Money
- In any society, money is the commodity or token that serves as a medium of exchange.
That is, Money is a commodity or token that everyone will accept in exchange for the things they have to sell. Different societies may have different monies. Some historical examples are:
- Gold coins (in medieval Europe)
- Cowrie shells (in West Africa)
- Paper(billet)
The major historical types of money are :
- Commodity moneys
- metallic coin
- other commodities
- Fiat money
- Fiduciary money
- bank notes
- checking accounts
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