Magento – getting Error in magento

Ok so I am not sure if this is the bug but if you compare the Magento 1.8 and Magento 1.7 versions of the function currency in Mage_Core_Model_Local you will notice a reference to a bug with Zend_Currency

Magento 1.7: Mage_Core_Model_Local->currency

/**
 * Create Zend_Currency object for current locale
 *
 * @param   string $currency
 * @return  Zend_Currency
 */
public function currency($currency)
{
    Varien_Profiler::start('locale/currency');
    if (!isset(self::$_currencyCache[$this->getLocaleCode()][$currency])) {
        try {
            $currencyObject = new Zend_Currency($currency, $this->getLocale());
        } catch (Exception $e) {
            $currencyObject = new Zend_Currency($this->getCurrency(), $this->getLocale());
            $options = array(
                    'name'      => $currency,
                    'currency'  => $currency,
                    'symbol'    => $currency
            );
            $currencyObject->setFormat($options);
        }

        self::$_currencyCache[$this->getLocaleCode()][$currency] = $currencyObject;
    }
    Varien_Profiler::stop('locale/currency');
    return self::$_currencyCache[$this->getLocaleCode()][$currency];
}

Magento 1.8: Mage_Core_Model_Local->currency

/**
 * Create Zend_Currency object for current locale
 *
 * @param   string $currency
 * @return  Zend_Currency
 */
public function currency($currency)
{
    Varien_Profiler::start('locale/currency');
    if (!isset(self::$_currencyCache[$this->getLocaleCode()][$currency])) {
        $options = array();
        try {
            $currencyObject = new Zend_Currency($currency, $this->getLocale());
        } catch (Exception $e) {
            /**
             * catch specific exceptions like "Currency 'USD' not found"
             * - back end falls with specific locals as Malaysia and etc.
             *
             * as we can see from Zend framework ticket
             * http://framework.zend.com/issues/browse/ZF-10038
             * zend team is not going to change it behaviour in the near time
             */
            $currencyObject = new Zend_Currency($currency);
            $options['name'] = $currency;
            $options['currency'] = $currency;
            $options['symbol'] = $currency;
        }

        $options = new Varien_Object($options);
        Mage::dispatchEvent('currency_display_options_forming', array(
            'currency_options' => $options,
            'base_code' => $currency
        ));

        $currencyObject->setFormat($options->toArray());
        self::$_currencyCache[$this->getLocaleCode()][$currency] = $currencyObject;
    }
    Varien_Profiler::stop('locale/currency');
    return self::$_currencyCache[$this->getLocaleCode()][$currency];
}

My suggestion would be to try updating the try catch to match that of Magento 1.8 (I know this is not the best solution and obviously I would not suggest editing the core files but adding a rewrite)

You can safely remove var/report folder. But those files inside that directory gives you some feedbacks about your application where things going worse.

In this case, it is reporting that you have too many mysql open connection requests. So basically you need to increase the mysql connection count.

See this thread for more details.