Money is any object that is generally accepted as payment A payment is the transfer of wealth from one party to another. A payment is usually made in exchange for the provision of goods, services or both, or to fulfill a legal obligation for goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility. It is often used when referring to a Goods and Services Tax and repayment of debts Debt is that which is owed; usually referencing assets owed, but the term can also cover moral obligations and other interactions not requiring money. In the case of assets, debt is a means of using future purchasing power in the present before a summation has been earned. Some companies and corporations use debt as a part of their overall in a given country or socio-economic context.^[1][2] The main functions of money are distinguished as: a medium of exchange By contrast, as William Stanley Jevons argued, in a barter system there must be a coincidence of wants before two people can trade – one must want exactly what the other has to offer, when and where it is offered, so that the exchange can occur. A medium of exchange permits the value of goods to be assessed and rendered in terms of the; a unit of account A unit of account is a standard monetary unit of measurement of the market value/cost of goods, services, or assets. It is one of three well-known functions of money. It lends meaning to profits, losses, liability, or assets; a store of value A recognized form of exchange can be a form of money or currency, a commodity like gold, or financial capital. To act as a store of value, these forms must be able to be saved and retrieved at a later time, and be predictably useful when retrieved; and, occasionally, a standard of deferred payment A standard of deferred payment is the accepted way, in a given market, to settle a debt – a unit in which debts are denominated. It is one of the defining functions of money; for example, while the gold standard reigned, gold or any currency convertible to gold at a fixed rate constituted such a standard. As of 2010, the US dollar and the euro.^[3][4]

Money originated as commodity money Commodity money is money whose value comes from a commodity out of which it is made. It is objects that have value in themselves as well as for use as money, but nearly all contemporary money systems are based on fiat money The term derives from the Latin fiat, meaning "let it be done", as the money is established by government decree. Where fiat money is used as currency, the term fiat currency is used. Today, most national currencies are fiat currencies, including the US dollar, the euro, and all other reserve currencies, and have been since the Nixon.^[3] Fiat money is without intrinsic use value Use value or value in use is the utility of consuming a good; the want-satisfying power of a good or service in classical political economy. In Marx's critique of political economy, any labor-product has a value and a use-value, and if it is traded as a commodity in markets, it additionally has an exchange value, most often expressed as a money- as a physical commodity, and derives its value by being declared by a government to be legal tender Legal tender or forced tender is an offered payment that, by law, cannot be refused in settlement of a debt, and have the debt remain in force. Currency is the most common form of legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private".

The money supply In economics, the money supply or money stock, is the total amount of money available in an economy at a particular point in time. There are several ways to define "money," but standard measures usually include currency in circulation and demand deposits of a country consists of currency In economics, the term currency can refer to a particular currency, for example Pound Sterling, or to the coins and banknotes of a particular currency, which comprise the physical aspects of a nation's money supply. The other part of a nation's money supply consists of money deposited in banks , ownership of which can be transferred by means of (banknotes and coins) and demand deposits A demand deposit or bank money refers to the funds held in demand deposit accounts in commercial banks. These account balances are considered money and usually form the greater part of money supply or 'bank money' (the balance held in checking accounts A transactional account is a deposit account held at a bank or other financial institution, for the purpose of securely and quickly providing frequent access to funds on demand, through a variety of different channels. Because money is available on demand these accounts are also referred to as demand accounts or demand deposit accounts and savings accounts Savings accounts are accounts maintained by retail financial institutions that pay interest but can not be used directly as money . These accounts let customers set aside a portion of their liquid assets while earning a monetary return). These demand deposits A demand deposit or bank money refers to the funds held in demand deposit accounts in commercial banks. These account balances are considered money and usually form the greater part of money supply usually account for a much larger part of the money supply than currency.^[5][6] Bank money A demand deposit or bank money refers to the funds held in demand deposit accounts in commercial banks. These account balances are considered money and usually form the greater part of money supply is intangible and exists only in the form of various bank records. Despite being intangible, bank money still performs the basic functions of money, being generally accepted as a form of payment.^[7]

History

The use of barter Barter is a method of exchange by which goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money. It is usually bilateral, but may be multilateral, and usually exists parallel to monetary systems in most developed countries, though to a very limited extent. Barter usually replaces money-like methods may date back to at least 100,000 years ago, though there is no evidence of a society or economy that relied primarily on barter.^[8] Instead, non-monetary societies operated largely along the principles of gift economics In the social sciences, a gift economy is a society where valuable goods and services are regularly given without any explicit agreement for immediate or future rewards (i.e. no formal quid pro quo exists). Ideally, simultaneous or recurring giving serves to circulate and redistribute valuables within the community. The organization of a gift. When barter did occur, it was usually between either complete strangers or potential enemies.^[9]

Many cultures around the world eventually developed the use of commodity money Commodity money is money whose value comes from a commodity out of which it is made. It is objects that have value in themselves as well as for use as money. The shekel Shekel , is any of several ancient units of weight or of currency. The first usage is from Mesopotamia around 3000 BC. Initially, it may have referred to a weight of barley (the first syllable "she" was Akkadian for barley[citation needed]). This shekel was about 180 grains (11 grams or .35 troy ounces) was originally a unit of weight, and referred to a specific weight of barley Barley is a cereal grain derived from the annual grass Hordeum vulgare, which was used as currency.^[10]. The first usage of the term came from Mesopotamia Mesopotamia is a toponym for the area of the Tigris-Euphrates river system, largely corresponding to modern-day Iraq, as well as some parts of northeastern Syria, southeastern Turkey, and southwestern Iran circa 3000 BC. Societies in the Americas, Asia, Africa and Australia used shell money Shell money is a medium of exchange that was once common. It consisted either of whole sea shells or pieces of them which were worked into beads or otherwise artificially shaped. The use of shells in trade began as direct commodity exchange, the shells having value as body ornamentation. The distinction between beads as commodities and beads as – often, the shells of the money cowry Cowry, also sometimes spelled cowrie, plural cowries, is the common name for a group of small to large marine gastropods in the family Cypraeidae. The word cowry is also often used to refer to the shells of these snails (Cypraea moneta L. or C. annulus L.). According to Herodotus Herodotus was an ancient Greek historian who lived in the 5th century BC (c. 484 BC – c. 425 BC). He was born in Caria, Halicarnassus (modern day Bodrum, Turkey). He is regarded as the "Father of History" in Western culture. He was the first historian known to collect his materials systematically, test their accuracy to a certain, the Lydians Lydians were the inhabitants of Lydia, a region in western Anatolia. Their capital was at Sfard or Sardis. Being essentially an Iron Age people, their recorded history of statehood, which covers three dynasties, reached the height of its power and achievements during the 7th and 6th centuries BC, a time which coincided with the demise of the power were the first people to introduce the use of gold and silver coins Silver coins are possibly the oldest mass form of coinage in recorded history. Silver has been used as a coinage metal since the times of the Greeks. Their silver drachmas were popular trade coins.^[11] It is thought by modern scholars that these first stamped coins Coins are usually metal or a metallic material and sometimes made of synthetic materials, usually in the shape of a disc, and most often issued by a government. Coins are used as a form of money in transactions of various kinds, from the everyday circulation coins to the storage of large numbers of bullion coins. In the present day, coins and were minted around 650–600 BC.^[12]

The system of commodity money Commodity money is money whose value comes from a commodity out of which it is made. It is objects that have value in themselves as well as for use as money eventually evolved into a system of representative money According to economist William Stanley Jevons , representative money arose because metal coins often were "variously clipped or depreciated" during use, but using representations for the value stored in banks ensured its worth. He noted that paper and other materials have been used as representative money.^{[citation needed]} This occurred because gold and silver merchants or banks would issue receipts to their depositors – redeemable for the commodity money Commodity money is money whose value comes from a commodity out of which it is made. It is objects that have value in themselves as well as for use as money deposited. Eventually, these receipts became generally accepted as a means of payment and were used as money. Paper money or banknotes A banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. Along with coins, banknotes make up the cash or bearer forms of all modern fiat money. With the exception of non-circulating high-value or precious metal commemorative issues, were first used in China China is seen variously as an ancient civilization extending over a large area in East Asia, a nation and/or a multinational entity during the Song Dynasty The Song Dynasty was a ruling dynasty in China between 960 and 1279; it succeeded the Five Dynasties and Ten Kingdoms Period, and was followed by the Yuan Dynasty. It was the first government in world history to issue banknotes or paper money, and the first Chinese government to establish a permanent standing navy. This dynasty also saw the first. These banknotes, known as "jiaozi Jiaozi is a form of banknote which appeared around 10th century in the Sichuan capital of Chengdu, China. Most numismatists generally regard it as the first paper money in history, a development of the Chinese Song Dynasty (960 - 1279 AD)" evolved from promissory notes A promissory note, referred to as a note payable in accounting, or commonly as just a "note", is a contract where one party makes an unconditional promise in writing to pay a sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms. They differ from IOUs in that that had been used since the 7th century. However, they did not displace commodity money, and were used alongside coins. Banknotes were first issued in Europe by Stockholms Banco Stockholms Banco in Sweden was the first European bank to print banknotes. The bank was founded in 1657 by Johan Palmstruch and began printing banknotes in 1661. It was to be the precursor to the Sveriges Riksbank, the central bank of Sweden in 1661, and were again also used alongside coins. The gold standard The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. Three distinct kinds of gold standard can be identified. The gold specie standard is a system in which the monetary unit is associated with circulating gold coins, or with the unit of value defined in terms of one particular circulating, a monetary system The current trend, however, is to use international trade and investment to alter the policy and legislation of individual governments. The best recent example of this policy is the European Union's creation of the euro as a common currency for many of its individual states. Modern currencies are not linked to physical commodities and are not a where the medium of exchange are paper notes that are convertible into pre-set, fixed quantities of gold, replaced the use of gold coins as currency in the 17th-19th centuries in Europe. These gold standard notes were made legal tender Legal tender or forced tender is an offered payment that, by law, cannot be refused in settlement of a debt, and have the debt remain in force. Currency is the most common form of legal tender, and redemption into gold coins was discouraged. By the beginning of the 20th century almost all countries had adopted the gold standard, backing their legal tender notes with fixed amounts of gold.

After World War II Albania · Australia · Austria · Azerbaijan · Belarus · Belgium · Brazil · Bulgaria · Burma · Cambodia · Canada · Ceylon (Sri Lanka) · Channel Islands · China · Czechoslovakia · Denmark · Dutch East Indies · Egypt · Estonia · Finland · France · Germany · Gibraltar · Greece · Greenland · Hong Kong · Hungary · Iceland ·, at the Bretton Woods Conference The United Nations Monetary and Financial Conference, commonly known as Bretton Woods conference, was a gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton Woods, New Hampshire to regulate the international monetary and financial order after the conclusion of World War II, most countries adopted fiat currencies that were fixed to the US dollar The United States dollar is the official currency of the United States. The U.S. dollar is normally abbreviated as the dollar sign, $, or as USD or US$ to distinguish it from other dollar-denominated currencies and from others that use the $ symbol. It is divided into 100 cents. The US dollar was in turn fixed to gold. In 1971 the US government suspended the convertibility of the US dollar to gold. After this many countries de-pegged their currencies from the US dollar, and most of the world's currencies became unbacked by anything except the governments' fiat of legal tender.

Etymology

The word "money" is believed to originate from a temple of Hera Hera was the wife and one of three sisters of Zeus in the Olympian pantheon of classical Greek Mythology. Her chief function was as the goddess of women and marriage. In Roman mythology, Juno was the equivalent mythical character. The cow, and later, the peacock were sacred to her. Hera's mother was Rhea and her father, Cronus, located on Capitoline, one of Rome's seven hills. In the ancient world Hera was often associated with money. The temple of Juno Moneta at Rome was the place where the mint of Ancient Rome was located.^[13] The name "Juno" may derive from the Etruscan goddess Uni (which means "the one", "unique", "unit", "union", "united") and "Moneta" either from the Latin word "monere" (remind, warn, or instruct) or the Greek word "moneres" (alone, unique).

In the Western world, a prevalent term for coin-money has been specie, stemming from Latin in specie, meaning 'in kind'.^[14]

Functions

In the past, money was generally considered to have the following four main functions, which are summed up in a rhyme found in older economics textbooks: "Money is a matter of functions four, a medium, a measure, a standard, a store." That is, money functions as a medium of exchange, a unit of account, a standard of deferred payment, and a store of value.^[4] However, most modern textbooks now list only three functions, that of medium of exchange, unit of account, and store of value, not considering a standard of deferred payment as a distinguished function, but rather subsuming it in the others.^[3][15][16]

There have been many historical disputes regarding the combination of money's functions, some arguing that they need more separation and that a single unit is insufficient to deal with them all. One of these arguments is that the role of money as a medium of exchange is in conflict with its role as a store of value: its role as a store of value requires holding it without spending, whereas its role as a medium of exchange requires it to circulate.^[4] Others argue that storing of value is just deferral of the exchange, but does not diminish the fact that money is a medium of exchange that can be transported both across space and time.^[17] The term 'financial capital' is a more general and inclusive term for all liquid instruments, whether or not they are a uniformly recognized tender.

Medium of exchange

When money is used to intermediate the exchange of goods and services, it is performing a function as a medium of exchange. It thereby avoids the inefficiencies of a barter system, such as the 'double coincidence of wants' problem.

Unit of account

A unit of account is a standard numerical unit of measurement of the market value of goods, services, and other transactions. Also known as a "measure" or "standard" of relative worth and deferred payment, a unit of account is a necessary prerequisite for the formulation of commercial agreements that involve debt. To function as a 'unit of account', whatever is being used as money must be:

• Divisible into smaller units without loss of value; precious metals can be coined from bars, or melted down into bars again.
• Fungible: that is, one unit or piece must be perceived as equivalent to any other, which is why diamonds, works of art or real estate are not suitable as money.
• A specific weight, or measure, or size to be verifiably countable. For instance, coins are often milled with a reeded edge, so that any removal of material from the coin (lowering its commodity value) will be easy to detect.

Store of value

To act as a store of value, a money must be able to be reliably saved, stored, and retrieved – and be predictably usable as a medium of exchange when it is retrieved. The value of the money must also remain stable over time. In that sense, inflation by reducing the value of money, diminishes the ability of the money to function as a store of value.^[3]

Standard of deferred payment

While standard of deferred payment is distinguished by some texts,^[4] particularly older ones, other texts subsume this under other functions.^[3][15][16] A "standard of deferred payment" is an accepted way to settle a debt – a unit in which debts are denominated, and the status of money as legal tender, in those jurisdictions which have this concept, states that it may function for the discharge of debts. When debts are denominated in money, the real value of debts may change due to inflation and deflation, and for sovereign and international debts via debasement and devaluation.

Money supply

In economics, money is a broad term that refers to any financial instrument that can fulfill the functions of money (detailed above). These financial instruments together are collectively referred to as the money supply of an economy. Since the money supply consists of various financial instruments (usually currency, demand deposits and various other types of deposits), the amount of money in an economy is measured by adding together these financial instruments creating a monetary aggregate. Modern monetary theory distinguishes among different types of monetary aggregates, using a categorization system that focuses on the liquidity of the financial instrument used as money.

Market liquidity

Market liquidity describes how easily an item can be traded for another item, or into the common currency within an economy. Money is the most liquid asset because it is universally recognised and accepted as the common currency. In this way, money gives consumers the freedom to trade goods and services easily without having to barter.

Liquid financial instruments are easily tradable and have low transaction costs. There should be no (or minimal) spread between the prices to buy and sell the instrument being used as money.

Measures of money

The money supply is the amount of financial instruments within a specific economy available for purchasing goods or services. The money supply is usually measured as three escalating categories M1, M2 and M3. The categories grow in size with M1 being currency (coins and bills) and checking account deposits. M2 is currency, checking account deposits and savings account deposits, and M3 is M2 plus time deposits. M1 includes only the most liquid financial instruments, and M3 relatively illiquid instruments.

Another measure of money, M0, is also used, although unlike the other measures, it does not represent actual purchasing power by firms and households in the economy. M0 is base money, or the amount of money actually issued by the central bank of a country. It is measured as currency plus deposits of banks and other institutions at the central bank. M0 is also the only money that can satisfy the reserve requirements of commercial banks.

Types of money

Currently, most modern monetary systems are based on fiat money. However, for most of history, almost all money was commodity money, such as gold and silver coins. As economies developed, commodity money was eventually replaced by representative money, such as the gold standard, as traders found the physical transportation of gold and silver burdensome. Fiat currencies gradually took over in the last hundred years, especially since the breakup of the Bretton Woods system in the early 1970s.

Commodity money

Many items have been used as commodity money such as naturally scarce precious metals, conch shells, barley, beads etc., as well as many other things that are thought of as having value. Commodity money value comes from the commodity out of which it is made. The commodity itself constitutes the money, and the money is the commodity.^[18] Examples of commodities that have been used as mediums of exchange include gold, silver, copper, rice, salt, peppercorns, large stones, decorated belts, shells, alcohol, cigarettes, cannabis, candy, etc. These items were sometimes used in a metric of perceived value in conjunction to one another, in various commodity valuation or Price System economies. Use of commodity money is similar to barter, but a commodity money provides a simple and automatic unit of account for the commodity which is being used as money. Although some gold coins such as the Krugerrand are considered legal tender, there is no record of their face value on either side of the coin. The rationale for this is that emphasis is laid on their direct link to the prevailing value of their fine gold content.^[19] American Eagles are imprinted with their gold content and legal tender face value.^[20]

Representative money

In 1875 economist William Stanley Jevons described what he called "representative money," i.e., money that consists of token coins, or other physical tokens such as certificates, that can be reliably exchanged for a fixed quantity of a commodity such as gold or silver. The value of representative money stands in direct and fixed relation to the commodity that backs it, while not itself being composed of that commodity.^[21]

Fiat money

Fiat money or fiat currency is money whose value is not derived from any intrinsic value or guarantee that it can be converted into a valuable commodity (such as gold). Instead, it has value only by government order (fiat). Usually, the government declares the fiat currency (typically notes and coins from a central bank, such as the Federal Reserve System in the U.S.) to be legal tender, making it unlawful to not accept the fiat currency as a means of repayment for all debts, public and private.^[22][23]

Some bullion coins such as the Australian Gold Nugget and American Eagle are legal tender, however, they trade based on the market price of the metal content as a commodity, rather than their legal tender face value (which is usually only a small fraction of their bullion value).^[20][24]

Fiat money, if physically represented in the form of currency (paper or coins) can be accidentally damaged or destroyed. However, fiat money has an advantage over representative or commodity money, in that the same laws that created the money can also define rules for its replacement in case of damage or destruction. For example, the U.S. government will replace mutilated Federal Reserve notes (U.S. fiat money) if at least half of the physical note can be reconstructed, or if it can be otherwise proven to have been destroyed.^[25] By contrast, commodity money which has been lost or destroyed cannot be recovered.

Commercial bank money

Commercial bank money or demand deposits are claims against financial institutions that can be used for the purchase of goods and services. A demand deposit account is an account from which funds can be withdrawn at any time by check or cash withdrawal without giving the bank or financial institution any prior notice. Banks have the legal obligation to return funds held in demand deposits immediately upon demand (or 'at call'). Demand deposit withdrawals can be performed in person, via checks or bank drafts, using automatic teller machines (ATMs), or through online banking.^[26]

Commercial bank money is created through fractional-reserve banking, the banking practice where banks keep only a fraction of their deposits in reserve (as cash and other highly liquid assets) and lend out the remainder, while maintaining the simultaneous obligation to redeem all these deposits upon demand.^[27][28] Commercial bank money differs from commodity and fiat money in two ways, firstly it is non-physical, as its existence is only reflected in the account ledgers of banks and other financial institutions, and secondly, there is some element of risk that the claim will not be fulfilled if the financial institution becomes insolvent. The process of fractional-reserve banking has a cumulative effect of money creation by commercial banks, as it expands money supply (cash and demand deposits) beyond what it would otherwise be. Because of the prevalence of fractional reserve banking, the broad money supply of most countries is a multiple larger than the amount of base money created by the country's central bank. That multiple (called the money multiplier) is determined by the reserve requirement or other financial ratio requirements imposed by financial regulators.

The money supply of a country is usually held to be the total amount of currency in circulation plus the total amount of checking and savings deposits in the commercial banks in the country.

Monetary policy

When gold and silver are used as money, the money supply can grow only if the supply of these metals is increased by mining. This rate of increase will accelerate during periods of gold rushes and discoveries, such as when Columbus discovered the new world and brought back gold and silver to Spain, or when gold was discovered in California in 1848. This causes inflation, as the value of gold goes down. However, if the rate of gold mining cannot keep up with the growth of the economy, gold becomes relatively more valuable, and prices (denominated in gold) will drop, causing deflation. Deflation was the more typical situation for over a century when gold and paper money backed by gold were used as money in the 18th and 19th centuries.

Modern day monetary systems are based on fiat money and are no longer tied to the value of gold. The control of the amount of money in the economy is known as monetary policy. Monetary policy is the process by which a government, central bank, or monetary authority manages the money supply to achieve specific goals. Usually the goal of monetary policy is to accommodate economic growth in an environment of stable prices. For example, it is clearly stated in the Federal Reserve Act that the Board of Governors and the Federal Open Market Committee should seek “to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.”^[29]

A failed monetary policy can have significant detrimental effects on an economy and the society that depends on it. These include hyperinflation, stagflation, recession, high unemployment, shortages of imported goods, inability to export goods, and even total monetary collapse and the adoption of a much less efficient barter economy. This happened in Russia, for instance, after the fall of the Soviet Union.

Governments and central banks have taken both regulatory and free market approaches to monetary policy. Some of the tools used to control the money supply include:

• changing the interest rate at which the government loans or borrows money
• currency purchases or sales
• increasing or lowering government borrowing
• increasing or lowering government spending
• manipulation of exchange rates
• raising or lowering bank reserve requirements
• regulation or prohibition of private currencies
• taxation or tax breaks on imports or exports of capital into a country

In the US, the Federal Reserve is responsible for controlling the money supply, while in the Euro area the respective institution is the European Central Bank. Other central banks with significant impact on global finances are the Bank of Japan, People's Bank of China and the Bank of England.

For many years much of monetary policy was influenced by an economic theory known as monetarism. Monetarism is an economic theory which argues that management of the money supply should be the primary means of regulating economic activity. The stability of the demand for money prior to the 1980s was a key finding of Milton Friedman and Anna Schwartz^[30] supported by the work of David Laidler,^[31] and many others. The nature of the demand for money changed during the 1980s owing to technical, institutional, and legal factors and the influence of monetarism has since decreased.

See also

• Coin of account
• Currency market
• Electronic money
• Fractional reserve banking
• Full reserve banking
• Labor-time voucher
• Leper colony money
• Local Exchange Trading Systems
• Monetary economics
• Money bag
• Non-market economics
• Numismatics — Collection and study of money
• Orders of magnitude (currency)
• Seignorage
• Slang terms for money
• World currency

References

1. ^ Mishkin, Frederic S. (2007). The Economics of Money, Banking, and Financial Markets (Alternate Edition). Boston: Addison Wesley. p. 8. ISBN 0-321-42177-9.
2. ^ What Is Money? By John N. Smithin [1] Retrieved July-17-09
3. ^ ^{a b c d e} Mankiw, N. Gregory (2007). "2". Macroeconomics (6th ed.). New York: Worth Publishers. pp. 22–32. ISBN 0-7167-6213-7.
4. ^ ^{a b c d} T.H. Greco. Money: Understanding and Creating Alternatives to Legal Tender, White River Junction, Vt: Chelsea Green Publishing (2001). ISBN 1-890132-37-3
5. ^ "Learn More About Coins and Money — Treasure Trove - Philadelphia Fed". Philadelphia Fed.. http://www.philadelphiafed.org/education/money-in-motion/treasure-trove/. Retrieved 2009-04-20.
6. ^ "On2 Money / A History of Money". Pbs.org. http://www.pbs.org/newshour/on2/money/history.html. Retrieved 2009-04-20.
7. ^ Bernstein, Peter, A Primer on Money and Banking, and Gold, Wiley, 2008 edition, pp29-39
8. ^ Mauss, Marcel. 'The Gift: The Form and Reason for Exchange in Archaic Societies.' pp. 36-37.
9. ^ Graeber, David. 'Toward an Anthropological Theory of Value'. pp. 153-154.
10. ^ Kramer, History Begins at Sumer, pp. 52–55.
11. ^ Herodotus. Histories, I, 94
12. ^ "Goldsborough, Reid. "World's First Coin"". Rg.ancients.info. 2003-10-02. http://rg.ancients.info/lion/article.html. Retrieved 2009-04-20.
13. ^ D'Eprio, Peter & Pinkowish, Mary Desmond (1998). What Are The Seven Wonders Of The World? First Anchor Books, p.192. ISBN 0-385-49062-3
14. ^ "Online Etymology Dictionary". Etymonline.com. http://www.etymonline.com/index.php?search=specie&searchmode=phrase. Retrieved 2009-04-20.
15. ^ ^{a b} Krugman, Paul & Wells, Robin, Economics, Worth Publishers, New York (2006)
16. ^ ^{a b} Abel, Andrew; Bernanke, Ben (2005). "7". Macroeconomics (5th ed.). Pearson. pp. 266–269. ISBN 0201327899.
17. ^ Theory of Money and Credit– Library of Economics and Liberty
18. ^ Mises, Ludwig von. The Theory of Money and Credit, (Indianapolis, IN: Liberty Fund, Inc., 1981), trans. H. E. Batson. Available online here [2]; accessed 9 May 2007; Part One: The Nature of Money, Chapter 3: The Various Kinds of Money, Section 3: Commodity Money, Credit Money, and Fiat Money, Paragraph 25.
19. ^ RandRefinery.com Retrieved July-18-09
20. ^ ^{a b} USMINT.gov Retrieved July-18-09
21. ^ Jevons, William Stanley (1875). "XVI: Representative Money". Money and the Mechanism of Exchange. ISBN 1596052600. http://oll.libertyfund.org/?option=com_staticxt&staticfile=show.php%3Ftitle=318&chapter=9990&layout=html&Itemid=27. Retrieved 2009-06-28.
22. ^ Deardorff, Prof. Alan V. (2008). "Deardorff's Glossary of International Economics". Department of Economics, University of Michigan. http://www-personal.umich.edu/~alandear/glossary/f.html. Retrieved 2008-07-12.
23. ^ Black, Henry Campbell (1910). "A Law Dictionary Containing Definitions Of The Terms And Phrases Of American And English Jurisprudence, Ancient And Modern", page 494. West Publishing Co. Black’s Law Dictionary defines the word "fiat" to mean "a short order or warrant of a Judge or magistrate directing some act to be done; an authority issuing from some competent source for the doing of some legal act"
24. ^ Tom Bethell (1980-02-04). "Crazy as a Gold Bug". New York (New York Media) 13 (5): p. 34. http://books.google.com/books?id=6OUCAAAAMBAJ&pg=PA33&dq=silver+krugerrand. Retrieved July-18-09
25. ^ Shredded & mutilated: Mutilated Currency, Bureau of Engraving and Printing. Retrieved 2007-05-09.
26. ^ Sullivan, Arthur; Steven M. Sheffrin (2003). Economics: Principles in action. Upper Saddle River, New Jersey: Pearson Prentice Hall. pp. 258. ISBN 0130630853.
27. ^ The Bank Credit Analysis Handbook: A Guide for Analysts, Bankers and Investors by Jonathan Golin. Publisher: John Wiley & Sons (August 10, 2001). ISBN 0471842176 ISBN 978-0471842170
28. ^ Bankintroductions.com - Economic Definitions
29. ^ The Federal Reserve. 'Monetary Policy and the Economy". (PDF) Board of Governors of the Federal Reserve System, (2005-07-05). Retrieved 2007-05-15.
30. ^ Milton Friedman, Anna Jacobson Schwartz, (1971). Monetary History of the United States, 1867–1960. Princeton, N.J: Princeton University Press. ISBN 0-691-00354-8.
31. ^ David Laidler, (1997). Money and Macroeconomics: The Selected Essays of David Laidler (Economists of the Twentieth Century). Edward Elgar Publishing. ISBN 1-85898-596-X.

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