The book "Magento Beginner's Guide - Second Edition", by Packt Publishing which is the latest book to be published on Magento as of October 2013, says the following about currency configuration, which is clearly a typo:

Referring to System -> Configuration -> GENERAL -> Currency Setup

The Default Display Currency field can only be set on the Website level. This is the currency that is used to display the price of your products. If you want to use multiple stores using different default currencies, this automatically means that you need to create more Magento Websites. A Store View won't work in such a case.

I am running Magento whose screenshots aren't different here from those of the previous release. As the following screenshot shows the Base Currency must be set at the website level, not the default display currency:


In view of this misprint, could someone please explain to me the difference between "Base Currency", "Default Display Currency", and "Allowed Currencies"?

Thanks a lot.

1 Answer 1


According to the Magento Knowledge Base:

  1. In the Base Currency list, select the primary currency that is used for store transactions.
  2. In the Default Display Currency list, select the primary currency that is used to display pricing in your store.
  3. In the Allowed Currencies list, select all currencies that are accepted as payment by your store.
  • Thanks. I've got another question related to the Base Currency. If I go to "System -> Configuration -> CATALOG -> Catalog -> Price -> Catalog Price Scope" I can see that the catalog price scope is a global property which only exists if gloabl scope is selected, and its only two values are Global and Website. The default value is Global, but despite this, the Base Currency under System -> Configuration -> GENERAL -> Currency Setup -> Currency Options -> Base Currency is set at the WEBSITE level. Oct 16, 2013 at 17:16
  • What is the relationship of the catalog price scope field to the base currency field? Thanks. Oct 16, 2013 at 17:17
  • Website Pricing is an after-thought to allow Magento to have different checkout currencies on a per website basis as the base currency is used for payment processing. The problem is that the currency value is hardcoded in the product, so if you update fx rates or upload new products you need to update all currency amounts in all products for each website base currency. We use a special dynamic pricing extension that allows us to set the local price and at runtime calculates the correct product price for base and display currency, about 100x simpler.
    – user2935
    Oct 28, 2013 at 13:57

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