diff --git a/frappe/public/js/frappe/misc/number_format.js b/frappe/public/js/frappe/misc/number_format.js
index e8bd8925bf..873a78f82d 100644
--- a/frappe/public/js/frappe/misc/number_format.js
+++ b/frappe/public/js/frappe/misc/number_format.js
@@ -150,7 +150,6 @@ function get_currency_symbol(currency) {
 	}
 }
 
-var global_number_format = null;
 function get_number_format(currency) {
 	return (frappe.boot && frappe.boot.sysdefaults.number_format) || "#,###.##";
 }
diff --git a/frappe/public/js/frappe/model/meta.js b/frappe/public/js/frappe/model/meta.js
index ed2b85fd40..4b2da32bb2 100644
--- a/frappe/public/js/frappe/model/meta.js
+++ b/frappe/public/js/frappe/model/meta.js
@@ -250,14 +250,18 @@ $.extend(frappe.meta, {
 	},
 
 	get_field_precision: function(df, doc) {
-		var precision = cint(frappe.defaults.get_default("float_precision")) || 3;
+		var precision = null;
 		if (df && cint(df.precision)) {
 			precision = cint(df.precision);
 		} else if(df && df.fieldtype === "Currency") {
-			var currency = this.get_field_currency(df, doc);
-			var number_format = get_number_format(currency);
-			var number_format_info = get_number_format_info(number_format);
-			precision = number_format_info.precision;
+			precision = cint(frappe.defaults.get_default("currency_precision"));
+			if(!precision) {
+				var number_format = get_number_format();
+				var number_format_info = get_number_format_info(number_format);
+				precision = number_format_info.precision;
+			}
+		} else {
+			precision = cint(frappe.defaults.get_default("float_precision")) || 3;
 		}
 		return precision;
 	},