RECOINAGE Meaning and
Definition
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Recoinage refers to the process of creating new coins or replacing old ones in circulation with newly minted currency. It involves the withdrawal of existing coins and the substitution with newly minted ones that bear a different design, composition, or value. Recoinage can be undertaken by governments and central banks to ensure the integrity and uniformity of a nation's currency.
The need for recoinage may arise due to various factors. Over time, coins can wear out, become damaged, or accumulate impurities that affect their appearance or value. In such cases, governments conduct recoinage to remove unfit or debased coins from circulation and replace them with fresh ones. Additionally, changes in the design, material, or denominations of coins may necessitate recoinage to align with evolving economic or security requirements.
Recoinage is typically carried out by a country's official mint or a designated coinage agency. The process involves the creation of new coin dies, which are used to strike the desired design onto blank discs made of metal alloys. Once the coins are minted and inspected for quality, they are distributed to banks and released into circulation.
Recoinage has historically been an important aspect of monetary policy, providing stability, trust, and standardization to a nation's currency system. It allows for the replacement of deteriorated or fraudulent coins, ensuring that the public can continue to use reliable and widely accepted currency for trade and commerce.
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That which is coined anew.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Common Misspellings for RECOINAGE
- eecoinage
- decoinage
- fecoinage
- tecoinage
- 5ecoinage
- 4ecoinage
- rwcoinage
- rscoinage
- rdcoinage
- rrcoinage
- r4coinage
- r3coinage
- rexoinage
- revoinage
- refoinage
- redoinage
- reciinage
- reckinage
- recpinage
- rec0inage
Etymology of RECOINAGE
The word "recoinage" is derived from two separate elements: "re-" and "coinage".
The prefix "re-" is of Latin origin, meaning "again" or "back". It denotes repetition, restoration, or reversion to a previous state. In this context, it indicates that something is being done again or anew.
The term "coinage" refers to the act of making or issuing coins. It is derived from the Old French word "coin", which in turn comes from the Latin word "cuneus", meaning "wedge". This term was used because early coins were often minted by stamping a metal wedge into a coin-shaped mold or die.
Therefore, "recoinage" simply means the act of making new or fresh coins, typically to replace old or worn-out ones. It specifically refers to the process of issuing new currency in place of old, debased, or obsolete coins.
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