TOPICS: Money of small value
The perception regarding what the money is varies from person to person. Some see it primarily as a commodity traded against other commodities, others as a promise, others as a government edict or a kind of ration coupon.
Economics categorizes money into three different things “a medium of exchange”, “a measure of value” and “a store of value”. Besides them, every single note and coin of the money carries particular traditional and cultural importance.
In fact, they are a cultural heritage of the country.
Nowadays, there is decreasing use of notes and coins worldwide through the increasing use of banking transactions. The decreasing use of notes and coins is increasing.
This is not bad but I think it has somehow made small coins and notes obsolete. The reasons may not only be the increasing use of the banking transactions but also the people have become addictive to it.
Every country’s currency has particular importance besides its monetary value. The various pictures and arts depicted in them reflect the tradition and cultural lifestyle of the country.
In this sense, they could also be taken as means to pass our cultural beliefs to future generation. But nowadays, the price hike in every commodity, people’s cryptic habit and some ways from our social habit have started to make our small money slowly disappear from the market.
The increasing price has made the purchasing power of small money less. Whenever the transaction of some little money comes, either the receiver or paying party dismisses it some way.
In the government offices of Nepal, they do not return small change or money of small value to you if you go there to pay for something.
These have just not decreased the value of small coins and notes, in fact; they have caused them to disappear from our money market. These cultural carriers should be preserved though their purchasing power has decreased.
We should make them alive by simply changing our general habit.Generally when we go together with our friends and families somewhere, to hotels, restaurants, or other places where we need to pay money, we have a habit of paying the money of big denomination, not the exact value, mixing notes of big denomination and small change.
This habit is very good as it has created the feeling of togetherness somehow in some way. But if we start our habit of paying separately, it will make use of small money as well.