Are you wondering what is Swiss currency called? You’re in luck! This article will tell you all about the Swiss franc, the official currency of Switzerland. The Swiss franc has a long and interesting history, so keep reading and illuminations from Switzerland’s past!
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The Swiss Franc: Switzerland’s Official Currency
The Swiss franc has been the official currency of Switzerland since 1850, shortly after the founding of the Swiss Confederation. Prior to this time, several different currencies were used in Switzerland, including copper coins during the Middle Ages and the Spanish dollar from the 16th to the 19th century.
The Swiss franc is denoted by the ISO-4217 code CHF and often represented by the symbols Fr. or SFr., and it is subdivided into 100 centimes. In addition, the Swiss franc is the sixth-most-traded currency in the foreign exchange market, behind the American dollar, British pound, European Euro, Japanese yen, and Australian dollar.
The Swiss National Bank (SNB) issues all Swiss francs and is in charge of setting monetary policy, which ensures that the franc is kept stable. The Swiss franc is a gold standard currency. As a result, the franc is a safe haven currency that is very desirable by international traders and investors.
Swiss Francs in Everyday Life
Swiss francs are used as the primary currency in Switzerland, however, most retailers, especially in the tourist areas, will accept euros or U.S. dollars. The Swiss franc is also accepted in some of Switzerland’s neighboring countries, such as Liechtenstein andborder countries of Austria and Germany.
For travelers, it’s good to know that coins are preferred over bills when making smaller payments as many Swiss shops and restaurants won’t accept bills. There are 8 coins of denominations ranging from 5 rappen (the smallest) to 5 francs (the largest). While bills come in denominations of 10, 20, 50 and 100 francs.
Funny Facts about Swiss Currency
Swiss currency is known for its unique design, featuring a variety of animals, plants and scenery which depicts the beauty of Swiss landscapes. One of the most recognizable is the Löwenzahn, which is a bright yellow daisy. Best of all, it’s rumored that if you eat the petals, you’ll be granted good luck!
And if that wasn’t fun enough, the Swiss franc has something even crazier to offer. In 2003, the Swiss franc had an incredible update! It was replaced with a chocolate coin that was made of white chocolate billets with a milk chocolate center. Now that’s something sweet!
Another important thing to note about the Swiss franc is that, while it is quite stable, it can also be extremely expensive to exchange. That said, it’s best to think ahead and try to exchange your money with a reputable exchange service before travelling to Switzerland.
As you can see, the Swiss franc has a long and interesting history and is a great currency to keep track of. It’s a great way to appreciate Swiss culture with its unique designs and offers a great way to introduce yourself to the beauty that Switzerland has to offer!