At first glance, the modern concept behind money seems fairly simple. Money, one could say, is a rather ingenious way of capturing and storing value, which can be used later on to buy other goods or services. However, a deeper look reveals that money and its uses have evolved considerably over time. What people call […]
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Representative money is money that consists of token coins, paper money or other physical tokens such as certificates, that can be reliably exchanged for a fixed quantity of a commodity such as gold or silver.
money, a commodity accepted by general consent as a medium of economic exchange. It is the medium in which prices and values are expressed; as currency, it circulates anonymously from person to person and country to country, thus facilitating trade, and it is the principal measure of wealth.