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The penny or cent remains a unit of account despite being eliminated in Canada and approaching uselessness in other Western Nations such as the U.S. and U.K. For financial transactions the basis point, a mere 1/100th of a cent, remains the most common unit in which prices and interest rates are denominated. Basis points (BPS) refers to a common unit of ...


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While in this case plenty of sesterces were actually coined, in general you might ask why the Carolingian Empire (and most of Europe for several more centuries) used librae in its accounts or why tribute to Athens was stated in talents, neither of which was ever coined. Uncoined units of account are a convenience that avoids the need of coins for monetary ...


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