Convertibility is the quality of money which is officially backed by government reserves of a precious metal, probably the gold standard. Under convertibility, currency is seen as more reliable and less prone to exchange-rate fluctuations (though gold, of course, also changes in value). The Bretton Woods Institutions were set up partially to allow countries to peg their currencies to the US dollar instead of their own gold reserves; the US eventually abandoned the gold standard, and thus convertibility, in 1971. Money is any marketable good or token used by a society as a store of value, a medium of exchange, or a unit of account. ... A precious metal is a rare metallic element of high, durable economic value. ... 1922 U.S. gold certificate The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. ... In finance, the exchange rate between two currencies specifies how much one currency is worth in terms of the other. ... The Bretton Woods Institutions (BWIs) consist of the World Bank (originally International Bank for Reconstruction and Development, IBRD) and the International Monetary Fund (IMF), founded in July 1944 at a meeting of delegates of 44 countries in Bretton Woods, New Hampshire (USA). ... The United States dollar is the official currency of the United States. ... Wikiquote has a collection of quotations by or about: United States Wikinews has news related to this article: United States United States government CIA World Factbook Entry for United States House. ... 1971 is a common year starting on Friday (click for link to calendar). ...
It can also refer to the convertibility of one currency into another. Some countries pass laws restricting the legal exchange rates or requiring permits to exchange more than a certain amount. Thus, those countries' currencies are not fully convertible.
A "convertible security" is a security - usually a bond or a preferred stock - that can be converted into a different security - typically shares of the company's common stock.
The convertible security financing arrangements might also include caps or other provisions to limit dilution (the reduction in earnings per share and proportional ownership that occurs when, for example, holders of convertible securities convert those securities into common stock).
By contrast, in less conventional convertible security financings, the conversion ratio may be based on fluctuating market prices to determine the number of shares of common stock to be issued on conversion.
And because the convertible was designed alongside the coupe and not as an afterthought, it is much more solid than coupe-derived convertibles of the past.
Thanks to intelligent engineering that resulted in a convertible platform with more than twice the torsional stiffness of the previous version, this is the most quiet and solid drop top Mustang ever produced.
The squeaks, shakes and rattles to which convertibles typically are prone are startlingly missing from the Mustang GT Convertible.
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