A Guide to Currency Country Codes and Symbols (with World Currency Map)

In today’s globalised world, understanding world currencies is important for businesses, investors and individuals alike. From the US Dollar to the Japanese Yen, each currency is measured against a base currency to understand its value and relation in the global economy, playing a role in international trade, economic policies and financial markets.

A country with a weaker currency may have an advantage in exporting goods as they become cheaper for other countries to purchase. On the other hand, a stronger currency may make importing goods more affordable for the country's citizens. This is known as the exchange rate, which is used to determine the value of one currency against another.

But with over 180 currencies in the world, keeping track of each one and their symbols can be overwhelming. Which is why we wrote this article and created an interactive world currency map to help you find the information you need.

In this guide to world currencies, you will see:

Overview of world currencies and their impact on the global economy

Comprehensive list of currency country codes, symbols, and coin names

Interactive map to visualize currency usage across the globe

The world of currencies is more complex than you think. There are 180 currencies that are recognised as legal tender in various states and territories around the world. This includes currencies of UN member states, partially recognised states and even some dependencies.

But not all of these currencies operate independently. Many smaller economies choose to tie their currency to the US Dollar or Euro or a basket of currencies. When we exclude these pegged currencies, the number of truly independent currencies is around 130.

The below world map can be used to visualize and compare currencies across different countries, providing an interactive graphical representation.

This diversity of currencies reflects the complexity of global economics and politics. Each currency is a different economic story, influenced by things like natural resources, political stability, trade relationships and monetary policy.

Currencies can be broadly divided into three main categories: fiat currencies, commodity currencies and digital currencies. Each type has its own characteristics and plays a different role in the global financial system.

Fiat Currencies

Fiat money is government issued currency that is not backed by a physical commodity like gold or silver. Instead, it’s backed by the full faith and credit of the issuing government. Most modern currencies including major ones like the US Dollar, Euro and Japanese Yen are fiat currencies.

Key features of fiat money:

Issued and regulated by central banks or governments

Value derived from supply and demand and the stability of the issuing government

Not convertible to a fixed amount of a physical commodity

Allows for flexible monetary policy

The strength of fiat currencies lies in their stability and the economic power of the issuing country. But they are also vulnerable to inflation if not managed properly.

Commodity Currencies

While the gold standard is mostly a thing of the past, the term “commodity currency” is still relevant today. In modern usage, commodity currencies refer to currencies of countries that are heavily dependent on the export of certain raw materials. Their value often moves in line with the price of those commodities. Examples:

Australian Dollar (gold and iron ore prices)

Canadian Dollar (oil prices)

Norwegian Krone (oil prices)

These currencies, while fiat, have unique characteristics in the forex market due to their close tie to commodity prices.

Digital Currencies

Digital currencies are a relatively new addition to the currency landscape. They exist only in electronic form and can be further divided into three categories:

Cryptocurrencies: Decentralised digital currencies that use cryptography for security, like Bitcoin and Ethereum.

Virtual Currencies: Digital representations of value used within specific virtual communities or games.

Central Bank Digital Currencies (CBDCs): Digital versions of fiat currencies issued by central banks.

Digital currencies, especially cryptocurrencies, have gotten a lot of attention because of their potential to disrupt traditional financial systems. But they also have challenges with regulation, volatility and widespread adoption.

Base Currency vs. Quote Currency

In foreign exchange trading, world currencies are always traded in pairs. The first currency listed in a pair is known as the base currency while the second one is called the quote currency. For example, in the pair USD/JPY, the US Dollar is the base currency and the Japanese Yen is the quote currency.

The value of a currency is determined by its supply and demand relative to other currencies in the market. A strong economy with stable political conditions will often result in a stronger currency, while an unstable economy or political turmoil can cause a country's currency to weaken.

To facilitate international trade and financial transactions, currencies need standardized identifiers. That’s where currency codes and symbols come in.

ISO 4217 Currency Codes

The International Organization for Standardization (ISO) has developed a system of three-letter codes to represent currencies. These codes are known as ISO 4217 and are widely used in banking, business and international commerce. Some examples:

USD for United States Dollar

EUR for Euro

GBP for British Pound Sterling

JPY for Japanese Yen

CHF for Swiss Franc

Currency Symbols

Currency symbols are graphic representations of currencies, often used in price tags, financial documents and everyday transactions. Some common currency symbols are:

$ for US Dollar (also used for many other dollar-based currencies)

€ for Euro

£ for British Pound Sterling

¥ for Japanese Yen and Chinese Yuan

₹ for Indian Rupee

Knowing these codes and symbols is important for anyone involved in international trade or finance as they provide a quick and clear way to identify currencies.

In the complex landscape of global finance, certain currencies stand out for their influence and stability.

Most Traded Currencies

In the global financial system, a few currencies are used for most international transactions. According to recent SWIFT payment data (Statista), the most traded currencies are:

Euro (EUR)

U.S. Dollar (USD)

British Pound Sterling (GBP)

Japanese Yen (JPY)

Canadian Dollar (CAD)

The European Union plays a crucial role in determining the strength and exchange rates of the Euro relative to other major currencies, including the U.S. Dollar.

The U.S. Dollar and Euro account for more than 70% of SWIFT payments worldwide. These currencies are key to international trade, foreign exchange markets and global financial stability.

Strongest

Currency strength is usually measured by its purchasing power and exchange rate against other currencies. As of 2024 some of the strongest currencies are:

Kuwaiti Dinar (KWD)

Bahraini Dinar (BHD)

Omani Rial (OMR)

Jordanian Dinar (JOD)

British Pound Sterling (GBP) from Great Britain

Cayman Islands Dollar (KYD)

Swiss Franc (CHF)

Euro (EUR)

The strength of these currencies is due to factors such as economic stability, low inflation, political stability and strong export sectors or natural resource wealth.

Currencies in Trouble

While some currencies are stable and strong, others are in trouble. Here are a few examples:

Venezuelan Bolivar (VES): Severe hyperinflation

Lebanese Pound (LBP): Devalued due to economic crisis

Turkish Lira (TRY): High inflation and currency depreciation

Argentine Peso (ARS): Ongoing inflation and economic instability

These examples show how important good economic management and stable political environments are to currency stability.

The world of currency is changing fast, driven by technology, shifting global economics and evolving financial needs. As we move towards a more digital and interconnected world, the role of traditional currencies is being challenged.

Digital Currencies and Cryptocurrencies

Cryptocurrencies like Bitcoin and Ethereum have moved from being niche investments to mainstream financial instruments. Despite the volatility and regulatory uncertainty, their impact is growing. Big companies are adding Bitcoin to their balance sheets and the rise of DeFi applications means cryptocurrencies will play a bigger role in future finance.

Central Bank Digital Currencies (CBDCs) are also on the move. China’s digital yuan is leading the way, the European Central Bank and Federal Reserve are exploring their own options. CBDCs could improve payment efficiency, increase financial inclusion and provide new monetary policy tools. But they also raise big questions about privacy and financial stability.

Stablecoins, designed to maintain a stable value relative to a reference asset, are emerging as a bridge between traditional finance and cryptocurrencies. They could speed up and lower cross-border payments and remittances. But they are under regulatory scrutiny for reserve adequacy and potential impact on monetary policy.

Trends in Global Finance

Some countries are trying to reduce their dependence on the U.S. dollar for international trade and reserves. This “de-dollarization” is driven by a desire for more economic sovereignty and concerns about U.S. sanctions. While the dollar is still strong, this could lead to a more diversified currency system in the next few decades.

The diversity of world coins plays a significant role in global finance, showcasing the various coins in circulation across different countries. For additional insights on collectible world coins, you can refer to expert sources and galleries that emphasize this diversity.

Cross-border payment innovations are also happening. Projects like Inthanon-Lionrock between Thailand and Hong Kong are using blockchain to improve international payments. These innovations aim to reduce the cost and time of cross-border transactions.

Financial inclusion efforts are using new technology to bring banking to the unbanked. Mobile money and digital currencies could play a big role in this and bring millions of people into the formal financial system.

Soon we’ll see a more diverse ecosystem where traditional fiat currencies coexist with digital currencies and new forms of money. This will present opportunities and challenges for businesses, investors and policymakers. Stay informed to make good financial decisions in a complex global economy.