0
To be able to deal with different sizes of cash purchases.
Buying expensive stuff with only small mone would mean that you had to carry a lot around. Buying inexpensive stuff with only big money around would mean that you'd get a bucket of coins in change every time.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
Whose signature does the one rupee note bear?
Whose signature does the one rupee note bear?Rupee one notes bearing the signature of Secretary, Ministry of Finance while other denominations bearing the signature of the Governor of Reserve Bank of India are Bank Notes
What is the value of a 1 note sterling UK?
GBP currency notes are printed in 5, 10, 20 and 50 pound denominations.
How do you work out exchange rate?
...to get a very close approximation of real exchange rates you would pay Or if you will be purchasing from a local bank, find out from the bank's website what their exchange rates are. There are 5 major types of rates: TT (electronic Teller Transaction?), Notes, Sight Bill, Checks/Cheque, Draft. The 3 most commonly used are TT, Notes, and Cheques. TT is the electronic rate that you receive at the ATM, swift/wire transfer, or when using credit/debit card transaction. Notes are physical fiat currency bills, such as physical USD, GBP, AUD, etc that you use to pay at the store. There may be different rates for different denominations. Usually larger denominations get a better exchange rate: USD $100 and $50 bills will get a better exchange rate than $10 or $5 bill. Cheques may refer to Traveler's Cheques, (AMEX), but could also refer to cheques issued from any bank. So check the specific bank description to be sure. Generally speaking, traveler's cheques get a better rate, but there are fees to cash them (usually 1%) which offset the better rate. Use the largest Traveler's Cheque denomination possible to get the best exchange rate. Save I may update later to explain about the other 2 types.
What is a Federal Reserve Note?
Federal Reserve Notes are non-interest bearing promissory notes issued by the US Federal Reserve System (the central bank) and are official Legal Tender for payment of debts. Since 1966 all US bills have been issued by the Federal Reserve System, identified by the bills' green seals. Current denominations are $1, $2, $5, $10, $20, $50, and $100. Up till 1969 bills were also available in denominations of $500, $1,000, $5,000 and $10,000 but these rarely circulated. In the past, other bills were issued directly by the Federal Government. These included blue-seal silver certificates, gold-seal gold certificates, and red-seal United States Notes. Gold and silver certificates were backed $1-for-$1 with bullion on deposit with the US Treasury, while US Notes were promissory notes very similar to Federal Reserve Notes. In the 19th and early 20th centuries, private banks also issued bills under Federal authority.
What is the backing for Federal Reserve Notes?
Nothing tangible. Federal Reserve Notes in the United States are fiat money, backed by the people's faith in the issuing Federal Reserve bank.
Largest euro bank note?
Euro notes come in denominations of €500, 200, 100, 50, 20, 10, and 5.
What are the different types of counters for bank notes that are available?
There are many different types of counters for bank notes that are available. The main two types count coins and notes, though many machines can count both.
Whose signature does the one rupee note bear?
Whose signature does the one rupee note bear?Rupee one notes bearing the signature of Secretary, Ministry of Finance while other denominations bearing the signature of the Governor of Reserve Bank of India are Bank Notes
When were Jamaica's bank notes made?
The first bank notes to be used in Jamaica were issued by private banks in the mid 1800s. In the early 1900s the government issued notes in various denominations (2 shillings and sixpence, 5 shillings and 10 shillings) and they carried the image of the King ... George V. In 1940 5 and 10 pound notes were issued. Later these carried the image of Queen Elizabeth II. On decimalisation (1968) the currency changed again and a series dollar notes were issued. Current notes are $10, $20, $50, $100, $500 and $1000. All other smaller denominations are coins.
How much is a jiao?
Renminbi the primary unit is the yuan. One yuan is subdivided into 10 jiao, which in turn is subdivided into 10 fen. Renmminbi banknotes are available in denominations from 1 fen to 1 yaun. Thus, some denominations exist in coins and banknotes. Denominations in bank notes are from 1 yuan, 5,10,20 50,100.
What feature makes all bank notes different?
Generally speaking, the thing that makes all bank notes different is the serial number. Each serial number is only used once, and to further make it individualized, the serial number is combined with a letter (or letters) ensuring that no two bank notes will ever have exactly the same serial numbers.
Why is the Australian 100 Dollar note bigger than the 50 20 10 and the 5 Dollar notes?
All Australian banknotes are made in different sizes and colours to give a clear visual distinction between the different denominations. The historical trend for banknotes (not coins) is that the larger the denomination of the banknote, the larger the banknote.
What denominations of currency notes is Treasury Department no longer printing?
100,000
Why baptism is different from other denominations?
because different denominations have different beliefs in god :P
What is used to detect forged bank notes?
bank notes contain fluorescent which absorbs ultraviolet radiation which makes it easy to detect forged bank notes
What other denominations are there besides the Five pound note and the fifty pound note?
If you refer to Bank of England banknotes, those currently in circulation include the Five, Ten, Twenty and Fifty Pound notes.
What is shown on Scotland's bank notes and what is its significance?
Scotland has three banks which issues notes. The Royal Bank of Scotland's notes feature Scottish castles, The Bank of Scotland's notes feature Scottish bridges and the Clydesdale bank notes feature famous Scots and Scottish World Heritage sites.
