[Crm-sig] 6.2.2's MonetaryAmount and Currency
sesuncedu at gmail.com
Wed Jan 4 22:52:35 EET 2017
On Jan 3, 2017 6:06 PM, "Robert Sanderson" <RSanderson at getty.edu> wrote:
All currency amounts have an absolute value that changes constantly due to
inflation and markets, and there’s no way to associate a date with the
amount instance to capture this.
The value of $1 (USD) is $1 (USD). The purchasing power may vary over
time, but nominal value remains the same.
If you have an account holding 2000 Brazilian Reals, this may have been
worth $1000 (USD) in 2014, but only be worth $500 (USD) in 2016; the value
in Reals is unchanged.
When redenomination of a currency occurs, a new ISO 4217 code is assigned.
As a thought experiment, if the unit of an “inch” were to change
definition to be exactly 2.5 centimeters, then I believe from the
description of Dimension, that the lengths would remain the same in
absolute value, and we would need a new unit for “new inches”.
Strangely enough, the length of an inch has changed in the past.
"In 1959, the International yard and pound
<http:///wiki/International_yard_and_pound> agreement defined the
international yard as 0.9144 metres,
the imperial and US yards were redefined accordingly.
This resulted in the internationally accepted length of the imperial and US
customary inch being exactly 25.4 millimetres. The international inch is
1.7 millionths of an inch longer than the old imperial inch, and 2
millionths of an inch shorter than the old US inch." (Wikipedia: Inch)
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