs to the western subbranch of the Germanic branch of the Indo-European family of languages. The closest living relative of English is Scots (Lallans), a West Germanic language spoken mostly in Scotland and parts of Northern Ireland. Like English, Scots is a direct descendant of Old English, also known as Anglo-Saxon. After Scots, the next closest relative is Frisian—spoken in the Netherlands and Germany. Other less closely related living languages include Dutch, Afrikaans, German, Plattdüütsch and the Scandinavian languages. Many French words are also intelligible to an English speaker (pronunciations are not always identical, of course), because English absorbed a tremendous amount of vocabulary from French, via the Norman language after the Norman conquest and directly from French in further centuries; as a result, a substantial share of English vocabulary is quite close to the French, with some minor spelling differences (word endings, use of old French spellings, etc.), as well as occasional differences in meaning.

Geographic distribution

Norman conquest English is the second or third most widely spoken language in the world today; a total of 600–700 million people use English regularly. About 377 million people use English as their mother tongue, and an equal number of people use it as their second or foreign language. It is used widely in either the public or private sphere in more than 100 countries all over the world. In addition, the language has occupied a primary place in international academic and business communities. The current status of the English language compares with that of Latin in the past. English is the primary language in Antigua and Barbuda, Australia (Australian English), the Bahamas, Barbados (Caribbean English), Bermuda, Belize, Canada (Canadian English), the Cayman Islands, Dominica, the Falkland Islands, Gibraltar, Grenada, Guernsey, Guyana, Ireland (Irish English), Isle of Man, Jamaica (Jamaican English), Jersey, Montserrat, New Zealand (New Zealand English), Saint Helena, Saint Lucia, Saint Kitts and Nevis, Saint Vincent and the Grenadines, Trinidad and Tobago, the Turks and Caicos Islands, the United Kingdom (various forms of British English), the U.S. Virgin Islands, and the United States. English is also an important minority language of South Africa (South African English), and in several other former colonies and current dependent territories of the United Kingdom and the United States, for example Guam and Mauritius. In Hong Kong, English is an official language and is widely used in business activities. It is taught from kindergarten, and is the medium of instruction for a few primary schools, many secondary schools and all universities. Substantial numbers of students acquire native-speaker level. It is so widely used and spoken that it is inadequate to say it is merely a second or foreign language, though there are still many people in Hong Kong with poor or no command of English. The majority of English native speakers (67 to 70 per cent) live in the United States. Although the U.S. federal government has no official languages, it has been given official status by 27 of the 50 state governments, most of which have declared English their sole official language. Hawaii, Louisiana, and New Mexico have also designated Hawaiian, French, and Spanish, respectively, as official languages in conjunction with English. In many other countries where English is not a major first language, it is an official language; these countries include Cameroon, Fiji, the Federated States of Micronesia, Ghana, Gambia, India, Kiribati, Lesotho, Liberia, Kenya, Namibia, Nigeria, Malta, the Marshall Islands, Pakistan, Papua New Guinea, the Philippines, Rwanda, the Solomon Islands, Samoa, Sierra Leone, Swaziland, Tanzania, Zambia and Zimbabwe. English is the most widely learned and used foreign language in the world, and as such, many linguists believe it is no longer the exclusive cultural emblem of "native English speakers", but rather a language that is absorbing aspects of cultures worldwide as it grows in use. Others believe that there are limits to how far English can go in suiting everyone for communication purposes. It is the language most often studied as a foreign language in Europe (32.6 per cent), followed by French, German, and Spanish. It is also the most studied in Japan, South Korea and in the Republic of China (Taiwan), where it is compulsory for most high school students. See English as an additional language.

English as a global language

See also: English on the Internet Because English is so widely spoken, it has been referred to as a "global language". While English is not the official language in many countries, it is the language most often taught as a second language around the world. It is also, by international treaty, the official language for aircraft/airport communication. Its widespread acceptance as a first or second language is the main indication of its global status. There are numerous arguments for and against English as a global language. On one hand, having a global language aids in communication and in pooling information (for example, in the scientific community). On the other hand, it excludes those who, for one reason or another, are not fluent. It can also marginalise populations whose first language is not the global language, and lead to a cultural hegemony of the populations speaking the global language as a first language. Most of these arguments hold for any candidate for a global language, though the last two counter-arguments do not hold for languages not belonging to any ethnic group (like Esperanto). A secondary concern with respect to the spread of global languages (English, Spanish, etc.) is the resulting disappearance of minority languages, often along with the cultures and religions that are primarily transmitted in those languages. English has been implicated in a number of historical and ongoing so-called "language deaths" and "linguicides" around the world, many of which have also led to the loss of cultural heritage. In the Americas, Native American nations have been most strongly affected by this phenomenon.

Dialects and regional variants

The expansiveness of the British and the Americans has spread English throughout the globe. Because of its global spread, it has bred a variety of English dialects and English-based creoles and pidgins. The major varieties of English in most cases contain several subvarieties, such as Cockney within British English, Newfoundland English within Canadian English, and African American Vernacular English ("Ebonics") within American English. English is considered a pluricentric language, with no variety being clearly considered the only standard. Some consider Scots as an English dialect. Pronunciation, grammar and lexis differ, sometimes substantially. The Scottish dialect retains many German aspects including guttural pronunciations. Because of English's wide use as a second language, English speakers can have many different accents, which may identify the speaker's native dialect or language. For more distinctive characteristics of regional accents, see Regional accents of English speakers. For more distinctive characteristics of regional dialects, see List of dialects of the English language. Many countries around the world have blended English words and phrases into their everyday speech and refer to the result by a colloquial name that implies its bilingual origins, which parallels the English language's own addiction to loan words and borrowings. Named examples of these ad-hoc constructions, distinct from pidgin and creole languages, include Engrish, Wasei-eigo, Franglais and Spanglish. (See List of dialects of the English language for a complete list.) Europanto combines many languages but has an English core.

Constructed variants of English

- Basic English is simplified for easy international use. It is used by some aircraft manufacturers and other international businesses to write manuals and communicate. Some English schools in the Far East teach it as an initial practical subset of English.
- Special English is a simplified version of English used by the Voice of America. It uses a vocabulary of 1500 words.
- English reform is an attempt to improve collectively upon the English language.
- Seaspeak and the related Airspeak and Policespeak, all based on restricted vocabularies, were designed by Edward Johnson in the 1980s to aid international co-operation and communication in specific areas.
- European English is a new variant of the English language created to become the common language in Europe.

Sounds

Vowels

Notes: It is the vowels that differ most from region to region. Where symbols appear in pairs, the first corresponds to the sounds used in North American English, the second corresponds to English spoken elsewhere. #North American English lacks this sound; words with this sound are pronounced with or . According to The Canadian Oxford Dictionary (1998), this sound is present in Standard Canadian English. #Many dialects of North American English do not have this vowel. See cot-caught merger. #The North American variation of this sound is a rhotic vowel. #Many speakers of North American English do not distinguish between these two unstressed vowels. For them, roses and Rosa's are pronounced the same, and the symbol usually used is schwa . #This sound is often transcribed with or with . #The letter U can represent either /u/ or the iotated vowel /ju/.

Consonants

This is the English Consonantal System using symbols from the International Phonetic Alphabet (IPA). #The velar nasal is a non-phonemic allophone of /n/ in some northerly British accents, appearing only before /g/. In all other dialects it is a separate phoneme, although it only occurs in syllable codas. #The alveolar flap is an allophone of /t/ and /d/ in unstressed syllables in North American English and increasingly in Australian English. This is the sound of "tt" or "dd" in the words latter and ladder, which are homophones in North American English. This is the same sound represented by single "r" in some varieties of Spanish. #In some dialects, such as Cockney, the interdentals /θ/ and /ð/ are usually merged with /f/ and /v/, and in others, like African American Vernacular English, /ð/ is merged with /d/. In some Irish varieties, /θ/ and /ð/ become the corresponding dental plosives, which then contrast with the usual alveolar plosives. #The sounds are labialised in some dialects. Labialisation is never contrastive in initial position and therefore is sometimes not transcribed. #The voiceless velar fricative /x/ is used only by Scottish or Welsh speakers of English for Scots/Gaelic words such as loch or by some speakers for loanwords from German and Hebrew like Bach or Chanukah /xanuka/, or in some dialects such as Scouse (Liverpool) where the affricate [kx] is used instead of /k/ in words such as docker . Most native speakers have a great deal of trouble pronouncing it correctly when learning a foreign language. Most speakers use the sounds [k] and [h] instead. #Voiceless w is found in Scottish, Irish, some upper-class British, some eastern United States, and New Zealand accents. In all other dialects it is merged with /w/.

Voicing and Aspiration

Voicing and aspiration of stop consonants in English depend on dialect and context, but a few general rules can be given:
- Voiceless plosives and affricates (//, //, //, and //) are aspirated when they are word-initial or begin a stressed syllable and are not part of a consonant cluster—compare pin [] and spin [].
- In some dialects, aspiration extends to unstressed syllables as well.
- In other dialects, such as Indian English, most or all voiceless stops may remain unaspirated.
- Word-initial voiced plosives may be devoiced in some dialects.
- Word-terminal voiceless plosives may be unreleased or accompanied by a glottal stop in some dialects (e.g. many varieties of American English)—examples: tap [], sack [].
- Word-terminal voiced plosives may be devoiced in some dialects (e.g. some varieties of American English)—examples: sad [], bag []. In other dialects they are fully voiced in final position, but only partially voiced in initial position.

Intonation

Tone groups

English is an Intonation language. This means that the pitch of the voice is used syntactically, for example, to convey surprise and irony, or to change a statement into a question. In English, intonation patterns are on groups of words, which are called tone groups, tone units, intonation groups or sense groups. Tone groups are said on a single breath and, as a consequence, are of limited length, more often being on average five words long or lasting roughly two seconds. The structure of tone groups can have a crucial impact on the meaning of what is said. For example: :- :- :-

Characteristics of intonation

Each tone group can be subdivided into syllables, which can either be stressed (strong) or unstressed (weak). There is always a strong syllable, which is stressed more than the others. This is called the nuclear syllable. For example: :That | was | the | best | thing | you | could | have | done! Here, all syllables are unstressed, except the syllables/words "best" and "done", which are stressed. "Best" is stressed harder and, therefore, is the nuclear syllable. The nuclear syllable carries the main point the speaker wishes to make. For example: :John had stolen that money. (... not I) :John had stolen that money. (... you said he hadn't) :John had stolen that money. (... he wasn't given it) :John had stolen that money. (... not this money) :John had stolen that money. (... not something else) The nuclear syllable is spoken louder than all the others and has a characteristic change of pitch. The changes of pitch most commonly encountered in English are the rising pitch and the falling pitch, although the fall-rising pitch and/or the rise-falling pitch are sometimes used. For example: :When do you want to be paid? :Nów? (rising pitch. In this case, it denotes a question: can I be paid now?) :Nòw (falling pitch. In this case, it denotes a statement: I choose to be paid now)

Grammar

English grammar is based on its Germanic roots, though some scholars during the 1700s and 1800s attempted to impose Latin grammar upon it, with little success. English is just slightly inflected, much less so than most Indo-European languages. It compensates for this by placing more grammatical information in auxiliary words and word order. Unlike most other Indo-European languages, modern nominal groups (nouns) in English do not carry gender, although an archaic form of gender is technically assigned as either masculine, feminine, neuter or common. Engendered nouns are only apparent in special cases, such as "I loved that ship as if she were my own", where the noun "ship" is referred to by its feminine pronoun.

Vocabulary

Almost without exception, Germanic words (which include all the basics such as pronouns and conjunctions) are shorter and more informal. Latinate words are often regarded as more elegant or educated. However, the excessive use of Latinate words is often mistaken for either pretentiousness (as in the stereotypical policeman's talk of "apprehending the suspect") or obfuscation (as in a military document which says "neutralise" when it means "kill"). George Orwell's essay Politics and the English Language gives a thorough treatment of this feature of English. An English speaker is often able to choose between Germanic and Latinate synonyms: "come" or "arrive"; "sight" or "vision"; "freedom" or "liberty"—and sometimes also between a word inherited through French and a borrowing direct from Latin of the same root word: "oversee", "survey" or "supervise". The richness of the language is that such synonyms have slightly different meanings, enabling the language to be used in a very flexible way to express fine variations or shades of thought. List of Germanic and Latinate equivalents In everyday speech the majority of words will normally be Germanic. If a speaker wishes to make a forceful point in an argument in a very blunt way, Germanic words will usually be chosen. A majority of Latinate words (or at least a majority of content words) will normally be used in more formal speech and writing, such as a courtroom or an encyclopedia article. English is noted for the vast size of its active vocabulary and its fluidity. English easily accepts technical terms into common usage and imports new words which often come into common usage. In addition, slang provides new meanings for old words. In fact this fluidity is so pronounced that a distinction often needs to be made between formal forms of English and contemporary usage. See also sociolinguistics.

Number of words in English

As the General Explanations at the beginning of the Oxford English Dictionary state: :The Vocabulary of a widely diffused and highly cultivated living language is not a fixed quantity circumscribed by definite limits.... there is absolutely no defining line in any direction: the circle of the English language has a well-defined centre but no discernible circumference. The vocabulary of English is undoubtedly vast, but assigning a specific number to its size is more a matter of definition than of calculation. Unlike other languages, there is no Academy to define officially accepted words. Neologisms are coined regularly in medicine, science and technology—some enter wide usage; others remain restricted to small circles. Foreign words used in immigrant communities often make their way into wider English usage. Archaic, dialectal, and regional words might be considered "English" or not. The Oxford English Dictionary (2nd edition) includes over 500,000 headwords, following a rather inclusive policy: :It embraces not only the standard language of literature and conversation, whether current at the moment, or obsolete, or archaic, but also the main technical vocabulary, and a large measure of dialectal usage and slang (Supplement to the OED, 1933). The difficulty of defining the number of words is compounded by the emergence of new versions of English, such as Asian English.

Word origins

One of the consequences of the French influence is that the vocabulary of English is, to a certain extent, divided between those words which are Germanic (mostly Old English) and those which are "Latinate" (Latin-derived, mostly from Norman French but some borrowed directly from Latin). A computerised survey of about 80,000 words in the old Shorter Oxford Dictionary (3rd ed.) was published in Ordered Profusion by Thomas Finkenstaedt and Dieter Wolff (1973) which estimated the origin of English words as follows:
- French, including Old French and early Anglo-French: 28.3%
- Latin, including modern scientific and technical Latin: 28.24%
- Old and Middle English, Old Norse, and Dutch: 25%
- Greek: 5.32%
- No etymology given: 4.03%
- Derived from proper names: 3.28%
- All other languages contributed less than 1% James D. Nicoll made the oft-quoted observation: "The problem with defending the purity of the English language is that English is about as pure as a cribhouse whore. We don't just borrow words; on occasion, English has pursued other languages down alleyways to beat them unconscious and riffle their pockets for new vocabulary." [http://groups.google.com/groups?selm=1990May15.155309.8892%40watdragon.waterloo.edu&oe=UTF-8&output=gplain]

Writing system

English is written using the Latin alphabet. The spelling system or orthography of English is historical, not phonological. The spelling of words often diverges considerably from how they are spoken, and English spelling is often considered to be one of the most difficult to learn of any language that uses an alphabet. See English orthography.

Basic sound-letter correspondence

Written accents

English includes some words which can be written with accent marks. These words have mostly been imported from other languages, usually French. But it is increasingly rare for writers of English to actually use the accent marks for common words, even in very formal writing, to the point where actually writing the accent may be interpreted as a sign of pretension—though this view is counterbalanced by the view that fine typography should preserve accents, especially where it makes a distinction in pronunciation (compare façade vs. facade which would rhyme with cascade). The strongest tendency to retain the accent is in words that are atypical of English morphology and therefore still perceived as slightly foreign. For example, café has a pronounced final e, which would be silent by the normal English pronunciation rules. Some examples: ångström, appliqué, attaché, blasé, bric-à-brac, café, cliché, crème, crêpe, façade, fiancé(e), flambé, naïve, né(e), papier-mâché, passé, piñata, protégé, raison d'être, résumé, risqué, über-, vis-à-vis, voilà. For a more complete list, see List of English words with diacritics. Some words such as rôle and hôtel were first seen with accents when they were borrowed into English, but now the accent is almost never used. The words were considered very French borrowings when first used in English, even accused by some of being foreign phrases used where English alternatives would suffice, but today their French origin is largely forgotten. The accent on "élite" has disappeared from most publications today, but Time magazine still uses it. For some words such as "soupçon" however, the only spelling found in English dictionaries (the OED and others) uses the diacritic. Italics, with appropriate accents, are generally applied to foreign terms that are uncommonly used in or have not been assimilated into English: for example, adiós, coup d'état, crème brûlée, pièce de résistance, raison d'être, über (übermensch), vis-à-vis. It is also possible to use a diaeresis to indicate a syllable break, but again this is often left out or a hyphen used instead. Examples: coöperate (or co-operate), daïs, naïve, noël, reëlect (or re-elect). One publication that still uses a diaeresis to indicate a syllable break is the New Yorker magazine. Written accents are also used occasionally in poetry and scripts for dramatic performances to indicate that a certain normally unstressed

Penny

See also

Other uses

Currency

History

Early Currency

Coinage

The Era of Hard and Credit Money

Legal Tender Era

The Paper Money Era

Modern currencies

Currency names

A-E

F-M

N-R

S-Z

Privately-issued currencies

Local currencies

World currency

See also

Historic Currencies

Ancient Greece

Ancient Rome

Africa

America

Asia

Australasia

Europe

Accounting units

Proposed Currencies

Lists

External links

Records

Coin

Collecting coins

The value of a coin

Coin debasement

Features of modern coinage

See also

External links

English language

History

Classification and related languages

Geographic distribution

English as a global language

Dialects and regional variants

Constructed variants of English

Sounds

Vowels

Consonants

Voicing and Aspiration

See also

Intonation

Tone groups

Characteristics of intonation

Grammar

Vocabulary

Number of words in English

Word origins

Writing system

Basic sound-letter correspondence

Written accents