HopefullyInLawSchool
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LSDefine
Simple English definitions for legal terms
fractional currency
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A quick definition of fractional currency:
Fractional currency is paper money that is worth less than one dollar. It was issued by the federal government from 1863 to 1876. Currency is something that people use to buy things. It can be coins, government notes, or banknotes. Some currency is backed by reserves, like gold and silver, while others are not. National currency is approved by a government and used as a medium of exchange. Soft currency is not backed by reserves and can change in value quickly. Blocked currency is money that can only be used in the country where it is located.
A more thorough explanation:
Fractional currency is a type of paper money that is worth less than one dollar. It was issued by the federal government of the United States from 1863 to 1876. This currency was used as a medium of exchange for small transactions.
For example, if someone wanted to buy a loaf of bread for 25 cents, they could use a fractional currency note instead of using coins. These notes were easier to carry around and use than coins, especially for small transactions.
Fractional currency is an example of currency, which is any item that is used as a medium of exchange. Other examples of currency include coins, government notes, and banknotes. Currency is considered legal tender, which means it is accepted as payment for debts and taxes.