Consider that there is a bunch of tables which link to \"countries\" or \"currencies\" tables.
For making data easier to read I\'d like make CHAR field with country
James Skidmore's link is important to read.
If you're limiting yourself to country and currency codes (2 and 3 characters, respectively), you may very well be able to get away with declaring the columns char(2) and char(3).
I would guess that would not be a no-no. If you're using an 8-bit character encoding, you're looking at columns the size of smallint or mediumint, respectively.