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What is the smallest monetary unit in Tezos, and where is it defined in the code?

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Currently 1 tez (1 XTZ) is divisible to six decimal places, and the smallest unit is called a micro tez.

1 tez = 1,000,000 micro tez

In code it is referred to as mutez and it is defined in src/proto_alpha/lib_protocol/qty_repr.ml (circa line 94):

  let one_mutez = 1L
  let one_cent = Int64.mul one_mutez 10_000L
  let fifty_cents = Int64.mul one_cent 50L
  (* 1 tez = 100 cents = 1_000_000 mutez *)
  let one = Int64.mul one_cent 100L
  let id = T.id
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    The Tezos shell also makes use of "nanotez" in fine-grained calculations for fees, where 1000 nanotez = 1 mutez. I believe such values are rounded (truncated?) to mutez before being passed to the protocol proper and stored in the persistent chain data. – Fred Yankowski Oct 16 at 17:55

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