Sarafu ni za aina mbili: za chuma na za karatasi. Sarafu ya chuma hutengenezwa kutoka kwa metali kama dhahabu, fedha, shaba, risasi na nikeli. Sarafu za karatasi hutengenezwa kutoka kwa karatasi kama mbadala wa dhahabu au fedha, au zinaungwa mkono na dhahabu au fedha, au na zote mbili, iwe zinaungwa mkono kikamilifu au kwa sehemu. Au pia inaweza kuwa haina mbadala wala kuungwa mkono na yoyote kati ya hizo mbili.

Currencies are of two types, metallic and paper. Metallic currency is taken from metals like gold, silver, copper, lead and nickel. Paper currencies are taken from paper as a substitute for gold or silver, or backed by gold or silver or both whether backed in full or partially, or it can neither have a substitute nor be backed by either of them.

Dunia iliendelea kupitisha dhahabu na fedha kama msingi wa sarafu na fedha hadi kidogo kabla ya Vita vya Kwanza vya Dunia ilipoacha kuzitumia. Baada ya Vita vya Kwanza vya Dunia ilirudi kutumia dhahabu na fedha kwa kiasi, kisha ikaanza kupunguza matumizi hayo. Mwaka 1971, matumizi ya dhahabu na fedha yalifutwa kabisa pale Nixon, Rais wa Marekani, alipotangaza rasmi tarehe 15/7/71 kufutwa kwa mfumo wa Bretton Woods wa kuweka dola kwenye dhahabu na kuunganisha hizo mbili kwa bei isiyobadilika.

The world proceeded in adopting gold and silver as the basis of currency and money until little before World War I when it stopped dealing with them. After World War I it returned to using gold and silver partially then began to decrease this dealing. In 1971, dealing with gold and silver was abolished completely when Nixon, the American President, officially announced on 15/7/71 the abolition of the Bretton Woods system of covering dollars with gold and linking the two at a fixed price.

Mfumo wa sarafu ni msingi wa kanuni ambazo kwazo utengenezaji wa sarafu na usimamizi wake hufanywa katika Dola yoyote. Jukumu kuu la kila mfumo wa sarafu ni kubainisha kitengo kikuu cha sarafu ambacho thamani ya aina nyingine za sarafu huhusishwa nacho. Kwa mfano, ikiwa sarafu kuu pekee imewekewa kikomo cha thamani fulani ya dhahabu, kitengo hiki ndicho sarafu kuu ya mfumo huo. Jina la mfumo wa sarafu hutegemea kwa kawaida asili ya sarafu kuu inayoupitisha. Hivyo, ikiwa sarafu kuu ni dhahabu, mfumo huu huitwa kiwango cha dhahabu. Ikiwa sarafu kuu ni fedha, huitwa kiwango cha fedha. Ikiwa sarafu kuu inaundwa na vitengo viwili, dhahabu na fedha, huitwa kiwango cha bi-metali. Ikiwa thamani ya kitengo kikuu cha sarafu haihusiani kwa uwiano maalum na dhahabu wala fedha, huitwa kiwango cha sarafu ya lazima, iwe sarafu hiyo imetengenezwa kwa metali kama sarafu ya shaba au ni sarafu ya karatasi (noti za benki). Kiwango cha Metali Kiwango cha metali ni kiwango ambacho kitengo chake kikuu cha sarafu kinaundwa kwa metali. Kitengo kikuu cha sarafu kinaweza kuundwa kwa metali moja au kwa metali mbili.

The currency system is the host of principles upon whose basis manufacturing of currency and managing them are carried out in any State. The principal role for each currency system is to specify the principal currency unit to which relates the value of other types of currencies. So if, for example, the sole principal currency is limited to a specific value of gold, this unit is the principal currency for this system. The currency system’s name usually depends upon the nature of the principal currency that it adopts. So if the principal currency is gold this system is called the gold standard. If the principal currency is silver, it is called the silver standard. If the principal currency is composed of two units gold and silver it is called the bi-metallic standard. If the value of the principal currency unit is not linked in a fixed relationship with gold or silver, it is called a compulsory currency standard, whether it is taken from metals like copper currency or paper currency (bank notes). The Metallic Standard The metallic standard is the standard whose principal currency unit is composed of metals. Either the principal currency unit is composed of one metal or two metals.

Huu ni mfumo wa sarafu za chuma unaotegemea chuma kimoja, dhahabu au fedha. Mfumo huu unaweza kuonekana katika aina tatu, ambazo ni:

This is the metallic currency standard depending upon one metal, gold or silver. This standard could appear in three forms which are:

1. Kiwango cha sarafu ya dhahabu au fedha.

1. The gold or silver coinage standard.

2. Mabaki ya dhahabu au fedha ambayo ni sabaik.

2. The gold or silver ingots Sabaik standard.

3. Kiwango cha ubadilishaji wa sarafu ya dhahabu au fedha (Sarf).

3. The gold or silver currency exchange Sarf standard.

Kiwango hiki ni kile ambacho vipande vya sarafu ya dhahabu au fedha huzunguka kwa thamani au uzito maalum na uliowekwa, ambavyo ndivyo vyenyewe vinavyotumika kama chombo cha mzunguko. Pia, pamoja na vipande vya dhahabu au fedha, inaweza kuwepo karatasi kama mbadala wa dhahabu au fedha inayoiwakilisha kikamilifu, kiasi kwamba inaweza kubadilishwa wakati wowote bila vikwazo wala kizuizi chochote. Kiwango cha Baa za Dhahabu au Fedha Hiki ni kiwango ambacho vipande vya dhahabu au fedha huondolewa kwenye mzunguko. Serikali au benki kuu huhifadhi baa za dhahabu au fedha katika hazina zao, na hutoa sarafu ya karatasi kama mbadala wa dhahabu au fedha, ambayo huingizwa kwenye mzunguko na yenye uwezo wa kubadilishwa kwa dhahabu au fedha.

This is the standard in which gold or silver coin pieces circulate in a specific, established value or weight which is the circulating tool itself. There could also circulate, together with gold or silver pieces, paper as substitute for gold or silver representing it completely such that it can be exchanged at any time without any restriction or barrier. The Gold or Silver Ingot Standard This is the standard in which gold or silver pieces are withdrawn from circulation. The State or central banks preserve gold or silver ingots in their treasuries and issue paper currency as substitute for gold or silver which is submitted for circulation with the ability of being exchanged for gold or silver.

Lakini Dola inapounda kiwango hiki cha mapigo ya dhahabu (ingots), inapunguza uwezekano kamili wa kubadilisha dhahabu au fedha kwa sarafu ya lazima. Inaweka kikomo hiki ndani ya mipaka myembamba na kutengeneza mapigo ya sarafu kwa kiasi kikubwa ambapo si kila mtu anaweza kuyanunua, ili kuhifadhi akiba ya dhahabu au fedha, kuruhusu malipo yake endapo kutakuwa na upungufu katika mizani ya malipo, na kuzuia magendo yoyote ya dhahabu au fedha kwenda nje ya nchi. Hivyo, Dola inayopitisha kiwango hiki kama kiwango chake cha sarafu huunda aina ya usimamizi wa sarafu na udhibiti fulani juu ya mwenendo wa dhahabu au fedha.

However, when the State designs this ingot standard it limits the absolute potential for exchanging gold or silver with compulsory currency. It limits this to within narrow limits and designs coin ingots in large quantities such that not everyone can purchase them, in order to preserve the reserves of gold or silver, allowing payment of them in case of deficit in payments balance and to prevent any smuggling of gold or silver abroad. Thus a State that adopts this standard as its currency standard creates a type of currency supervision and some control over the movement of gold or silver.

Mfumo huu unatofautiana kwa kuwa kitengo cha sarafu kinachotumiwa na nchi hakifafanuliwi moja kwa moja kwa dhahabu au fedha. Badala yake, kinafafanuliwa kwa uhusiano na sarafu ya nchi nyingine ambayo imefungamanishwa na dhahabu au fedha, kama ilivyotokea wakati sarafu ya nchi tegemezi ilipounganishwa na sarafu ya nchi iliyokuwa ikiikalia, ambayo ilifuata kanuni ya dhahabu au fedha. Mfano wa hilo ni kwamba sarafu ya Syria na Lebanon iliunganishwa na sarafu ya Ufaransa wakati wa kipindi cha "Mamlaka", na sarafu ya Misri na Iraq iliunganishwa na sarafu ya Uingereza katika kipindi walipokuwa chini ya utawala wa Uingereza.

This system is distinct in that the currency unit adopted by the country is not directly defined according to gold or silver. Rather, it is defined in relation to the currency of another country that is linked to gold or silver like what occurred in linking the currency of a satellite country with the colonising state’s currency which followed the gold or silver principle. As an example to that is that Syrian and Lebanese currency were linked to French currency during the “Mandate” period, and Egyptian and Iraqi currency were linked to English currency during the period they were under British dominion.

Kiwango hiki ni kile ambacho sarafu yake kuu imeundwa na vitengo viwili, dhahabu na fedha. Ni lazima kiwango hiki kiweke uwiano maalum wa uzito na kipimo kati ya vitengo vya dhahabu na vitengo vya fedha, ili kimoja kiweze kupimwa dhidi ya kingine na thamani yake ya kubadilishana ijulikane. Katika mfumo huu, vipande vya sarafu ya dhahabu huzunguka pamoja na vipande vya sarafu ya fedha. Baadhi ya Nchi hufafanua kiwango maalum cha kisheria cha kubadilishana vitengo vya dhahabu na vitengo vya fedha, ili bei ya ubadilishaji wa sarafu kati yake iwe imewekwa.

This is the standard whose principal currency is composed of two units, gold and silver. It is inevitable for this standard to define a specific proportion in weight and measure between the gold and silver units, such that one can measure against the other and knows its exchange value it. In this system, gold unit pieces circulate together with silver unit pieces. Some States define a specific statutory range for exchanging gold units with silver units so that the currency exchange price is fixed between them.

Kupitisha kiwango cha dhahabu na fedha kunahitaji kubainisha vitengo vikuu vya sarafu vya dhahabu na fedha kwa thamani maalum na zisizobadilika, na kuwaruhusu watu kununua, kuuza, kuagiza na kusafirisha nje dhahabu na fedha bila vikwazo. Pia kunawawezesha kubadilisha sarafu zao kuwa dhahabu na fedha na kinyume chake, ili kurahisisha biashara ya nje na kuwaruhusu watu kubadilisha mabaa ya dhahabu na fedha kuwa sarafu na kinyume chake, kwa gharama ndogo inayotozwa na nyumba ya kutengeneza sarafu ya Dola.

Adopting the gold and silver standard requires defining the principal currency units of gold and silver in specific and fixed values and allowing people to buy, sell, import and export gold and silver without restriction. Also it enables them to change their currencies into gold and silver and vice versa, to facilitate foreign trade and allow people to change gold and silver ingots into coins and vice versa, for a simple cost taken by the coining house in the State.