handling currencies

How should I handle storing money in different currencies in my database. I’m using the money gem (although I can change that if anyone thinks of a better way), but when items are based in different countries, I’ll want to give them different currencies.

One solution I thought of is to store everything in a primary currency (£, because I’m patriotic), and convert as necessary. This would mean setting the conversion rates based on the number of decimal places each currency has. So £ - $ and £ - € would be 1, whereas £ - ¥ would be 100. This seems like a fairly good solution, with just a small odour of hackiness. Does anyone have any better ideas?


Oh dear. Now I look silly for not reading things through. The money gem supports storing multiple currencies in the database. Sorry to clog up the list.