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Evaluation Of Foreign Currency Information

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SilverTracker's Avatar
United States
589 Posts
 Posted 06/18/2014  09:06 am Show Profile   Bookmark this topic Add SilverTracker to your friends list Get a Link to this Message Number of Subscribers
Hi All,

I was in my LCS last week and saw a bin with a lot of foreign currency notes inside. I immediately thought of our missionary's from our church serving in foreign countries around the world. When I called my church our missions pastor says its a good idea but to check the value of the currency for any interested country to see if it has lost its value.

So I would like to know if there is any online website or any book I can check into this so I don't buy the wrong currency.

Thanks
John
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Sap's Avatar
Australia
16817 Posts
 Posted 06/18/2014  11:20 am  Show Profile   Bookmark this reply Add Sap to your friends list Get a Link to this Reply
If you want to know current exchange rates for currencies, there are plenty of websites around. xe.com is perhaps the most famous.

The problem, however, is you really need to know a bit about the currencies before just buying them. Some countries may have reformed their currency, but confusingly kept the same currency name. For example, in 2005 Turkey slashed six zeroes from their currency: 1,000,000 old lira became 1 "new lira". Then in 2008, they renamed the "new lira" back to plain old lira again. So if you find a 50,000 Turkish lira banknote, looking it up on xe.com won't tell you accurate information.

Wikipedia is a good quick source of information for national currencies; they'll tell you which countries have had currency reforms, and which (if any) of the banknotes from older currencies might still be valid legal tender or exchangeable and which have been cancelled. Old pre-euro French francs, for example, are now worthless. But old pre-euro German deutschemarks can still be redeemed and exchanged for euros.

Coins generally aren't accepted by the moneychangers; nobody likes dealing in foreign small change. But current paper money is easily exchangeable. So it's reasonable to assume that any banknotes sitting around in a dealer's banknote box are not the kind you can readily exchange for US dollars, and probably also not the kind you can simply take and spend in their country of origin.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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SilverTracker's Avatar
United States
589 Posts
 Posted 06/18/2014  1:55 pm  Show Profile   Bookmark this reply Add SilverTracker to your friends list Get a Link to this Reply
Thank you Sap for the information.
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