Interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum. It is distinct from a fee which the borrower may pay the lender or some third party, in the case of savings, the customer is the lender, and the bank plays the role of the borrower. Interest differs from profit, in that interest is received by a lender, whereas profit is received by the owner of an asset, the rate of interest is equal to the interest amount paid or received over a particular period divided by the principal sum borrowed or lent. Compound interest means that interest is earned on prior interest in addition to the principal, due to compounding, the total amount of debt grows exponentially, and its mathematical study led to the discovery of the number e. In practice, interest is most often calculated on a daily, monthly, or yearly basis, according to historian Paul Johnson, the lending of food money was commonplace in Middle Eastern civilizations as early as 5000 BC.
The argument that acquired seeds and animals could reproduce themselves was used to justify interest, early Muslims called this riba, translated today as the charging of interest. The First Council of Nicaea, in 325, forbade clergy from engaging in usury which was defined as lending on interest above 1 percent per month, ninth century ecumenical councils applied this regulation to the laity. Catholic Church opposition to interest hardened in the era of scholastics, in the medieval economy, loans were entirely a consequence of necessity and, under those conditions, it was considered morally reproachable to charge interest. For the same reason, interest has often been looked down upon in Islamic civilization, medieval jurists developed several financial instruments to encourage responsible lending and circumvent prohibitions on usury, such as the Contractum trinius. In the Renaissance era, greater mobility of people facilitated an increase in commerce, given that borrowed money was no longer strictly for consumption but for production as well, interest was no longer viewed in the same manner.
The first attempt to control interest rates through manipulation of the supply was made by the Banque de France in 1847. The latter half of the 20th century saw the rise of interest-free Islamic banking and finance, a movement that applies Islamic law to financial institutions, some countries, including Iran and Pakistan, have taken steps to eradicate interest from their financial systems. All financial transactions must be asset-backed and it does not charge any interest or fee for the service of lending, in economics, the rate of interest is the price of credit, and it plays the role of the cost of capital. Over centuries, various schools of thought have developed explanations of interest and interest rates, the School of Salamanca justified paying interest in terms of the benefit to the borrower, and interest received by the lender in terms of a premium for the risk of default. In the sixteenth century, Martín de Azpilcueta applied a time preference argument, interest is compensation for the time the lender forgoes the benefit of spending the money.
On the question of why interest rates are normally greater than zero, in 1770, French economist Anne-Robert-Jacques Turgot, for the land value to remain positive and finite keeps the interest rate above zero. Adam Smith, Carl Menger, and Frédéric Bastiat propounded theories of interest rates, in the 1930s, Wicksells approach was refined by Bertil Ohlin and Dennis Robertson and became known as the loanable funds theory. Other notable interest rate theories of the period are those of Irving Fisher, simple interest is calculated only on the principal amount, or on that portion of the principal amount that remains
In God We Trust
In God We Trust is the official motto of the United States. In God We Trust first appeared on U. S. coins in 1864 and has appeared on paper currency since 1957. A law passed in a Joint Resolution by the 84th Congress and this phrase was first used on paper money in 1957, when it appeared on the one-dollar silver certificate. The first paper currency bearing the phrase entered circulation on October 1,1957, the 84th Congress passed legislation, signed by President Eisenhower on July 30,1956, declaring the phrase to be the national motto. It is the motto of the U. S. state of Florida and its Spanish equivalent, En Dios Confiamos, is the motto of the Republic of Nicaragua. The phrase appears to have originated in The Star-Spangled Banner, written by Francis Scott Key during the War of 1812, the fourth stanza includes the phrase, And this be our motto, In God is our Trust. This version of the made a early appearance on the twenty dollar interest bearing notes issued in 1864 along with the motto God.
At least part of the motivation was to declare that God was on the Union side of the Civil War, chase chose his favorite designs and presented a proposal to Congress for the new designs in late 1863. This meant that the mint could make no changes without the enactment of legislation by the Congress. Such legislation was introduced and passed on April 22,1864, an Act of Congress passed on March 3,1865, allowed the Mint Director, with the Secretarys approval, to place the motto on all gold and silver coins that shall admit the inscription thereon. In 1873, Congress passed the Coinage Act, granting that the Secretary of the Treasury may cause the motto IN GOD WE TRUST to be inscribed on coins as shall admit of such motto. The use of In God We Trust has been interrupted, the motto disappeared from the five-cent coin in 1883, and did not reappear until production of the Jefferson nickel began in 1938. However, at least two other coins minted in every year in the interim still bore the motto, including the Morgan dollar, in 1908, Congress made it mandatory that the phrase be printed on all coins upon which it had previously appeared.
This decision was motivated after an outcry following the release of a $20 coin which did not bear the motto. The motto has been in use on the one-cent coin since 1909. It has appeared on all coins and silver dollar coins, half-dollar coins. Since 1938, all US coins have borne the motto, during the Cold War era, the government of the United States sought to distinguish itself from the Soviet Union, which promoted state atheism and thus implemented antireligious legislation. The 84th Congress passed a joint resolution declaring IN GOD WE TRUST the national motto of the United States, the law was signed by President Eisenhower on July 30,1956
The three-dollar piece was a gold coin produced by the United States Bureau of the Mint from 1854 to 1889. Authorized by the Act of February 21,1853, the coin was designed by Mint Chief Engraver James B, the obverse bears a representation of Lady Liberty wearing a headdress of a Native American princess and the reverse a wreath of corn, wheat and tobacco. In 1851, Congress had authorized a silver three-cent piece so that postage stamps of value could be purchased without using the widely disliked copper cents. Two years later, a bill was passed which authorized a three-dollar coin, by some accounts, the coin was created so larger quantities of stamps could be purchased. Longacre, in designing the piece, sought to make it as different as possible from the eagle or $2.50 piece, striking it on a thinner planchet. Although over 100,000 were struck in the first year, the piece was last struck in 1889, and Congress ended the series the following year. Although many dates were struck in numbers, the rarest was produced at the San Francisco Mint in 1870.
In 1832, New York Congressman Campbell P, although Congress, in passing the Coinage Act of 1834, made adjustments to the ratio between gold and silver, it did not authorize a $3 coin at that time. The Act of March 3,1845 authorized the first United States postage stamps, in the years following, this rate was seen as too high and an impediment to commerce. Accordingly, Congress on March 3,1851 authorized both a three-cent stamp and a three-cent silver coin. According to numismatic historian Walter Breen, the purpose of the new 3¢ piece would be to buy postage stamps without using the unpopular, heavy. By 1853, silver was overvalued with respect to gold and this was due to large discoveries of gold, especially in California, and silver was heavily exported. To correct this situation, Secretary of the Treasury Thomas Corwin advocated reducing the content of most silver coins to prevent their export. Nevertheless, Congress passed the bill, which law on February 21,1853. That bill authorized a gold coin, according to numismatic writer Don Taxay.
In 1889, then-Mint Director James P. Kimball wrote that it is supposed that the piece was designed to be a multiple of the three-cent piece. David Bowers notes that whether or not the $3 denomination was actually necessary or worthwhile has been a matter of debate among numismatists for well over a century. Much of what is known of the process for the three-dollar piece is from an August 21,1858, letter from the Mints chief engraver
Twenty-cent piece (United States coin)
The American twenty-cent piece is a coin struck from 1875 to 1878, but only for collectors in the final two years. Proposed by Nevada Senator John P. Jones, it proved a failure due to confusion with the quarter, in 1874, the newly elected Jones began pressing for a twenty-cent piece, which he stated would alleviate the shortage of small change in the far West. The bill passed Congress, and mint director Henry Linderman ordered pattern coins struck, Linderman eventually decided on an obverse and reverse similar to that of other silver coins. Although the coins have an edge, rather than reeded as with other silver coins, the new piece was close to the size of, and immediately confused with. Adding to the bewilderment, the obverse, or heads, sides of coins were almost identical. After the first year, in which over a million were minted, there was demand. At least a third of the mintage was melted by the government. Numismatist Mark Benvenuto called the twenty-cent piece a chapter of U. S. coinage history that closed almost before it began, a twenty-cent piece had been proposed as early as 1791, and again in 1806, but had been rejected.
The 1806 bill, introduced by Connecticut Senator Uriah Tracy, sought both a two-cent piece and a double dime, the bill passed the Senate twice, in 1806 and 1807, but did not pass the House of Representatives. Several factors converged to make possible a twenty-cent piece in the 1870s, the first was a shortage of small change in the far West, where base-metal coins did not circulate. Prices in the West were sometimes in bits, adding to the change problem, a second factor was the anxiety of Congress to see more silver made into coin. This was due to pressure from mining and other interests, the Coinage Act of 1873 ended the practice of allowing silver producers to have their bullion struck into silver dollars and returned to them. He quietly urged Congress to end the practice, which it did, within a year, silver prices had dropped, and producers tried vainly to deposit bullion at the mints for conversion into legal tender. Mining interests sought other means of selling silver to the government, the third was American interest in aligning its currency with the Latin Monetary Union and to bring its weights for coinage into the metric system.
Another purpose for an issue of silver coins, regardless of denomination, was to retire the fractional currency—low-value paper money or shinplasters. Congress passed legislation in 1875 and 1876 for large quantities of coins for this purpose. The father of the twenty-cent piece was Nevada Senator John P. Jones. Part-owner of the Crown Point Mine, he had elected to the Senate in 1873, on February 10,1874, he introduced a bill to authorize a twenty-cent piece
History of the United States dollar
The history of the United States Dollar refers to more than 240 years since the Continental Congress of the United States authorized the issuance of Continental Currency in 1775. On April 2,1792, the United States Congress created the United States dollar as the standard unit of money. The term dollar had already been in usage since the colonial period when it referred to eight-real coin used by the Spanish throughout New Spain. By the end of 1778, Continental Currency retained only between 1⁄5 to 1⁄7 of its face value. By 1780, Continental bills – or Continentals – were worth just 1⁄40 of their face value, Congress tried to reform the currency by removing the old bills from circulation and issuing new ones, but this met with little or no success. By May 1781, Continentals had become so worthless they ceased to circulate as money, Benjamin Franklin noted that the depreciation of the currency had, in effect, acted as a tax to pay for the war. In the 1790s, after the ratification of the United States Constitution, Congress appointed Robert Morris to be Superintendent of Finance of the United States following the collapse of Continental currency.
In 1782, Morris advocated the creation of the first financial institution chartered by the United States, the Bank of North America was funded in part by specie loaned to the United States by France. Morris helped finance the final stages of the war by issuing notes in his name, the Bank of North America issued notes convertible into specie. On July 6,1785, the Continental Congress of the United States authorized the issuance of a new currency, article One states they were prohibited to make any Thing but gold and silver Coin a Tender in Payment of Debts. The United States Mint was created by Congress following the passing of the Coinage Act of 1792 and it was primarily tasked with producing and circulating coinage. The first Mint building was in Philadelphia, the capital of the United States, the Mint was originally placed within the Department of State, until the Coinage Act of 1873 when it became part of the Department of the Treasury. The Mint had the authority to convert any precious metals into standard coinage for anyones account with no seigniorage charge beyond refining costs, Congress acted on Hamiltons recommendations in the Coinage Act of 1792, which established the dollar as the basic unit of account for the United States.
The word dollar is derived from Low Saxon cognate of the High German Thaler, in the early 19th century, gold rose in relation to silver, resulting in the removal from commerce of nearly all gold coins, and their subsequent melting. Therefore, in the Coinage Act of 1834, the 15,1 ratio of silver to gold was changed to a 16,1 ratio by reducing the weight of the gold coinage. This created a new U. S. dollar that was backed by 1.50 g of gold, the previous dollar had been represented by 1.60 g of gold. The result of this revaluation, which was the first devaluation of the U. S. dollar, was that the value in gold of the dollar was reduced by 6%, for a time, both gold and silver coins were useful in commerce. In 1853, the weights of U. S. silver coins were reduced and this had the effect of placing the nation effectively on the gold standard
A gold certificate in general is a certificate of ownership that gold owners hold instead of storing the actual gold. It has both a historic meaning as a U. S. paper currency and a current meaning as a way to invest in gold, Banks may issue gold certificates for gold that is allocated or unallocated. Unallocated gold certificates are a form of banking and do not guarantee an equal exchange for metal in the event of a run on the issuing banks gold on deposit. Allocated gold certificates should be correlated with specific numbered bars, although it is difficult to determine whether a bank is improperly allocating a single bar to more than one party, the gold certificate was used from 1863 to 1933 in the United States as a form of paper currency. Each certificate gave its title to a corresponding amount of gold coin at the statutory rate of $20.67 per troy ounce established by the Coinage Act of 1834. Therefore, this type of currency was intended to represent actual gold coinage. In 1933 the practice of redeeming these notes for coins was ended by the U. S. government.
After the gold recall in 1933, gold certificates were withdrawn from circulation, as noted above, it was illegal to own them. That fact, and public fear that the notes would be devalued and made obsolete, in general, the notes are scarce and valuable, especially examples in new condition. The early history of United States gold certificates is somewhat hazy and they were authorized under the Act of 3 March 1863, but unlike the United States Notes authorized, they apparently were not printed until 1865. They did not have a date, and were hand-dated upon issue. The first issue featured a vignette of an eagle uniformly across all denominations, several issues featured various portraits of historical figures. The reverse sides were either blank or featured abstract designs, the only exception was the $20 of 1865, which had a picture of a $20 gold coin. From 1862 to 1879, United States Notes were legal tender, however some transactions, such as customs duties and interest on the federal debt, were required to be made in gold.
Thus the early gold certificates were acceptable in some transactions where United States Notes were not, the Series of 1882 was the first series that was payable to the bearer, it was transferable and anyone could redeem it for the equivalent in gold. This was the case with all gold certificate series from that point on, with the exception of 1888,1900, the series of 1888 and 1900 were issued to specific depositors, as before. The series of 1882 had the portraits as the series of 1875. Gold certificates, along all other U. S. currency, were made in two sizes—a larger size from 1865 to 1928, and a smaller size from 1928 to 1934
United States Department of the Treasury
The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue, the Department is administered by the Secretary of the Treasury, who is a member of the Cabinet. On February 13,2017, the Senate confirmed Steven Mnuchin as Secretary of the Treasury, the first Secretary of the Treasury was Alexander Hamilton, who was sworn into office on September 11,1789. Hamilton was asked by President George Washington to serve after first having asked Robert Morris, Hamilton almost single-handedly worked out the nations early financial system, and for several years was a major presence in Washingtons administration as well. His portrait is on the obverse of the U. S. ten-dollar bill while the Treasury Department building is shown on the reverse. Besides the Secretary, one of the best-known Treasury officials is the Treasurer of the United States whose signature, along with the Treasury Secretarys, the Treasury prints and mints all paper currency and coins in circulation through the Bureau of Engraving and Printing and the United States Mint.
The Department collects all federal taxes through the Internal Revenue Service, the Congress had no power to levy and collect taxes, nor was there a tangible basis for securing funds from foreign investors or governments. The delegates resolved to issue paper money in the form of bills of credit, the Congress stipulated that each of the colonies contribute to the Continental governments funds. With the signing of the Declaration of Independence on July 4,1776, despite the infusion of foreign and domestic loans to pay for a war of independence, the United Colonies were unable to establish a well-organized agency for financial administration. Michael Hillegas was first called Treasurer of the United States on May 14,1777, the Treasury Office was reorganized three times between 1778 and 1781. The $241.5 million of paper Continental Dollars devalued rapidly, by May 1781, the dollar collapsed at a rate of from 500 to 1000 to 1 against hard currency. Protests against the worthless money swept the colonies and angry Americans coined the expression not worth a Continental, Robert Morris was designated Superintendent of Finance in 1781 and restored stability to the nations finances.
Morris, a colonial merchant, was nicknamed the Financier because of his reputation for procuring funds or goods on a moments notice. His staff included a Comptroller, a Treasurer, a Register, and auditors, who managed the finances through 1784. The Treasury Board of three Commissioners continued to oversee the finances of the confederation of former colonies until September 1789, the First Congress of the United States was called to convene in New York on March 4,1789, marking the beginning of government under the Constitution. Alexander Hamilton took the oath of office as the first Secretary of the Treasury on September 11,1789, Hamilton had served as George Washingtons aide-de-camp during the Revolution, and was of great importance in the ratification of the Constitution. Because of his financial and managerial acumen, Hamilton was a choice for solving the problem of the new nations heavy war debt. Hamiltons first official act was to submit a report to Congress in which he laid the foundation for the financial health
Winfield Scott was a United States Army general and unsuccessful presidential candidate of the Whig Party in 1852. He served as Commanding General of the United States Army for twenty years, a national hero after the Mexican–American War, he served as military governor of Mexico City. Such was his stature that, in 1852, the Whig Party passed over its own incumbent President of the United States, Millard Fillmore, at six feet five inches in height, he remains the tallest man ever nominated by a major party. He was educated by tutors and in the schools, and briefly attended the College of William. He studied law in the office of attorney David Robinson, Scott attained admission to the bar, and made a brief attempt to practice law. He gained his military experience as a corporal of cavalry in the Virginia militia near Petersburg in 1807. He was subsequently commissioned as a captain in the Light Artillery in May 1808, Scotts early career in the army was tumultuous. Scotts commission was suspended for one year, and after returning to duty, Scott earned the nickname Old Fuss and Feathers for his insistence on military bearing, courtesy and discipline.
In his own campaigns after reaching high rank, Scott preferred to use a core of Army regulars augmented by volunteers whenever possible, Scott perennially concerned himself with the welfare of his men, as demonstrated by his quarrel with Wilkinson over the New Orleans bivouac site. In another instance, when cholera broke out at a post under his command, the army promoted Scott to lieutenant colonel of the 2nd Artillery Regiment in July 1812. Scott served primarily on the Niagara Campaign front in the War of 1812 and he took command of an American landing party during the Battle of Queenston Heights on October 13,1812. The British held Scott as a prisoner of war, the British considered Irish-American prisoners of war British subjects and traitors and executed 13 such Americans captured at Queenstown Heights. The British paroled and released Scott in a prisoner exchange, upon release, Scott returned to Washington to pressure the Senate to take punitive action against British prisoners of war in retaliation for the British executions of Irish-American soldiers.
The Senate wrote a bill after this urging, but President James Madison believed the execution of prisoners of war unworthy of civilized nations. Scott was promoted to colonel in March 1813, Scott planned and led the capture of Fort George, Upper Canada, on the Niagara River. By crossing the Niagara and landing on the Lake Ontario shore, Colonel Scott was wounded in this battle, which is considered among the best-planned and best-executed U. S. operations of the war. Scott was promoted to general on March 19,1814. He was only 27 years old at the time, one of the youngest generals in the history of the U. S. Army, Scott commanded the 1st Brigade, and was instrumental in the American success at the Battle of Chippawa on July 5,1814
Eagle (United States coin)
The eagle is a base-unit of denomination issued only for gold coinage by the United States Mint based on the original values designated by the Coinage Act of 1792. It has been obsolete as a circulating denomination since 1933, the eagle was the largest of the four main decimal base-units of denomination used for circulating coinage in the United States prior to 1933, the year when gold was withdrawn from circulation. These four main base-units of denomination were the cent, the dime, the dollar, and the eagle, where a dime is 10 cents, a dollar is 10 dimes, and an eagle is 10 dollars. The eagle base-unit of denomination served as the basis of the gold quarter-eagle, the gold half-eagle, the eagle, in this regard the United States followed long-standing European practice of different base-unit denominations for different precious and semi-precious metals. In the United States, the cent was the base-unit of denomination in copper, the dime and dollar were the base-units of denomination in silver.
The eagle was the base-unit of denomination in gold although, unlike cent, thus, a double eagle showed its value as twenty dollars rather than two eagles. The diameter of eagles was 27 mm, half eagles 21 mm, quarter eagles 17 mm, originally the purity of all circulating gold coins in the United States was eleven twelfths pure gold and one twelfth alloy. Under U. S. law, the alloy was composed only of silver and copper, thus, U. S. gold coins had 22/24 pure gold, at most 1/24 silver, with the remaining one–two 24ths copper. The weight of circulating, standard gold, eagles was set at 270 grains, half eagles at 135 grains and this resulted in the eagle containing 0.5156 troy ounces of pure gold. S gold coins. As a result, the specification for standard gold was lowered from 22 karat to.8992 fine. In 1837 a small change in the fineness of the gold was made, the new 1837 standard for the eagle was 258 grains of.900 fine gold, with other coins proportionately sized. Between 1838 and 1840, the content was reduced to zero—the eagle in 1838, half eagle in 1839.
Using only copper as the alloy in gold coins matched long standing English practice, the 1837 standard resulted in a gold content of only 0.9675 troy ounces of gold per double eagle and 0.48375 troy ounces for the eagle. It would be used for all circulating gold coins until U. S. gold coin circulation was halted in 1933, as part of its Modern United States commemorative coins program the United States mint has issued several commemorative eagle coins. In 1984, an eagle was issued to commemorate the Summer Olympics, the pre-1933.900 fine gold standard was restored, this would be used in half-eagle gold commemoratives as well. The coins would be identical in fineness and size to their counterparts of the same face value
The Half Eagle is a United States coin that was produced for circulation from 1795 to 1929 and in commemorative and bullion coins since the 1980s. Composed almost entirely of gold, it has a value of five dollars. Its production was authorized by The Act of April 2,1792, the design and composition of the half eagle changed many times over the years, but it was originally designed by Robert Scot. At this time the coin contained.9167 gold and.0833 copper and silver and it had a diameter of approximately 25 mm, a weight of 8.75 grams, and a reeded edge. The obverse design, or Turban Head, depicted a portrait of Liberty facing to the right. The reverse depicted a small eagle and this type was produced from 1795 to 1798. Simultaneously, another type was minted that depicted a larger heraldic eagle on the reverse with the inscription E PLURIBUS UNUM and this type was produced through 1807. From 1807 to 1812, a new designed by John Reich was produced, the Draped Bust, featuring a round-capped Liberty facing left on the obverse.
For the first time, the value 5 D. was placed on the reverse of the coin to indicate its value, in 1813 a modified version of the Draped Bust was introduced, removing much of the bustline and giving Liberty an overall larger appearance. This design which would last through 1834, another modification occurred in 1829 when the diameter of the coin was reduced slightly to 23.8 mm, although the overall design remained unchanged. By 1834, the gold in the eagle had been worth more than its face value for several years. The Act of June 28,1834 called for a reduction in the gold used. The weight of the coin was reduced to 8.36 grams, the reduced to 22.5 mm. A new obverse, the Classic Head, was created by William Kneass for the altered coin, the reverse still depicted the modified eagle introduced in 1813, but E PLURIBUS UNUM was removed to distinguish further the new composition. In 1837, the content of this type was increased to.900 in accordance with the Act of January 18,1837. In 1839 the coin was redesigned again, the new obverse was designed by Christian Gobrecht and is known as the Liberty Head or Coronet head.
The reverse design remained largely the same, although the value was changed from 5 D. to Five D, for those struck at the Philidephia Mint, there was no longer any silver in the coin, its composition was now.900 gold and.100 copper. However, gold ore used at the branch mints of Charlotte and Dahlonega had a high natural silver content
International Standard Book Number
The International Standard Book Number is a unique numeric commercial book identifier. An ISBN is assigned to each edition and variation of a book, for example, an e-book, a paperback and a hardcover edition of the same book would each have a different ISBN. The ISBN is 13 digits long if assigned on or after 1 January 2007, the method of assigning an ISBN is nation-based and varies from country to country, often depending on how large the publishing industry is within a country. The initial ISBN configuration of recognition was generated in 1967 based upon the 9-digit Standard Book Numbering created in 1966, the 10-digit ISBN format was developed by the International Organization for Standardization and was published in 1970 as international standard ISO2108. Occasionally, a book may appear without a printed ISBN if it is printed privately or the author does not follow the usual ISBN procedure, this can be rectified later. Another identifier, the International Standard Serial Number, identifies periodical publications such as magazines, the ISBN configuration of recognition was generated in 1967 in the United Kingdom by David Whitaker and in 1968 in the US by Emery Koltay.
The 10-digit ISBN format was developed by the International Organization for Standardization and was published in 1970 as international standard ISO2108, the United Kingdom continued to use the 9-digit SBN code until 1974. The ISO on-line facility only refers back to 1978, an SBN may be converted to an ISBN by prefixing the digit 0. For example, the edition of Mr. J. G. Reeder Returns, published by Hodder in 1965, has SBN340013818 -340 indicating the publisher,01381 their serial number. This can be converted to ISBN 0-340-01381-8, the check digit does not need to be re-calculated, since 1 January 2007, ISBNs have contained 13 digits, a format that is compatible with Bookland European Article Number EAN-13s. An ISBN is assigned to each edition and variation of a book, for example, an ebook, a paperback, and a hardcover edition of the same book would each have a different ISBN. The ISBN is 13 digits long if assigned on or after 1 January 2007, a 13-digit ISBN can be separated into its parts, and when this is done it is customary to separate the parts with hyphens or spaces.
Separating the parts of a 10-digit ISBN is done with either hyphens or spaces, figuring out how to correctly separate a given ISBN number is complicated, because most of the parts do not use a fixed number of digits. ISBN issuance is country-specific, in that ISBNs are issued by the ISBN registration agency that is responsible for country or territory regardless of the publication language. Some ISBN registration agencies are based in national libraries or within ministries of culture, in other cases, the ISBN registration service is provided by organisations such as bibliographic data providers that are not government funded. In Canada, ISBNs are issued at no cost with the purpose of encouraging Canadian culture. In the United Kingdom, United States, and some countries, where the service is provided by non-government-funded organisations. Australia, ISBNs are issued by the library services agency Thorpe-Bowker