This gives me a chance to ask in a different way, why can we not assume
type=USD, amount=5.99, and symbol=$ from the following?

       The book costs <span class="currency" title="USD">$5.99</span>


That example in particular might not be a problem but consider the following:

<span class="currency" title="USD">$1,000</span>

In the US that will mean one dollar, in Argentina (where I'm from) it
will mean a thousand dollars. And tying this to the currency
identification (even though the first 2 letters represent a country)
will not solve the issue, since I should be able to markup values in
different currencies within a single web page. I do agree though that
there should be some sort of optimization.
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