Legal aspects of currency and money circulation

1 The legal aspects of currency and payment system Resume: The monetary law as a part of the financial law is concentrating mainly on institutions of currency, its emissions, payment systems and its security. Currency is a concrete monetary system in a concrete state, which is settled by legal acts of this state. The state authority specifies not only the nominal value of banknotes and coins, but also rules of their reproduction, rules of the exchange of damages banknotes for new ones, rules of their acceptance as a payment instruments, rules o payment systems etc. The monetary system in Czech Republic is compounded of banknotes in denomination of 50, 100, 200, 500, 1000, 2000, 5000 and coins in denomination of 1, 2, 5, 10, 20, 50. The currency named Czech koruna and it is divided into 100 hellers. The sole institution, which has a legal right to emit banknotes and coins, is the Czech National Bank by the Act no. 6/1993 Co. The CNB through its ordinances specifies the emission of a concrete banknote or coin, its size, design, weight... and beginning of validity (for example the Ordinance CNB no. 78/2009 Co. or Ordinance CNB no. 111/1993 Co.). To protect banknotes against a counterfeiting they are provided by security features as watermark, security threads, perforation, see-through mark, hologram, raised..