Учебнометодическое пособие Петрозаводск 2010 ббк 81. 2Англ удк 811. 11 Г 613 Рецензенты
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2) Read the text the second time and put the sentences into the proper order: a) Many societies used cowries as money. b) Paper money was adopted in Europe much later. c) Money is basically a method of exchange. d) In the end of the 17th century the Bank of England was established. e) Cattle are probably the oldest of all forms of money. f) Metal and paper money was first used in China. g) Human slaves were also used as currency. h) Wampum was used as a monetary medium in some early American colonies and states. 6.4 ELECTRONIC MONEY 1) Can you name advantages and disadvantages of using electronic money? 2) In the text the writer uses the words: cash, currency, digital, debit card, bill. What do they mean? (1) Electronic money (also known as electronic cash, electronic currency, digital money, digital cash, digital currency or scrip) refers to money which is exchanged only electronically. With the introduction of Internet/online banking, debit cards, online bill payments and Internet business, paper money is becoming a thing of the past. (2) Let’s have a look at some of the advantages of electronic money. First, banks now offer many services whereby customers do not have to wait in lines; this provides a calm environment. Second, you can transfer the funds immediately from your personal account to a business’s account without any actual paper transfer of money (using debit cards and online bill payments). This offers a great convenience to many people and businesses alike. (3) There are more pluses, of course. For example, Singapore has a very successful electronic money implementation for its public transportation system (commuter trains, bus, etc). The electronic money, known as EZ-Link by most Singaporeans, is a card the size of an ordinary credit card. It has a smart chip plus a wireless communication module. Passengers just need to tap the EZ-Link when they board the bus and tap the card again when they alight; the bus fare system automatically deducts the calculated bus fare from the EZ-Link value. Recently, McDonalds is setting up EZ-Link payment infrastructure at their fast-food branches all over Singapore’s main island. It is believed that in the near future EZ-Link will gain more acceptance as a convenient electronic money solution in Singapore. (4) Although there are many benefits to digital cash, there are also many significant disadvantages. These include fraud, failure of technology, possible tracking of individuals and loss of human interaction. Still, most money in today’s world is electronic, and tangible cash is becoming less frequent. 3) The text contains the description of electronic money implementation EZ-Link, and how it is used. Find this information in the text. 6.5 BRITISH MONEY 1) Recollect what names of British money you know. Have you ever seen or held it in your hands? Could you describe the appearance of British money? 2) Read the text and name the paragraphs which give the answers to these questions: a) Is there any difference in the monetary systems of the Channel Islands, the Isle of Man and the mainland of Britain? b) What is the basic unit of British currency? c) What is the British currency sign? d) What is the official name of the British currency basic unit? e) What coins are in circulation? f) What do they put after the figures if an amount of money consists only of pence? g) What notes are in circulation? h) What does the abbreviation GBP mean? (1) Since 1971, the monetary system of Great Britain is based on the decimal system. The basic unit of British currency (currency of the United Kingdom and the Crown Dependencies) is the pound, which is divided into one hundred pence (abbreviated as “p”). (2) The official full name “pound sterling” (plural: “pounds sterling”) is used mainly in formal language and also to distinguish the currency used within the United Kingdom from others that have the same name (GBP = Great British Pound) (3) As a unit of currency, the term “pound” originates from the value of one pound Tower weight of high purity silver known as “sterling silver.” Sterling silver is an alloy of silver containing 92.5% pure silver and 7.5% other metals, usually copper. The word “sterling” is believed to come from the Old Norman French “esterlin” (meaning “little star”) transformed in “stiere” in Old English (strong, firm, immovable). (4) The currency sign is the pound sign, originally ₤ with two cross-bars, then later more commonly £ with a single cross-bar. The pound sign derives from the “£sd” pronounced, and sometimes written as “LSD.” The abbreviation comes from “librae, solidi, denarii” (libra was the basic Roman unit of weight; the solidus and denarius were Roman coins). “£sd” was the popular name for the pre-decimal currencies pounds, shillings, pence of the Britain and other countries. (5) The coins in circulation are 1 penny, 2 pence, 5 pence, 10 pence, 20 pence, 50 pence, 1 pound, and 2 pounds. (6) The notes (paper money) in circulation are £5, £10, £20, £50, and £100. (7) The Channel Islands and the Isle of Man have some different coins and notes from the mainland but the monetary system is the same. (8) When we write amounts of money in figures, the pound symbol “£” is always shown in front of the figures. For example: three hundred pounds → £300. (9) If an amount of money consists only of pence, we put the letter “p” after the figures. For example: we write 50p or £0.50 and say it “fifty pee” rather than “fifty pence.” The singular of pence is “penny.” (10) If an amount of money consists of both pounds and pence, we write the pound symbol and separate the pounds and the pence with a full stop. We do not write “p” after the pence. For example: six pounds fifty pence → £6.50. When saying aloud an amount of money that consists of pounds and pence, we do not usually say the word “pence.” For example: £6.50 → six pounds fifty. (11) Note also that we say 2 pounds, 5 pounds, 10 pounds, etc. for amounts of money and 2 pound coin, 5 pound note, 10 pound note, etc. for a piece of money (coins and notes). 3) What do the following words and expressions refer to: an alloy of silver and copper, the sign £ in front of the figures, the letter “p” after the figures, shilling. 6.6 AMERICAN MONEY 1) Recollect everything you know about American paper money (the name, the color, the sign, the pictures, the rate of exchange). 2) Have you ever seen American coins? Where? The United States dollar or the American dollar is the official currency of the United States of America. When in writing, the symbol for the American dollar is the dollar sign “$.” Dollars can also be known as USD (U.S. Dollar). Dollar bill has a picture of George Washington. There are also paper bills that are worth 1, 2, 5, 10, 20, 50, and 100 dollars. There are also the American one dollar coins. Some of them are silver and some of them are gold-colored. Vending machines often give dollar coins as change, since it is easier for the machines to give out coins than paper money. But most of the time people use paper dollars. There are 100 cents in one American dollar. The cent or “penny” is the smallest or least worth coin used in the U.S. There are half-dollar coins, which are worth 50 cents. Quarters are worth 25 cents, dimes are worth ten cents, nickels are worth five cents, and pennies are worth one cent. All coins and paper bills have the faces of famous Americans on the front side. The paper “dollar bill” is actually called a “Federal Reserve Note.” “Federal” refers to the U.S. government. The United States Constitution (the main laws in the country), first said that the government must hold enough gold to redeem (trade for) the paper money it printed. This means that, if needed, paper money could be traded to the government for gold. The government of the United States stopped using this “gold standard” in 1971, which means it no longer needs to have enough gold to trade for paper money. 3) Name the statements which are true: a) The dollar bill has a picture of George Washington. b) Vending machines always give dollar coins as change. c) All American dollar coins are gold-colored. d) Most of the time Americans use paper money. e) The 50 dollar bill has a picture of Queen Elizabeth II. f) The paper dollar bill is called a “Federal Reserve Note.” g) The American government doesn’t use the “gold standard” any longer. h) The coins are called a penny, a half-dollar coin, a quarter, a dime, a nickel. i) All coins and paper bills have the faces of famous Americans on the front side. 6.7 THE EURO 1) Before reading the text answer the questions: a) What is the European currency called? b) Do you happen to know when it was introduced? c) What color or colors are the banknotes? Have you ever seen any banknotes or coins of European currency? (1) The name “euro” was officially adopted on 16 December 1995. The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1. Euro coins and banknotes entered circulation on 1 January 2002. The plural forms are the same, “euro” and “cent,” because of different languages in the EU. The sign is €, the code is EUR. It is also legal to simply write “euro.” (2) There are 7 different euro banknotes: €5 (grey), €10 (red), €20 (blue), €50 (orange), €100 (green), €200 (yellow), €500 (purple). Each banknote is dedicated to an artistic period of European architecture. The front of the note features windows or gateways while the back has bridges. Some of the highest denominations such as the €500 are not issued in all countries, though they remain legal tender throughout the Eurozone. (3) The euro is divided into 100 cents. The coins are issued in €2, €1, 50c, 20c, 10c, 5c, 2c, and 1c denominations. In order to avoid the use of the two smallest coins, some cash transactions are rounded to the nearest five cents in the Netherlands (by voluntary agreement) and in Finland (by law). (4) All circulating coins have a common side showing the denomination or value, and a map in the background. For the denominations except the 1-, 2- and 5-cent coins that map only showed the 15 Member States which were members of the Eurozone when the euro was introduced. Beginning in 2007 the old map is being replaced by a map of Europe also showing countries outside the Union, like Norway. The 1-, 2- and 5-cent coins, however, keep their old design, showing a geographical map of Europe with the 15 Member States of 2002 raised somewhat above the rest of the map. The coins also have a national side showing an image specifically chosen by the country that issued the coin. Euro coins from any Member State may be freely used in any nation which has adopted the euro. (5) Commemorative coins with €2 face value have been issued with changes to the design of the national side of the coin. These include both commonly issued coins, such as the €2 commemorative coin for the fiftieth anniversary of the signing of the Treaty of Rome, and nationally issued coins, such as the coin to commemorate the 2004 Summer Olympics issued by Greece. These coins are legal tender throughout the Eurozone. Collector’s coins with various other denominations have been issued as well, but these are not intended for general circulation, and they are legal tender only in the Member State that issued them. (6) The euro is managed and administered by the Frankfurt-based European Central Bank (ECB) and the Eurosystem (composed of the central banks of the Eurozone countries). As an independent central bank, the ECB has sole authority to set monetary policy. The Eurosystem participates in the printing, minting and distribution of notes and coins in all Member States, and the operation of the Eurozone payment systems. (7) The euro is the second largest reserve currency and the second most traded currency in the world after the U.S. dollar. (8) The euro is the sole currency of 16 of the 27 EU Member States as of 2010: Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. These countries comprise the “Eurozone” or “Euro Area.” Outside the EU, the euro is also the sole currency of Montenegro and Kosovo and several European micro states (Andorra, Monaco, San Marino and Vatican City) as well as in three overseas territories of EU states that are not themselves part of the EU (Mayotte, Saint Pierre and Miquelon and Akrotiri and Dhekelia). (9) Outside the Eurozone, a total of 23 countries and territories which do not belong to the EU have currencies that are directly pegged to the euro. Pegging a country’s currency to a major currency is regarded as a safety measure, especially for currencies of areas with weak economies. The euro is seen as a stable currency; it prevents runaway inflation and encourages foreign investment due to its stability. 2) Find the information on these points in the text: a) the countries that have the euro as the sole currency as of 2010, b) the organizations that manage and administer the euro, c) the number of countries that are pegged to the euro outside the Eurozone, d) the date of introduction of the term euro, e) the beginning of the euro circulation, f) commemorative coins that have legal tender throughout Eurozone, g) the denominations of the euro banknotes, h) the denominations of the euro coins. 3) Point out the problems that are discussed in this text: the term “euro,” the structure of the euro, the look of the banknotes and coins, comparison with the American dollar, commemorative coins, the names of the famous euro coin collectors, organizations managing and administering the euro, the countries of the euro sole currency, Russia’s plans to peg its currency to the euro, the outside Eurozone countries directly pegged to the euro currency. 6.8 MONEY COLLECTING 1) Do you know any collectors of interesting or valuable objects such as works of art, stamps, clothes, or other things, books, banknotes or coins and so on? Are you a collector yourself? Why do you think people are going in for collecting things? 2) Read the heading, look through the text and say what the article is about. Numismatics is the scientific study of currency and different payment media used to resolve debts and the exchange of goods. So, numismatists are students or collectors of coins. Exonumia is the study of coin-like objects such as tokens, coins and medals, and other items used in place of legal currency or for commemoration. This includes elongated coins, encased coins, souvenir medallions, tags, badges, wooden nickels, credit cards, and other similar items. Many coin collectors are also exonumists. Notaphily is the study of paper money or banknotes. It is believed that people have been collecting paper money for as long as it has been in use. However, people only started collecting paper money systematically in Germany in the 1920s, particularly the colourful “Serienscheine Notgeld” (Series Notes). The turning point occurred in the 1970s, when notaphily was established as a separate area by collectors. At the same time, some developed countries such as the USA, Germany and France began publishing their respective national catalogues of paper money. Scripophily is the study and collection of stocks and bonds. It is an interesting area of collecting due to both the inherent beauty of some historical documents as well as an interesting historical context of each document. Some stock certificates are excellent examples of engraving. Occasionally, an old stock document can still have value as a stock in a successor company. 3) Say if these questions are covered in the text: a) the study and collection of stocks and bonds, |