What is "money changer"

Money \Mon"ey\, n.; pl. Moneys. [OE. moneie, OF. moneie, F. monnaie, fr. L. moneta. See Mint place where coin is made, Mind, and cf. Moidore, Monetary.]

1. A piece of metal, as gold, silver, copper, etc., coined, or stamped, and issued by the sovereign authority as a medium of exchange in financial transactions between citizens and with government; also, any number of such pieces; coin.

   To prevent such abuses, . . . it has been found necessary . . . to affix a public stamp upon certain quantities of such particular metals, as were in those countries commonly made use of to purchase goods. Hence the origin of coined money, and of those public offices called mints.
   --A. Smith.

2. Any written or stamped promise, certificate, or order, as a government note, a bank note, a certificate of deposit, etc., which is payable in standard coined money and is lawfully current in lieu of it; in a comprehensive sense, any currency usually and lawfully employed in buying and selling.

3. Any article used as a medium of payment in financial transactions, such as checks drawn on checking accounts.

4. (Economics) Any form of wealth which affects a person's propensity to spend, such as checking accounts or time deposits in banks, credit accounts, letters of credit, etc. Various aggregates of money in different forms are given different names, such as M-1, the total sum of all currency in circulation plus all money in demand deposit accounts (checking accounts). Note: Whatever, among barbarous nations, is used as a medium of effecting exchanges of property, and in the terms of which values are reckoned, as sheep, wampum, copper rings, quills of salt or of gold dust, shovel blades, etc., is, in common language, called their money. 4. In general, wealth; property; as, he has much money in land, or in stocks; to make, or lose, money. The love of money is a root of all kinds of evil. --1 Tim vi. 10 (Rev. Ver. ). Money bill (Legislation), a bill for raising revenue. Money broker, a broker who deals in different kinds of money; one who buys and sells bills of exchange; -- called also money changer. Money cowrie (Zo["o]l.), any one of several species of Cypr[ae]a (esp. Cypr[ae]a moneta) formerly much used as money by savage tribes. See Cowrie. Money of account, a denomination of value used in keeping accounts, for which there may, or may not, be an equivalent coin; e. g., the mill is a money of account in the United States, but not a coin. Money order,

   1. an order for the payment of money; specifically, a government order for the payment of money, issued at one post office as payable at another; -- called also postal money order.

   2. a similar order issued by a bank or other financial institution.

      Money scrivener, a person who procures the loan of money to others. [Eng.]

      Money spider, Money spinner (Zo["o]l.), a small spider; -- so called as being popularly supposed to indicate that the person upon whom it crawls will be fortunate in money matters.

      Money's worth, a fair or full equivalent for the money which is paid.

      A piece of money, a single coin.

      Ready money, money held ready for payment, or actually paid, at the time of a transaction; cash.

      plastic money, credit cards, usually made out of plastic; also called plastic; as, put it on the plastic.

      To make money, to gain or acquire money or property; to make a profit in dealings.

alt. A person who will exchange currency of one type for another for a fee or percentage. n. A person who will exchange currency of one type for another for a fee or percentage.

n. one whose business is to exchange the money of one country for that of another country [syn: exchanger]

A money changer is a person or organisation whose business is the exchange of coins or currency of one country, for that of another. This trade is generally thought to be the origin of modern banking in Europe.

The advent of paper money in the mid-17th century and the development of modern banking and floating exchange rates in the 20th century allowed a foreign exchange market to develop. This provided a way for banks and other specialist financial companies such as bureaux de change and forex brokers to easily change one country's money for another, and with the added confidence of transparency.

The 20th century also saw the development of machines that would change money, such as coin dispensers and change machines.