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(one pound, nineteen shillings, and elevenpence three farthings) which is one farthing under £2. This is still seen today in gasoline (petrol) pricing ending in 9 ⁄ 10 of the local currency's smallest denomination; for example, in the US the price of a gallon of gasoline almost always ends at US$0.009 (e.g. US$3.599).
This created a new U.S. dollar that was backed by 1.50 grams (23.22 grains) of gold. However, the previous dollar had been represented by 1.60 g (24.75 grains) of gold. The result of this revaluation, which was the first devaluation of the U.S. dollar, was that the value in gold of the dollar was reduced by 6%.
The euro remains underweight as a reserve currency in advanced economies while overweight in emerging and developing economies: according to the International Monetary Fund [83] the total of euro held as a reserve in the world at the end of 2008 was equal to $1.1 trillion or €850 billion, with a share of 22% of all currency reserves in ...