Do minor currency units have a ISO standard?
ISO 4217 defines 3-letter currency symbols:
- EUR
- USD
- LKR
- GBP
Do currencies' minor units (cent, pence) have a ISO or similar standard, too, that defines codes for those sub-units like
- ct
- p
?
Answer
The standard also defines the relationship between the major currency unit and any minor currency unit. Often, the minor currency unit has a value that is 1/100 of the major unit, but 1/1000 is also common. Some currencies do not have any minor currency unit at all. In others, the major currency unit has so little value that the minor unit is no longer generally used (e.g. the Japanese sen, 1/100th of a yen). This is indicated in the standard by the currency exponent. For example, USD has exponent 2, while JPY has exponent 0. Mauritania does not use a decimal division of units, setting 1 ouguiya (UM) = 5 khoums, and Madagascar has 1 ariary = 5 iraimbilanja.
As for a better word, how does minor currency unit suit? Although, Wikipedia also refers to it as sub unit. Take your pick.
There is a table on that Wikipedia article listing the standard precision for the minor currency unit.
As a sidenote, Wikipedia provides the fractional unit name for all circulating currencies.