[Crm-sig] 6.2.2's MonetaryAmount and Currency

martin martin at ics.forth.gr
Fri Jan 6 16:24:05 EET 2017

Dear Simon,

Just a few details to add:

On 4/1/2017 10:52 μμ, Simon Spero wrote:
> On Jan 3, 2017 6:06 PM, "Robert Sanderson" <RSanderson at getty.edu 
> <mailto: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.
Actually, conversion rates may change in seconds, once they are traded.
> When redenomination of a currency occurs, a new ISO 4217 code is 
> assigned.
That solves an ambiguity!
>      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 0.9144metres, and 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)
Great! Once we have a date for any Dimension association, even that does 
not cause any ambiguity.

I'd like to add, that all physics units are redefined relative to their 
empirical base definition as precision of instruments increase. This 
pertains also to absolute time.


> Simon
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