Editing Coin of account

{{short description|Physically nonexistent money unit that is still used}}
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{{Unreferenced|date=December 2009}}
{{Context|date=March 2018}}
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A '''coin of account''' is a unit of [[money]] that does not exist as an actual [[coin]] (that is, a metal disk) but is used in figuring prices or other amounts of money.

==Examples==
===Mill===
The ''[[mill (currency)|mill]]'' (or sometimes, ''mil'') is a coin of account in the United States.  It is equal to one-tenth of a [[penny]], and so to one-thousandth of a dollar (= $0.001), whence the name, which means "thousandth." There was never such a coin [[mint (coin)|mint]]ed by the U.S. Federal government, though some states minted these coins well into the mid-1900s. Coins of account are used in accounting and for figuring [[tax]]es, usually either [[property tax]]es or [[sales tax]]es.

===Guinea===
From 1816 to the 1980s the [[Guinea (British coin)#Replacement by the pound|British Guinea]] was no longer used a coin but prices for luxury items and professional services were often quoted in guineas, on the understanding that a guinea was equal to 21 shillings.

==See also==
{{Portal|Money}}
* [[Unit of account]]
* [[Money]]
* [[Digital currency]]

==References==
{{reflist}}

[[Category:Money]]


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