Currency relative values of the different currencies. Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance. Other definitions of the term "currency" are discussed in their respective synonymous articles banknote, coin, and money. The latter definition, pertaining to the currency systems of nations, is the topic of this article. Currencies can be classified into two monetary systems: fiat money and commodity money, depending on what guarantees the value (the economy at large vs. the government's physical metal reserves). Some currencies are legal tender in certain political jurisdictions. Others are simply traded for their economic
Mill (currency) comes from the Latin "millesimum", meaning "thousandth part". In the United States, the term was first used by the Continental Congress in 1786, being described as the "lowest money of account, of which 1000 shall be equal to the federal dollar." The Coinage Act of 1792 describes milles and other subdivisions of the dollar: The mint of Philadelphia made half cents worth 5 mills each from 1793 to 1857. Tokens in this denomination were issued by some states and local governments (and by some private interests) for such uses as payment of sales tax. These were of inexpensive material such