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Part I The Concept of Money and Monetary Systems, 2 The Organization of the Monetary System

Charles Proctor, Dr Caroline Kleiner, Dr Florian Mohs

From: Mann on the Legal Aspect of Money (7th Edition)

Charles Proctor

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 26 January 2022

Subject(s):
Sterling — Revaluation and devaluation — Exchange Rates — International financial system — Exchange control — Monetary system — Liquidity — International Monetary Fund (IMF)
2.01 Chiefly in the course of the nineteenth century, almost all States enacted legislation with a view to organizing their respective currencies. This led to the creation of national monetary systems as they are familiar to the modern world. 2.02 In relation to the monetary system as a concept, the relevant laws all define the unit of account by reference to its name and any applicable subdivisions of the unit.1 In relation to physical money, the applicable national law will lay down rules on legal tender,2 the technical specifications for notes and coins...
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