Despite the economic slump caused by Covid-19, we have exchanged over £100,000 pounds for charities so far in 2020. That is an amazing amount, topping all previous years!
This means a lot for the charities we work with and they are super grateful for the generous donations made by so many people who chose to give away the value of their leftover travel money to raise funds for good causes. A big Thank You to everyone who donated!
As we will explain further below, Turkey was going through a period of hyperinflation in the 1990’s and 2000’s. As a result, the value of the Turkish Lira dropped and the country was forced to mint coins in ever greater denominations.
To avoid having too many zeroes on the coins, the Turkish government decided to use the word ‘One Thousand’ instead, which in Turkish is ‘Bin’. From 1994 until 2004, coins were minted in denominations of 10 bin lira (₺10,000), 25 bin lira (₺25,000), 50 bin lira (₺50,000), 100 bin lira (₺100,000) and 250 bin lira (₺250,000).
The weakest currency in the world is the Venezuelan Bolívar. The value of the Venezuelan Bolívar is so weak that 50,000 units are worth less than one US dollar. This has consistently been the case, due to the hyperinflation in the South American country. The weakest currency of all times was the Zimbabwean dollar, for which 35 quadrillion units were equivalent to 1 US dollar. The Zimbabwean dollar was demonetized in 2015.
35 quadrillion = 35,000,000,000,000,000
Currency for which the exchange deadline has expired no longer has a monetary value. So-called ‘demonetised‘ banknotes and coins have no value except for the raw materials they are made off, and a possible collector value to . A banknote or coin’s collector value is determined by its condition, rarity and popularity among collectors.
At Leftover Currency we continue to exchange a number of currencies for which the exchange deadline has expired. Although we pay less than the old face value, we are still able to pay a fair amount for old demonetised currencies such as the Cypriot Pound, French Franc, Italian Lira, Greek Drachma or Maltese Pound.
Eight countries are part of the European Union but are not part of the Euro area: Bulgaria, Croatia, Czechia, Denmark. Hungary, Poland, Romania and Sweden. Denmark has negotiated an opt-out from the Euro. The other countries have committed to joining the euro area as and when they meet the conditions for entry to the euro area.
One of the entry conditions for a country to join the euro area is to participate in the second version of the European Exchange Rate Mechanism (ERM-II) for two years before joining the Euro. This requires the country to pass the ERM-II legislation. As a result, countries can decide not to approve ERM-II laws and thereby not meet the entry conditions for the euro area.
There is no deadline for the remaining EU countries to join the euro area. Some countries, such as Poland and the Czech Republic, have made it clear that they don’t plan to join anytime soon. Other countries, including Bulgaria, Croatia and Romania, are expected to join the Eurozone in the near future. We look at this in more detail in what follows.
The rules around the legal tender status of coins in the UK are set out in the Coinage Act 1971 and the Currency Act 1983. In England, Scotland, Wales and Northern Ireland, all coins minted by the Royal Mint and authorised by Royal Proclamation are legal tender.
The following coins are legal tender in the UK:
As described by ex-metal detectorist John Winter, sixpence love tokens were common in the 19th century. A man would give his sweetheart the crooked coin, no longer spendable: It would be a statement to deliberately mess up hard earned money, and to give it away as a token of love.
Some sixpence love tokens would have initials or heart symbols engraved on them. They were popular on the Feast of Saint Valentine. The lady who received the coin could either keep the love token when the love was reciprocal. Or she could throw the coin away. Metal detectorists find many crooked sixpences at the site of old fairs…
Leftover Currency converts foreign coins, old banknotes and obsolete currencies to cash, quickly and easily.
207 Regent Street,
London W1B 3HH,
This coin fact may seem unlikely but it is scientifically proven to be true: The chance of a coin coming up as started is 51%, more than half. Meaning, if you flip a coin starting with heads up, there is a 51% chance the the coin-toss result is heads up. This was proven by Stanford professor Persi Dianconis. Source: Dynamical bias in the coin toss.
More people start a coin toss with heads facing up, compared to tails. Therefore, heads is a more likely outcome than tails in a coin toss up.