diff --git a/lms/djangoapps/course_modes/migrations/0002_auto__add_field_coursemode_currency.py b/lms/djangoapps/course_modes/migrations/0002_auto__add_field_coursemode_currency.py
new file mode 100644
index 0000000000..7a25ef2256
--- /dev/null
+++ b/lms/djangoapps/course_modes/migrations/0002_auto__add_field_coursemode_currency.py
@@ -0,0 +1,35 @@
+# -*- coding: utf-8 -*-
+import datetime
+from south.db import db
+from south.v2 import SchemaMigration
+from django.db import models
+
+
+class Migration(SchemaMigration):
+
+    def forwards(self, orm):
+        # Adding field 'CourseMode.currency'
+        db.add_column('course_modes_coursemode', 'currency',
+                      self.gf('django.db.models.fields.CharField')(default='usd', max_length=8),
+                      keep_default=False)
+
+
+    def backwards(self, orm):
+        # Deleting field 'CourseMode.currency'
+        db.delete_column('course_modes_coursemode', 'currency')
+
+
+    models = {
+        'course_modes.coursemode': {
+            'Meta': {'object_name': 'CourseMode'},
+            'course_id': ('django.db.models.fields.CharField', [], {'max_length': '255', 'db_index': 'True'}),
+            'currency': ('django.db.models.fields.CharField', [], {'default': "'usd'", 'max_length': '8'}),
+            'id': ('django.db.models.fields.AutoField', [], {'primary_key': 'True'}),
+            'min_price': ('django.db.models.fields.IntegerField', [], {'default': '0'}),
+            'mode_display_name': ('django.db.models.fields.CharField', [], {'max_length': '255'}),
+            'mode_slug': ('django.db.models.fields.CharField', [], {'max_length': '100'}),
+            'suggested_prices': ('django.db.models.fields.CommaSeparatedIntegerField', [], {'default': "''", 'max_length': '255', 'blank': 'True'})
+        }
+    }
+
+    complete_apps = ['course_modes']
\ No newline at end of file
diff --git a/lms/djangoapps/course_modes/models.py b/lms/djangoapps/course_modes/models.py
index 44e096fa13..347094880b 100644
--- a/lms/djangoapps/course_modes/models.py
+++ b/lms/djangoapps/course_modes/models.py
@@ -5,7 +5,7 @@ from django.db import models
 from collections import namedtuple
 from django.utils.translation import ugettext as _
 
-Mode = namedtuple('Mode', ['slug', 'name', 'min_price', 'suggested_prices'])
+Mode = namedtuple('Mode', ['slug', 'name', 'min_price', 'suggested_prices', 'currency'])
 
 
 class CourseMode(models.Model):
@@ -29,7 +29,10 @@ class CourseMode(models.Model):
     # the suggested prices for this mode
     suggested_prices = models.CommaSeparatedIntegerField(max_length=255, blank=True, default='')
 
-    DEFAULT_MODE = Mode('honor', _('Honor Code Certificate'), 0, '')
+    # the currency these prices are in, using lower case ISO currency codes
+    currency = models.CharField(default="usd", max_length=8)
+
+    DEFAULT_MODE = Mode('honor', _('Honor Code Certificate'), 0, '', 'usd')
 
     @classmethod
     def modes_for_course(cls, course_id):
@@ -39,7 +42,7 @@ class CourseMode(models.Model):
         If no modes have been set in the table, returns the default mode
         """
         found_course_modes = cls.objects.filter(course_id=course_id)
-        modes = ([Mode(mode.mode_slug, mode.mode_display_name, mode.min_price, mode.suggested_prices)
+        modes = ([Mode(mode.mode_slug, mode.mode_display_name, mode.min_price, mode.suggested_prices, mode.currency)
                   for mode in found_course_modes])
         if not modes:
             modes = [cls.DEFAULT_MODE]
diff --git a/lms/djangoapps/course_modes/tests.py b/lms/djangoapps/course_modes/tests.py
index 9f19d5e5bc..907797bf17 100644
--- a/lms/djangoapps/course_modes/tests.py
+++ b/lms/djangoapps/course_modes/tests.py
@@ -18,7 +18,7 @@ class CourseModeModelTest(TestCase):
         self.course_id = 'TestCourse'
         CourseMode.objects.all().delete()
 
-    def create_mode(self, mode_slug, mode_name, min_price=0, suggested_prices=''):
+    def create_mode(self, mode_slug, mode_name, min_price=0, suggested_prices='', currency='usd'):
         """
         Create a new course mode
         """
@@ -27,7 +27,8 @@ class CourseModeModelTest(TestCase):
             mode_display_name=mode_name,
             mode_slug=mode_slug,
             min_price=min_price,
-            suggested_prices=suggested_prices
+            suggested_prices=suggested_prices,
+            currency=currency
         )
 
     def test_modes_for_course_empty(self):
@@ -45,14 +46,14 @@ class CourseModeModelTest(TestCase):
 
         self.create_mode('verified', 'Verified Certificate')
         modes = CourseMode.modes_for_course(self.course_id)
-        self.assertEqual([Mode(u'verified', u'Verified Certificate', 0, '')], modes)
+        self.assertEqual([Mode(u'verified', u'Verified Certificate', 0, '', 'usd')], modes)
 
     def test_modes_for_course_multiple(self):
         """
         Finding the modes when there's multiple modes
         """
-        mode1 = Mode(u'honor', u'Honor Code Certificate', 0, '')
-        mode2 = Mode(u'verified', u'Verified Certificate', 0, '')
+        mode1 = Mode(u'honor', u'Honor Code Certificate', 0, '', 'usd')
+        mode2 = Mode(u'verified', u'Verified Certificate', 0, '', 'usd')
         set_modes = [mode1, mode2]
         for mode in set_modes:
             self.create_mode(mode.slug, mode.name, mode.min_price, mode.suggested_prices)