ISO 4217 is the standard established in 1978 by the International Organization for Standardization which defines the rules to create the three-character codes representing each one of the world currencies in circulation (except for several minor currencies, that are pegged to a bigger one).ISO 4217 is the code used by banks and businesses internationally to designate different currencies as well as airline tickets or other international travel tickets to avoid confusion with the price.The code is formed by three characters, the first two representing the country, while the third one represents the name of the currency. For instance, the code for the Australian Dollar combines the first two letters of the country (AU) and the third letter, (D) for the dollar.In the foreign exchange market, these codes eliminate potential confusion caused by common currency names shared like the dollar, peso, pound, or krona.