Portal:Numismatics

The Numismatics Portal

Numismatics is the study or collection of currency, including coins, tokens, paper money, medals, and related objects.

Specialists, known as numismatists, are often characterized as students or collectors of coins, but the discipline also includes the broader study of money and other means of payment used to resolve debts and exchange goods.

The earliest forms of money used by people are categorised by collectors as "odd and curious", but the use of other goods in barter exchange is excluded, even where used as a circulating currency (e.g., cigarettes or instant noodles in prison). As an example, the Kyrgyz people used horses as the principal currency unit, and gave small change in lambskins; the lambskins may be suitable for numismatic study, but the horses are not. Many objects have been used for centuries, such as cowry shells, precious metals, cocoa beans, large stones, and gems. (Full article...)

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Image 1

The Louisiana Purchase Exposition gold dollar is a commemorative coin issue dated 1903. Struck in two varieties, the coins were designed by United States Bureau of the Mint Chief Engraver Charles E. Barber. The pieces were issued to commemorate the Louisiana Purchase Exposition held in 1904 in St. Louis; one variety depicted former president Thomas Jefferson, and the other, the recently assassinated president William McKinley. Although not the first American commemorative coins, they were the first in gold.

Promoters of the Louisiana Purchase Exposition, originally scheduled to open in 1903, sought a commemorative coin for fundraising purposes. Congress authorized an issue in 1902, and exposition authorities, including numismatic promoter Farran Zerbe, sought to have the coin issued with two designs, to aid sales. The price for each variety was $3, the same cost whether sold as a coin, or mounted in jewelry or on a spoon. (Full article...)
Image 2

The Saint-Gaudens double eagle is a twenty-dollar gold coin, or double eagle, produced by the United States Mint from 1907 to 1933. The coin is named after its designer, the sculptor Augustus Saint-Gaudens, who designed the obverse and reverse. It is considered by many to be the most beautiful of U.S. coins.

In 1904, President Theodore Roosevelt sought to beautify American coinage, and proposed Saint-Gaudens as an artist capable of the task. Although the sculptor had poor experiences with the Mint and its chief engraver, Charles E. Barber, Saint-Gaudens accepted Roosevelt's call. The work was subject to considerable delays, due to Saint-Gaudens's declining health and difficulties because of the high relief of his design. Saint-Gaudens died in 1907, after designing the eagle and double eagle, but before the designs were finalized for production. (Full article...)
Image 3

American Arts Commemorative Series Medallions are a series of ten gold bullion medallions that were produced by the United States Mint from 1980 to 1984. They were sold to compete with the South African Krugerrand and other bullion coins.

The series was proposed by North Carolina Senator Jesse Helms after the United States Department of the Treasury began selling portions of the national stockpile of gold. Iowa Representative Jim Leach suggested that the medallions depict notable American artists. President Jimmy Carter signed the bill containing the authorizing legislation into law on November 10, 1978, despite objections from Treasury officials. (Full article...)
Image 4

The California Diamond Jubilee half dollar was a United States commemorative silver fifty-cent piece struck at the San Francisco Mint in 1925. It was issued to celebrate the 75th anniversary of California statehood.

The San Francisco Citizens' Committee wished to issue a commemorative coin as a fundraiser for a celebration of the statehood diamond jubilee. A California congressman attached authorization for it to another coinage bill, which was approved by Congress in early 1925. Designs by sculptor Jo Mora met a hostile reception at the Commission of Fine Arts, but the Citizens' Committee would not change them, and they were approved. The coin has been widely praised for its beauty in the years since. (Full article...)
Image 5

The Mercury dime is a ten-cent coin struck by the United States Mint from late 1916 to 1945. Designed by Adolph Weinman and also referred to as the Winged Liberty Head dime, it gained its common name because the obverse depiction of a young Liberty, identifiable by her winged Phrygian cap, was confused with the Roman god Mercury. Weinman is believed to have used Elsie Stevens, the wife of lawyer and poet Wallace Stevens, as a model. The coin's reverse depicts a fasces, symbolizing unity and strength, and an olive branch, signifying peace.

By 1916, the dime, quarter, and half dollar designed by Mint Chief Engraver Charles E. Barber had been struck for 25 years, and could be replaced by the Treasury, of which the Mint is a part, without Congressional authorization. Mint officials were under the misapprehension that the designs had to be changed, and held a competition among three sculptors, in which Barber, who had been in his position for 36 years, also took part. Weinman's designs for the dime and half dollar were selected. (Full article...)
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Oliver Christian Bosbyshell (January 3, 1839 – August 1, 1921) was Superintendent of the United States Mint at Philadelphia from 1889 to 1894. He claimed to have been the first Union soldier wounded by enemy action in the Civil War, stating that he received a bruise on the forehead from an object thrown by a Confederate sympathizer while his unit was marching through Baltimore in April 1861.

Bosbyshell was born in Mississippi of an old Philadelphia family, residing temporarily in the South, and raised in Schuylkill County, Pennsylvania. He enlisted in the Union cause on the outbreak of war. He served in the Union army during the American Civil War with the 25th Pennsylvania Volunteer Regiment for three months and then the 48th Pennsylvania Infantry for three years. He saw action in several key battles of the Eastern theater and was promoted to the rank of major. He led African American troops during the Battle of the Crater that suffered over 400 casualties. (Full article...)
Image 7

The Flying Eagle cent is a one-cent piece struck by the Mint of the United States as a pattern coin in 1856 and for circulation in 1857 and 1858. The coin was designed by Mint Chief Engraver James B. Longacre, with the eagle in flight based on the work of Longacre's predecessor, Christian Gobrecht.

By the early 1850s, the large cent (about the size of a half dollar) being issued by the Mint was becoming both unpopular in commerce and expensive to mint. After experimenting with various sizes and compositions, the Mint decided on an alloy of 88% copper and 12% nickel for a new, smaller cent. After the Mint produced patterns with an 1856 date and gave them to legislators and officials, Congress formally authorized the new piece in February 1857. (Full article...)
Image 8

The Cleveland Centennial half dollar is a commemorative United States half dollar struck at the Philadelphia Mint in 1936 and 1937, though all bear the earlier date. Sometimes known as the Cleveland Centennial Great Lakes Exposition half dollar, it was issued to mark the 100th anniversary of Cleveland, Ohio, as an incorporated city, and in commemoration of the Great Lakes Exposition, held in Cleveland in 1936.

In the mid-1930s, commemorative coins were increasing in value, and Cincinnati businessman Thomas G. Melish, a coin collector, lobbied Congress to authorize several new issues, of which he would be the sole distributor. He was successful with the Cincinnati Musical Center half dollar, from which he profited greatly, and with the Cleveland piece. Brenda Putnam designed the Cleveland coin, which was approved by the Commission of Fine Arts after suggestions by sculptor Lee Lawrie. (Full article...)
Image 9

The sovereign is a British gold coin with a nominal value of one pound sterling (£1) and contains 0.2354 troy ounces (113.0 gr; 7.32 g) of pure gold. Struck since 1817, it was originally a circulating coin that was accepted in Britain and elsewhere in the world; it is now a bullion coin and is sometimes mounted in jewellery. In addition, circulation strikes and proof examples are often collected for their numismatic value. In most recent years, it has borne the design of Saint George and the Dragon on the reverse; the initials (B P) of the designer, Benedetto Pistrucci, are visible to the right of the date.

The coin was named after the English gold sovereign, which was last minted about 1603, and originated as part of the Great Recoinage of 1816. Many in Parliament believed a one-pound coin should be issued rather than the 21-shilling guinea that was struck until that time. The Master of the Mint, William Wellesley Pole had Pistrucci design the new coin; his depiction was also used for other gold coins. Originally, the coin was unpopular because the public preferred the convenience of banknotes but paper currency of value £1 was soon limited by law. With that competition gone, the sovereign became a popular circulating coin, and was used in international trade and overseas, being trusted as a coin containing a known quantity of gold. (Full article...)
Image 10

The Peace dollar is a United States dollar coin minted for circulation from 1921 to 1928 and 1934 to 1935, and beginning again for collectors in 2021. Designed by Anthony de Francisci, the coin was the result of a competition to find designs emblematic of peace. Its obverse represents the head and neck of the Goddess of Liberty in profile, and the reverse depicts a bald eagle at rest clutching an olive branch, with the legend "Peace". It was the last circulating United States dollar coin to be struck in 90% silver.

With the passage of the Pittman Act in 1918, the United States Mint was required to strike millions of silver dollars and began in 1921, using the Morgan design. Many numismatists considered the Morgan dollar design outmoded and began to lobby the Mint to issue a coin that commemorated the peace following the end of World War I; although they failed to get Congress to pass a bill requiring the redesign, they were able to persuade government officials to take action. The Peace dollar was approved by Treasury Secretary Andrew Mellon in December 1921, completing the redesign of United States coinage that had begun in 1907. (Full article...)
Image 11

Mehl c. 1950

Benjamin Maximillian Mehl (November 5, 1884 – September 28, 1957), usually known as B. Max Mehl, was an American dealer in coins, selling them for over half a century. The most prominent dealer in the United States, through much of the first half of the 20th century, he is credited with helping to expand the appeal of coin collecting from a hobby for the wealthy to one enjoyed by many.

Mehl was born in Congress Poland, which was part of the Russian Empire. His family brought him to what is now Lithuania, and then to the United States, settling in Fort Worth, Texas, where he lived for almost all of his adult life. While still a teenager, he began to sell coins, which he had previously collected. Joining the American Numismatic Association (ANA) in 1903 at age 18, he quickly became a full-time coin dealer, and by 1910 was one of the most well-known in the country. (Full article...)
Image 12

The Liberty Head nickel, sometimes referred to as the V nickel because of its reverse (or tails) design, is an American five-cent piece. It was struck for circulation from 1883 until 1912, with at least five pieces being surreptitiously struck dated 1913. The obverse features a left-facing image of the goddess of Liberty.

The original copper–nickel five-cent piece, the Shield nickel, had longstanding production problems, and in the early 1880s, the United States Mint was looking to replace it. Mint Chief Engraver Charles Barber was instructed to prepare designs for proposed one-, three-, and five-cent pieces, which were to bear similar designs. Only the new five-cent piece was approved, and went into production in 1883. For almost thirty years large quantities of coin of this design were produced to meet commercial demand, especially as coin-operated machines became increasingly popular. (Full article...)
Image 13

The Standing Liberty quarter is a 25-cent coin that was struck by the United States Mint from 1916 to 1930. It succeeded the Barber quarter, which had been minted since 1892. Featuring the goddess of Liberty on one side and an eagle in flight on the other, the coin was designed by American sculptor Hermon Atkins MacNeil.

In 1915, Director of the Mint Robert W. Woolley began steps to replace the Barber dime, quarter, and half dollar, as he mistakenly believed that the law required new designs. MacNeil submitted a militaristic design that showed Liberty on guard against attacks. The Mint required modifications to the initial design, and MacNeil's revised version included dolphins to represent the oceans. In late 1916, Mint officials made major changes to the design without consulting MacNeil. The sculptor complained about the changes after receiving the new issue in January 1917. The Mint obtained special legislation to allow MacNeil to redesign the coin as he desired. One change made by the sculptor was the addition of a chain mail vest that covered Liberty's formerly bare breast. (Full article...)
Image 14

The Grant Memorial coinage are a gold dollar and silver half dollar struck by the United States Bureau of the Mint in 1922 in honor of the 100th anniversary of the birth of Ulysses S. Grant, a leading Union general during the American Civil War and later the 18th president of the United States. The two coins, identical in design and sculpted by Laura Gardin Fraser, portrayed Grant on the obverse and his birthplace in Ohio on the reverse.

The Ulysses S. Grant Centenary Memorial Association, also called the Grant Commission, wanted to sell 200,000 gold dollars to be able to finance multiple projects in the areas of Grant's birthplace and boyhood home. Congress authorized only 10,000 gold coins, but also authorized 250,000 half dollars. Hoping to boost sales, the Grant Commission asked for 5,000 of the gold dollars to bear a special mark, an incuse star; the Mint did the same for the half dollars as well, unasked for. (Full article...)
Image 15

Fractional currency, also referred to as shinplasters, was introduced by the United States federal government following the outbreak of the Civil War. These low-denomination banknotes of the United States dollar were in use between August 21, 1862, and February 15, 1876, and issued in denominations of 3, 5, 10, 15, 25, and 50 cents across five issuing periods. The complete type set below is part of the National Numismatic Collection, housed at the National Museum of American History, part of the Smithsonian Institution. (Full article...)

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The Egyptian pound (Arabic: جنيه مصرى [ɡeˈneː ˈmɑsˤri, ˈɡeni-]; abbreviations: £, E£, £E, LE, or EGP in Latin, and ج.م. in Arabic, ISO code: EGP) is the official currency of Egypt. It is divided into 100 piastres, (or qirsh, قرش [ʔerʃ]; plural قروش [ʔʊˈruːʃ]; abbreviation: PT, short for "piastre tarif")) and was historically divided into 1,000 milliemes (مليم [mælˈliːm]; French: millième, abbreviated to m or mill).

Since July 6, 2022, the 10- and 20-pound notes have been made out of polymer plastic paper. (Full article...)

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Credit: US Mint, User:Dbenbenn & Sniff

A stunning 2002 Lincoln cent proof with a mirror-like finish. Lincoln's profile is complemented by a frosty cameo finish.

Did you know...

...that with its two-dollar coin (reverse pictured), Newfoundland was the only British colony to issue circulating gold coinage?
...that Mount Burgess is nicknamed the Ten Dollar Mountain because it was featured on Canadian currency?
...that the American Buffalo gold bullion coin was the first .9999 fine 24-carat gold coin released by the United States Mint?
...that the Alabama centennial half dollar was the first commemorative coin minted with the image of a living individual?
...that Aksumite currency was the only native coinage to be issued in Africa without direct influence by an outside culture like Roman, Greek, etc...?

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The Aachen penny of Charlemagne, a Carolingian silver coin, was found on 22 February 2008 in the foundations of the Palatine Chapel in Aachen, during archaeological work in the northeastern bay of the hexadecagon. This is the first discovery of coinage from the time of Charlemagne at Aachen. (Full article...)

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Credit: commons:User:Red devil 666
Series of 1886 $1 silver certificates portraying Martha Washington, the only woman in United States history to be featured on its banknotes.

General images -

The following are images from various numismatics-related articles on Wikipedia.

Image 1Hoard of mostly Mauryan Empire coins, 3rd century BC (from Coin)
Image 2A 5 euro note that was repaired with plastic tape after being torn in half (from Banknote)
Image 3Obverse and reverse of an old American $100 note (1928) (from Banknote)
Image 4Name of currency units by country, in Portuguese (from Currency)
Image 5Cowry shells being used as money by an Arab trader (from Currency)
Image 6Shredded and briquetted US dollar notes from the Federal Reserve Bank of New York (approx. 1000 pieces, 1 kg) (from Banknote)
Image 7Posthumous Alexander the Great tetradrachm from Temnos, Aeolis. Dated 188–170 BC. Obverse: Alexander the Great as Herakles facing right wearing the nemean lionskin. Reverse: Zeus seated on throne to the left holding eagle in right hand and scepter in left; in left field PA monogram and angular sigma above grape vine arching over oinochoe; ALEXANDROU vertical in right field. Reference: Price 1678. (from Coin)
Image 8Chinese round coins, Eastern Zhou dynasty – Warring States Period, c. 300–220 BC. Four Hua (四化, 30mm, 6.94 g). Legend Yi Si Hua ([City of] Yi Four Hua). (from Coin)
Image 9Earliest banknote from China during the Song Dynasty which is known as "Jiaozi" (from History of money)
Image 10Fed Shreds as souvenir from the Federal Reserve Bank of San Francisco (from Banknote)
Image 11Roman aureus of Septimius Severus, c. 193–211 AD (from History of money)
Image 12Silver coin of the Maurya Empire, known as rūpyarūpa, with symbols of wheel and elephant. 3rd century BC (from History of money)
Image 13Genoese scudo, 1541 (from History of money)
Image 14Five million mark coin (Weimar Republic, 1923). Despite its high denomination, this coin's monetary value dropped to a tiny fraction of a US cent by the end of 1923, substantially less than the value of its metallic content. (from Coin)
Image 15Early punch-marked coins of Gandhara, Taxila-Gandhara region. (from Coin)
Image 16A silver coin made during the reign of the Mughal Emperor Alamgir II (1754–1759) (from Coin)
Image 17Genoese doppia, 1589 (from History of money)
Image 18Roman denarius of Julius Caesar, 44 BC (from History of money)
Image 19Greek drachm of Aegina. Obverse: Land turtle. Reverse: ΑΙΓ(INA) and dolphin (from History of money)
Image 20Coin of Alyattes of Lydia, c. 620/10–564/53 BC (from Coin)
Image 21Spade money from the Zhou dynasty, c. 650–400 BC (from History of money)
Image 22The Piloncitos are tiny engraved gold coins found in the Philippines, along with barter rings, which are gold ring-like ingots. These barter rings are bigger than softballs in size and are made of pure gold from the Archaic period (c. 10th to 16th century). (from Coin)
Image 23A 7th century one-third stater coin from Lydia, shown larger (from History of money)
Image 24Silver stater of Aegina, 550–530 BC. Obverse: sea turtle with large pellets down centre. Reverse: incuse square punch with eight sections. (from Coin)
Image 25A siglos found in the Kabul valley, 5th century BC. Coins of this type were also found in the Bhir Mound hoard. (from Coin)
Image 26An oxhide ingot from Crete. Late Bronze Age metal ingots were given standard shapes, such as the shape of an "ox-hide", suggesting that they represented standardized values. (from Coin)
Image 27The Achaemenid Empire satraps and dynasts in Asia Minor developed the usage of portraiture from c. 420 BC. Portrait of the satrap of Lydia, Tissaphernes (c. 445–395 BC). (from Coin)
Image 28Bimetallic Egyptian one pound coin featuring King Tutankhamen (from Coin)
Image 291884 United States trade dollar (from Coin)
Image 30French 1992 twenty Franc Tri-Metallic coin (from Coin)
Image 31Gandharan "bent-bar" punch-marked coin minted under Achaemenid administration, of the type found in large quantities in the Chaman Hazouri and the Bhir Mound hoards. (from Coin)
Image 32An American Silver Eagle minted in 2019 (left), an example of a Bullion coin. Its obverse design is based on the older, formerly circulating silver Walking Liberty half dollar (right). (from Coin)
Image 33Shredded and briquetted US dollar notes from the Federal Reserve Bank of New York (approx. 1000 pieces, 1 kg) (from Banknote)
Image 34Alexander the Great Tetradrachm from the Temnos Mint, c. 188–170 BC (from Coin)
Image 35Genoese 10 doppie, 1641 (from History of money)
Image 36Punch-marked coin minted in the Kabul Valley under Achaemenid administration, c. 500–380 BC, or c. 350 BC. (from Coin)
Image 37A Swiss ten-cent coin from 1879, similar to the oldest coins still in official use today (from Coin)
Image 38Shreds of unfit US dollar notes with a typical size of less than 1.5 mm × 16 mm (from Banknote)
Image 39Roman sestertius of Nero, c. 54–68 AD (from History of money)
Image 40Shredded and briquetted euro banknotes from the Deutsche Bundesbank, Germany (approx. 1 kg) (from Banknote)
Image 41A 2000 Romanian lei polymer banknote (from Banknote)
Image 42Many currencies, such as the Indonesian rupiah, vary the sizes of their banknotes by denomination. This is done so that they may be told apart through touch alone. (from Banknote)
Image 43Coins can be stacked. (from Coin)
Image 44Song dynasty Jiaozi, the world's earliest paper money (from Currency)
Image 45The French Indies Company issued rupees in the name of Muhammad Shah (1719–1748) for Northern India trade. This was cast in Pondicherry. (from History of money)
Image 46The world's oldest coin, created in the ancient Kingdom of Lydia (from Currency)
Image 47Timeline of monetary history (from History of money)
Image 48Holographic coin from Liberia features the Statue of Liberty (Liberty Enlightening the World) (from Coin)
Image 493 Rubles proof coin of Russia, minted in 2008 (from Coin)
Image 50Florentine florin, 1347 (from Coin)
Image 51Russian American Company-issued Alaskan parchment scrip (c. 1852) (from Banknote)
Image 52A $5 note issued by Citizens Bank of Louisiana in the 1850s. (from Banknote)
Image 53Collage for banknote design with annotations and additions to show proposed changes (figure rather higher so as to allow room for the No.), Bank of Manchester, UK, 1833. On display at the British Museum in London (from Banknote)
Image 54100 USD banknote (from History of money)
Image 55The earliest inscribed coinage: electrum coin of Phanes from Ephesus, 625–600 BC. Obverse: Stag grazing right, ΦΑΝΕΩΣ (retrograde). Reverse: Two incuse punches, each with raised intersecting lines. (from Coin)
Image 56Athenian coin (c. 500/490–485 BC) discovered in the Shaikhan Dehri hoard in Pushkalavati, Pakistan. This coin is the earliest known example of its type to be found so far east. (from Coin)

Numismatic terminology

Bullion – Precious metals (platinum, gold and silver) in the form of bars, ingots or plate.
Error – Usually a mis-made coin not intended for circulation, but can also refer to an engraving or die-cutting error not discovered until the coins are released to circulation. This may result is two or more varieties of the coin in the same year.
Exonumia – The study of coin-like objects such as token coins and medals, and other items used in place of legal currency or for commemoration.
Fineness – Purity of precious metal content expressed in terms of one thousand parts. 90% is expressed as .900 fine.
Notaphily – The study of paper money or banknotes.
Scripophily – The study and collection of stocks and Bonds.

More terminology

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Economics: Banking - Bonds - Cheques - Credit Cards - Fiat currency - Gold standard - Mints - Monetary union - Reserve currency - Stocks

Production: Coining (machining) - Designers - Die making - Mint (coin) • Coinage Metals: Aluminum - Bronze - Copper - Gold - Platinum - Silver - Tin

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Most traded currencies

Most traded currencies by value
Currency distribution of global foreign exchange market turnover^[1]
Currency	ISO 4217 code	Proportion of daily volume		Change (2022–2025)
Currency	ISO 4217 code	April 2022	April 2025	Change (2022–2025)
U.S. dollar	USD	88.4%	89.2%	0.8pp
Euro	EUR	30.6%	28.9%	1.7pp
Japanese yen	JPY	16.7%	16.8%	0.1pp
Pound sterling	GBP	12.9%	10.2%	2.7pp
Renminbi	CNY	7.0%	8.5%	1.5pp
Swiss franc	CHF	5.2%	6.4%	1.2pp
Australian dollar	AUD	6.4%	6.1%	0.3pp
Canadian dollar	CAD	6.2%	5.8%	0.4pp
Hong Kong dollar	HKD	2.6%	3.8%	1.2pp
Singapore dollar	SGD	2.4%	2.4%
Indian rupee	INR	1.6%	1.9%	0.3pp
South Korean won	KRW	1.8%	1.8%
Swedish krona	SEK	2.2%	1.6%	0.6pp
Mexican peso	MXN	1.5%	1.6%	0.1pp
New Zealand dollar	NZD	1.7%	1.5%	0.2pp
Norwegian krone	NOK	1.7%	1.3%	0.4pp
New Taiwan dollar	TWD	1.1%	1.2%	0.1pp
Brazilian real	BRL	0.9%	0.9%
South African rand	ZAR	1.0%	0.8%	0.2pp
Polish złoty	PLN	0.7%	0.8%	0.1pp
Danish krone	DKK	0.7%	0.7%
Indonesian rupiah	IDR	0.4%	0.7%	0.3pp
Turkish lira	TRY	0.4%	0.5%	0.1pp
Thai baht	THB	0.4%	0.5%	0.1pp
Israeli new shekel	ILS	0.4%	0.4%
Hungarian forint	HUF	0.3%	0.4%	0.1pp
Czech koruna	CZK	0.4%	0.4%
Chilean peso	CLP	0.3%	0.3%
Philippine peso	PHP	0.2%	0.2%
Colombian peso	COP	0.2%	0.2%
Malaysian ringgit	MYR	0.2%	0.2%
UAE dirham	AED	0.4%	0.1%	0.3pp
Saudi riyal	SAR	0.2%	0.1%	0.1pp
Romanian leu	RON	0.1%	0.1%
Peruvian sol	PEN	0.1%	0.1%
Other currencies		2.6%	3.4%	0.8pp
Total^[a]		200.0%	200.0%

References

^ Triennial Central Bank Survey Foreign exchange turnover in April 2025 (PDF) (Report). Bank for International Settlements. 30 September 2025. p. 14. Archived (PDF) from the original on 2025-10-12.

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^ The total sum is 200% because each currency trade is counted twice: once for the currency being bought and once for the currency being sold. The percentages above represent the proportion of all trades involving a given currency, regardless of which side of the transaction it is on.

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[1] Triennial Central Bank Survey Foreign exchange turnover in April 2025 (PDF) (Report). Bank for International Settlements. 30 September 2025. p. 14. Archived (PDF) from the original on 2025-10-12.

[2] The total sum is 200% because each currency trade is counted twice: once for the currency being bought and once for the currency being sold. The percentages above represent the proportion of all trades involving a given currency, regardless of which side of the transaction it is on.

[1]

[a]