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The History of Currency in 10 Different Countries

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8 years ago

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The History of Currency in 10 Different Countries

The History of Currency in 10 Different Countries

Even though there are short of 200 official fiat currencies today, throughout history there have been thousands of currencies that were once used for trade. The above infographic documents the history of currency in 10 different countries of significance.

There are some interesting lessons to be learned from this lengthy and often tumultuous history. For example, the Romans were really the first to debase their currency in a significant way, and many historians believe that this was a key factor in contributing to the downfall of the empire. Unfortunately, we have not learned from tragic events such as this (which helped cause the Dark Ages), and countless other currencies have also bit the dust since then.

One study of 775 fiat currencies found the average lifespan of a currency to be just 27 years. Here’s the breakdown:

  • 20% currencies failed through hyperinflation
  • 21% were destroyed through war
  • 12% were destroyed through independence
  • 24% were “monetarily reformed”
  • 23% are still in circulation

It seems like a foregone conclusion that some of the currencies listed in the above infographic may not exist in 10 years, or perhaps they get “monetarily reformed”. In any case, it’s worth noting that in today’s interconnected world, it may be easier to stave off the death of one currency through global intervention. However, systematically there is far greater risk. If one currency fails, the possibility also exists for many others to share the same fate through the domino effect.

Investors should study currency history, and as part of a smart portfolio they should protect their hard earned wealth and savings in a defensive fashion. Black swans do happen, and even the crisis in the tiny country of Cyprus had people reeling. The potential for something much bigger is inevitably a possibility – it is just a matter of when and how.

Original graphic from: ZH

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Mapped: Minimum Wage Around the World

This infographic shows the net minimum wage across 67 countries, as of January 2023. A breakdown by U.S. state is also included.

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1 week ago

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March 15, 2023

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Mapped: Minimum Wage Around the World

The purpose of a minimum wage is to establish a baseline income level for workers in a given jurisdiction. Ideally it’s enough to cover basic needs like food and housing, but this isn’t always a guarantee.

To see how the minimum wage differs around the world, we’ve visualized data from Picodi, which includes values for 67 countries as of January 2023.

Monthly Minimum Wage, by Country

The following table includes all of the data used in this infographic.

Each value represents the monthly minimum wage a full-time worker would receive in each country. Picodi states that these figures are net of taxes and have been converted to USD.

CountryIncrease compared to Jan 2022Minimum wage as of Jan 2023 (full-time, USD)
Cyprus104.5%$854
Argentina100.0%$336
Turkey32.5%$457
Moldova27.1%$180
Latvia25.8%$555
Malaysia24.6%$289
Pakistan24.5%$111
Romania21.9%$393
Germany21.2%$1,594
Belarus18.8%$189
Lithuania18.5%$646
North Macedonia17.4%$298
Mexico17.1%$315
Chile16.9%$369
Russia16.6%$224
Kazakhstan16.4%$131
Colombia16.0%$249
Hungary15.3%$383
Netherlands14.6%$1,895
Poland14.3%$584
Belgium14.3%$1,509
Serbia14.2%$347
Estonia14.2%$704
Azerbaijan13.3%$186
Albania12.9%$265
Slovenia12.6%$896
US12.0%$1,550
Croatia11.9%$571
Uzbekistan11.4%$72
Paraguay11.4%$323
Armenia10.3%$138
Peru10.0%$233
Bosnia and Herzegovina9.9%$324
Bulgaria9.3%$315
Luxembourg9.2%$2,140
Philippines9.0%$141
Uruguay8.9%$424
Brazil8.5%$232
India8.1%$95
Indonesia7.9%$173
Greece7.8%$626
Portugal7.3%$690
UK7.2%$1,705
Slovakia6.9%$572
South Africa6.6%$226
France6.6%$1,380
Czechia6.0%$643
Vietnam5.7%$162
Ecuador5.6%$407
New Zealand5.4%$1,866
Ireland5.1%$1,753
Canada5.0%$1,545
Thailand4.8%$195
Australia4.7%$2,022
South Korea4.6%$1,333
Taiwan4.0%$800
Bolivia3.9%$284
Guatemala3.6%$383
Malta3.1%$788
Ukraine0.0%$146
Israel0.0%$1,389
Puerto Rico0.0%$1,328
Hong Kong0.0%$959
Saudi Arabia0.0%$958
Spain0.0%$925
Montenegro0.0%$459
Nigeria0.0%$68

Generally speaking, developed countries have a higher cost of living, and thus require a higher minimum wage.

Two outliers in this dataset are Argentina and Turkey, which have increased their minimum wages by 100% or more from January 2022 levels.

Turkey is suffering from an ongoing currency crisis, with the lira losing over 40% of its value in 2021. Prices of basic goods have increased considerably as the Turkish lira continues to plummet. In fact, a 2022 survey found that 70% of people in Turkey were struggling to pay for food.

Argentina, South America’s second-biggest economy, is also suffering from very high inflation. In response, the country announced three minimum wage increases throughout 2022.

Minimum Wage in the U.S.

Within the U.S., minimum wage varies significantly by state. We’ve visualized each state’s basic minimum rate (hourly) using January 2023 data from the U.S. Department of Labor.

US minimum wage

2023-03-17 Update: This map was updated to fix several incorrect values. We apologize for any confusion this may have caused.

America’s federal minimum wage has remained unchanged since 2009 at $7.25 per hour.

Each state is allowed to set their own minimum wage, as long as it’s higher than the federal minimum. In states that do not set their own minimum, the federal minimum applies.

If we assume someone works 40 hours a week, the federal minimum wage of $7.25 translates to an annual figure of just $15,080 before taxes. California’s minimum wage of $15.50 translates to $32,240 before taxes.

For further perspective, check out our 2022 infographic on the salary needed to buy a home across 50 U.S. cities.

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