Money is an abstract concept and a monetary unit itself is an object which we can measure and calculate. We can, of course, think of gold, silver, silver bars, precious metals and bullion as having some intrinsic value as commodities, but for them to have an equal economic value does not follow. What determines all other things is human opinion and a person’s willingness to accept or reject the value of certain forms of money. In fact, the concept of money is very flexible at the moment and could be used in the following manners.
It can be used in a conventional method (that is, for sale) or by an anonymous dealer for personal transactions. In other words, it can be either legal tender (like the US dollar) or it could be non-legal tender (like the Japanese yen). It could be a “currency” such as gold, silver or pure paper money. For example, it could be used inside banks to pay a deposit (bank teller service for personal transactions). Money could also have a purely legal face (and hence value) such as a bill of exchange or a bank draft, for example. When the face does not have legal weight to it, then it could either be considered “legal tender” (or “gold”). This would mean that in the absence of legal legal tender, the face (with legal weight) would be regarded as worthless, not legal tender and would not be accepted as payments.
This is a relatively simple definition of money. Let us now consider the concept of money in the context of human interaction. As we have already observed, money is the “thing” which a person may use to exchange goods or services. In the traditional money systems, in particular in the West, some kind of price (like the silver dollar) is used to identify the currency, but the price, like the physical world (like the physical world prices), is not always known to the buyer. In a gold currency system, the price is known to a person (and so the price can be used like a kind of proof of ownership). But in a price system like this one, the buyer cannot be certain of the buyer’s ability or willingness to pay the price which the seller is willing to pay, because the seller has, or has the intention to, pay the buyer with some other currency. It also means that a gold currency might be a non-legal tender and therefore not allowed to be used as money, although the purchaser could, of course, obtain an equivalent substitute for any
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