De Facto Currency
A de facto currency is a unit of money that is not legal tender in a country but is treated as such by most of the populace. The United States dollar and the European Union euro are the most common de facto currencies.
Read more about De Facto Currency: Euro, United States Dollar, Russian Ruble, South African Rand and Botswana Pula
Famous quotes containing the words facto and/or currency:
“I incline to think that the people will not now sustain the policy of upholding a State Government against a rival government, by the use of the forces of the United States. If this leads to the overthrow of the de jure government in a State, the de facto government must be recognized.”
—Rutherford Birchard Hayes (1822–1893)
“Both of us felt more anxiety about the South—about the colored people especially—than about anything else sinister in the result. My hope of a sound currency will somehow be realized; civil service reform will be delayed; but the great injury is in the South. There the Amendments will be nullified, disorder will continue, prosperity to both whites and colored people will be pushed off for years.”
—Rutherford Birchard Hayes (1822–1893)