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data-event-name="pinnable-header.vector-toc.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">hide</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">(Top)</div> </a> </li> <li id="toc-Etymology" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Etymology"> <div class="vector-toc-text"> <span class="vector-toc-numb">1</span> <span>Etymology</span> </div> </a> <ul id="toc-Etymology-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-History" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#History"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>History</span> </div> </a> <ul id="toc-History-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Functions" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Functions"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Functions</span> </div> </a> <button aria-controls="toc-Functions-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Functions subsection</span> </button> <ul id="toc-Functions-sublist" class="vector-toc-list"> <li id="toc-Medium_of_exchange" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Medium_of_exchange"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Medium of exchange</span> </div> </a> <ul id="toc-Medium_of_exchange-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Measure_of_value" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Measure_of_value"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Measure of value</span> </div> </a> <ul id="toc-Measure_of_value-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Standard_of_deferred_payment" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Standard_of_deferred_payment"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Standard of deferred payment</span> </div> </a> <ul id="toc-Standard_of_deferred_payment-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Store_of_value" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Store_of_value"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Store of value</span> </div> </a> <ul id="toc-Store_of_value-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Properties" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Properties"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Properties</span> </div> </a> <ul id="toc-Properties-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Money_supply" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Money_supply"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Money supply</span> </div> </a> <button aria-controls="toc-Money_supply-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Money supply subsection</span> </button> <ul id="toc-Money_supply-sublist" class="vector-toc-list"> <li id="toc-Creation_of_money" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Creation_of_money"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Creation of money</span> </div> </a> <ul id="toc-Creation_of_money-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Market_liquidity" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Market_liquidity"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>Market liquidity</span> </div> </a> <ul id="toc-Market_liquidity-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Types" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Types"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Types</span> </div> </a> <button aria-controls="toc-Types-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Types subsection</span> </button> <ul id="toc-Types-sublist" class="vector-toc-list"> <li id="toc-Commodity" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Commodity"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>Commodity</span> </div> </a> <ul id="toc-Commodity-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Representative" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Representative"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2</span> <span>Representative</span> </div> </a> <ul id="toc-Representative-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Fiat" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Fiat"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.3</span> <span>Fiat</span> </div> </a> <ul id="toc-Fiat-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Coinage" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Coinage"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.4</span> <span>Coinage</span> </div> </a> <ul id="toc-Coinage-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Paper" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Paper"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.5</span> <span>Paper</span> </div> </a> <ul id="toc-Paper-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Commercial_bank" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Commercial_bank"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.6</span> <span>Commercial bank</span> </div> </a> <ul id="toc-Commercial_bank-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Digital_or_electronic" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Digital_or_electronic"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.7</span> <span>Digital or electronic</span> </div> </a> <ul id="toc-Digital_or_electronic-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Monetary_policy" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Monetary_policy"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Monetary policy</span> </div> </a> <ul id="toc-Monetary_policy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Locality" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Locality"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Locality</span> </div> </a> <ul id="toc-Locality-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Financial_crimes" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Financial_crimes"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Financial crimes</span> </div> </a> <button aria-controls="toc-Financial_crimes-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Financial crimes subsection</span> </button> <ul id="toc-Financial_crimes-sublist" class="vector-toc-list"> <li id="toc-Counterfeiting" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Counterfeiting"> <div class="vector-toc-text"> <span class="vector-toc-numb">9.1</span> <span>Counterfeiting</span> </div> </a> <ul id="toc-Counterfeiting-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Money_laundering" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Money_laundering"> <div class="vector-toc-text"> <span class="vector-toc-numb">9.2</span> <span>Money laundering</span> </div> </a> <ul id="toc-Money_laundering-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">12</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">13</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Money</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 202 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-202" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">202 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-af mw-list-item"><a href="https://af.wikipedia.org/wiki/Geld" title="Geld – Afrikaans" lang="af" hreflang="af" data-title="Geld" data-language-autonym="Afrikaans" data-language-local-name="Afrikaans" class="interlanguage-link-target"><span>Afrikaans</span></a></li><li class="interlanguage-link interwiki-als mw-list-item"><a href="https://als.wikipedia.org/wiki/Geld" title="Geld – Alemannic" lang="gsw" hreflang="gsw" data-title="Geld" data-language-autonym="Alemannisch" data-language-local-name="Alemannic" class="interlanguage-link-target"><span>Alemannisch</span></a></li><li class="interlanguage-link interwiki-am mw-list-item"><a href="https://am.wikipedia.org/wiki/%E1%8C%88%E1%8A%95%E1%8B%98%E1%89%A5" title="ገንዘብ – Amharic" lang="am" hreflang="am" data-title="ገንዘብ" data-language-autonym="አማርኛ" data-language-local-name="Amharic" class="interlanguage-link-target"><span>አማርኛ</span></a></li><li class="interlanguage-link interwiki-ab mw-list-item"><a href="https://ab.wikipedia.org/wiki/%D0%90%D4%A5%D0%B0%D1%80%D0%B0" title="Аԥара – Abkhazian" lang="ab" hreflang="ab" data-title="Аԥара" data-language-autonym="Аԥсшәа" data-language-local-name="Abkhazian" class="interlanguage-link-target"><span>Аԥсшәа</span></a></li><li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D9%85%D8%A7%D9%84" title="مال – Arabic" lang="ar" hreflang="ar" data-title="مال" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-an mw-list-item"><a href="https://an.wikipedia.org/wiki/Diners" title="Diners – Aragonese" lang="an" hreflang="an" data-title="Diners" data-language-autonym="Aragonés" data-language-local-name="Aragonese" class="interlanguage-link-target"><span>Aragonés</span></a></li><li class="interlanguage-link interwiki-as mw-list-item"><a href="https://as.wikipedia.org/wiki/%E0%A6%AE%E0%A7%81%E0%A6%A6%E0%A7%8D%E0%A7%B0%E0%A6%BE" title="মুদ্ৰা – Assamese" lang="as" hreflang="as" data-title="মুদ্ৰা" data-language-autonym="অসমীয়া" data-language-local-name="Assamese" class="interlanguage-link-target"><span>অসমীয়া</span></a></li><li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://ast.wikipedia.org/wiki/Dineru" title="Dineru – Asturian" lang="ast" hreflang="ast" data-title="Dineru" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target"><span>Asturianu</span></a></li><li class="interlanguage-link interwiki-gn mw-list-item"><a href="https://gn.wikipedia.org/wiki/Viru" title="Viru – Guarani" lang="gn" hreflang="gn" data-title="Viru" data-language-autonym="Avañe'ẽ" data-language-local-name="Guarani" class="interlanguage-link-target"><span>Avañe'ẽ</span></a></li><li class="interlanguage-link interwiki-av mw-list-item"><a href="https://av.wikipedia.org/wiki/%D0%93%D3%80%D0%B0%D1%80%D0%B0%D1%86_(%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D0%B0)" title="ГӀарац (валюта) – Avaric" lang="av" hreflang="av" data-title="ГӀарац (валюта)" data-language-autonym="Авар" data-language-local-name="Avaric" class="interlanguage-link-target"><span>Авар</span></a></li><li class="interlanguage-link interwiki-ay mw-list-item"><a href="https://ay.wikipedia.org/wiki/Qullqi" title="Qullqi – Aymara" lang="ay" hreflang="ay" data-title="Qullqi" data-language-autonym="Aymar aru" data-language-local-name="Aymara" class="interlanguage-link-target"><span>Aymar aru</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Pul" title="Pul – Azerbaijani" lang="az" hreflang="az" data-title="Pul" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-azb mw-list-item"><a href="https://azb.wikipedia.org/wiki/%D9%BE%D9%88%D9%84" title="پول – South Azerbaijani" lang="azb" hreflang="azb" data-title="پول" data-language-autonym="تۆرکجه" data-language-local-name="South Azerbaijani" class="interlanguage-link-target"><span>تۆرکجه</span></a></li><li class="interlanguage-link interwiki-ban mw-list-item"><a href="https://ban.wikipedia.org/wiki/Jinah" title="Jinah – Balinese" lang="ban" hreflang="ban" data-title="Jinah" data-language-autonym="Basa Bali" data-language-local-name="Balinese" class="interlanguage-link-target"><span>Basa Bali</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%85%E0%A6%B0%E0%A7%8D%E0%A6%A5_(%E0%A6%85%E0%A6%B0%E0%A7%8D%E0%A6%A5%E0%A6%A8%E0%A7%80%E0%A6%A4%E0%A6%BF)" title="অর্থ (অর্থনীতি) – Bangla" lang="bn" hreflang="bn" data-title="অর্থ (অর্থনীতি)" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-bjn mw-list-item"><a href="https://bjn.wikipedia.org/wiki/Duit" title="Duit – Banjar" lang="bjn" hreflang="bjn" data-title="Duit" data-language-autonym="Banjar" data-language-local-name="Banjar" class="interlanguage-link-target"><span>Banjar</span></a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/Ch%C3%AE%E2%81%BF" title="Chîⁿ – Minnan" lang="nan" hreflang="nan" data-title="Chîⁿ" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target"><span>閩南語 / Bân-lâm-gú</span></a></li><li class="interlanguage-link interwiki-ba mw-list-item"><a href="https://ba.wikipedia.org/wiki/%D0%90%D2%A1%D1%81%D0%B0" title="Аҡса – Bashkir" lang="ba" hreflang="ba" data-title="Аҡса" data-language-autonym="Башҡортса" data-language-local-name="Bashkir" class="interlanguage-link-target"><span>Башҡортса</span></a></li><li class="interlanguage-link interwiki-be mw-list-item"><a href="https://be.wikipedia.org/wiki/%D0%93%D1%80%D0%BE%D1%88%D1%8B" title="Грошы – Belarusian" lang="be" hreflang="be" data-title="Грошы" data-language-autonym="Беларуская" data-language-local-name="Belarusian" class="interlanguage-link-target"><span>Беларуская</span></a></li><li class="interlanguage-link interwiki-be-x-old mw-list-item"><a href="https://be-tarask.wikipedia.org/wiki/%D0%93%D1%80%D0%BE%D1%88%D1%8B" title="Грошы – Belarusian (Taraškievica orthography)" lang="be-tarask" hreflang="be-tarask" data-title="Грошы" data-language-autonym="Беларуская (тарашкевіца)" data-language-local-name="Belarusian (Taraškievica orthography)" class="interlanguage-link-target"><span>Беларуская (тарашкевіца)</span></a></li><li class="interlanguage-link interwiki-bh mw-list-item"><a href="https://bh.wikipedia.org/wiki/%E0%A4%AE%E0%A4%A8%E0%A5%80" title="मनी – Bhojpuri" lang="bh" hreflang="bh" data-title="मनी" data-language-autonym="भोजपुरी" data-language-local-name="Bhojpuri" class="interlanguage-link-target"><span>भोजपुरी</span></a></li><li class="interlanguage-link interwiki-bcl mw-list-item"><a href="https://bcl.wikipedia.org/wiki/Kwarta" title="Kwarta – Central Bikol" lang="bcl" hreflang="bcl" data-title="Kwarta" data-language-autonym="Bikol Central" data-language-local-name="Central Bikol" class="interlanguage-link-target"><span>Bikol Central</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%9F%D0%B0%D1%80%D0%B8" title="Пари – Bulgarian" lang="bg" hreflang="bg" data-title="Пари" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-bar mw-list-item"><a href="https://bar.wikipedia.org/wiki/Gejd" title="Gejd – Bavarian" lang="bar" hreflang="bar" data-title="Gejd" data-language-autonym="Boarisch" data-language-local-name="Bavarian" class="interlanguage-link-target"><span>Boarisch</span></a></li><li class="interlanguage-link interwiki-bo mw-list-item"><a href="https://bo.wikipedia.org/wiki/%E0%BD%91%E0%BD%84%E0%BD%B4%E0%BD%A3%E0%BC%8B%E0%BD%A3%E0%BD%BC%E0%BD%A2%E0%BC%8D" title="དངུལ་ལོར། – Tibetan" lang="bo" hreflang="bo" data-title="དངུལ་ལོར།" data-language-autonym="བོད་ཡིག" data-language-local-name="Tibetan" class="interlanguage-link-target"><span>བོད་ཡིག</span></a></li><li class="interlanguage-link interwiki-bs mw-list-item"><a href="https://bs.wikipedia.org/wiki/Novac" title="Novac – Bosnian" lang="bs" hreflang="bs" data-title="Novac" data-language-autonym="Bosanski" data-language-local-name="Bosnian" class="interlanguage-link-target"><span>Bosanski</span></a></li><li class="interlanguage-link interwiki-br mw-list-item"><a href="https://br.wikipedia.org/wiki/Arc%27hant" title="Arc'hant – Breton" lang="br" hreflang="br" data-title="Arc'hant" data-language-autonym="Brezhoneg" data-language-local-name="Breton" class="interlanguage-link-target"><span>Brezhoneg</span></a></li><li class="interlanguage-link interwiki-bxr mw-list-item"><a href="https://bxr.wikipedia.org/wiki/%D0%9C%D2%AF%D0%BD%D0%B3%D1%8D%D0%BD" title="Мүнгэн – Russia Buriat" lang="bxr" hreflang="bxr" data-title="Мүнгэн" data-language-autonym="Буряад" data-language-local-name="Russia Buriat" class="interlanguage-link-target"><span>Буряад</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Diner" title="Diner – Catalan" lang="ca" hreflang="ca" data-title="Diner" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cv mw-list-item"><a href="https://cv.wikipedia.org/wiki/%D0%A3%D0%BA%C3%A7%D0%B0" title="Укçа – Chuvash" lang="cv" hreflang="cv" data-title="Укçа" data-language-autonym="Чӑвашла" data-language-local-name="Chuvash" class="interlanguage-link-target"><span>Чӑвашла</span></a></li><li class="interlanguage-link interwiki-ceb mw-list-item"><a href="https://ceb.wikipedia.org/wiki/Kwarta" title="Kwarta – Cebuano" lang="ceb" hreflang="ceb" data-title="Kwarta" data-language-autonym="Cebuano" data-language-local-name="Cebuano" class="interlanguage-link-target"><span>Cebuano</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Pen%C3%ADze" title="Peníze – Czech" lang="cs" hreflang="cs" data-title="Peníze" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-cbk-zam mw-list-item"><a href="https://cbk-zam.wikipedia.org/wiki/Cen" title="Cen – Chavacano" lang="cbk" hreflang="cbk" data-title="Cen" data-language-autonym="Chavacano de Zamboanga" data-language-local-name="Chavacano" class="interlanguage-link-target"><span>Chavacano de Zamboanga</span></a></li><li class="interlanguage-link interwiki-sn mw-list-item"><a href="https://sn.wikipedia.org/wiki/Mari" title="Mari – Shona" lang="sn" hreflang="sn" data-title="Mari" data-language-autonym="ChiShona" data-language-local-name="Shona" class="interlanguage-link-target"><span>ChiShona</span></a></li><li class="interlanguage-link interwiki-cy mw-list-item"><a href="https://cy.wikipedia.org/wiki/Arian_(economeg)" title="Arian (economeg) – Welsh" lang="cy" hreflang="cy" data-title="Arian (economeg)" data-language-autonym="Cymraeg" data-language-local-name="Welsh" class="interlanguage-link-target"><span>Cymraeg</span></a></li><li class="interlanguage-link interwiki-dag mw-list-item"><a href="https://dag.wikipedia.org/wiki/La%C9%A3ifu" title="Laɣifu – Dagbani" lang="dag" hreflang="dag" data-title="Laɣifu" data-language-autonym="Dagbanli" data-language-local-name="Dagbani" class="interlanguage-link-target"><span>Dagbanli</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Penge" title="Penge – Danish" lang="da" hreflang="da" data-title="Penge" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-ary mw-list-item"><a href="https://ary.wikipedia.org/wiki/%D9%81%D9%84%D9%88%D8%B3" title="فلوس – Moroccan Arabic" lang="ary" hreflang="ary" data-title="فلوس" data-language-autonym="الدارجة" data-language-local-name="Moroccan Arabic" class="interlanguage-link-target"><span>الدارجة</span></a></li><li class="interlanguage-link interwiki-se mw-list-item"><a href="https://se.wikipedia.org/wiki/Ruhta" title="Ruhta – Northern Sami" lang="se" hreflang="se" data-title="Ruhta" data-language-autonym="Davvisámegiella" data-language-local-name="Northern Sami" class="interlanguage-link-target"><span>Davvisámegiella</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Geld" title="Geld – German" lang="de" hreflang="de" data-title="Geld" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-nv mw-list-item"><a href="https://nv.wikipedia.org/wiki/B%C3%A9eso" title="Béeso – Navajo" lang="nv" hreflang="nv" data-title="Béeso" data-language-autonym="Diné bizaad" data-language-local-name="Navajo" class="interlanguage-link-target"><span>Diné bizaad</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Raha" title="Raha – Estonian" lang="et" hreflang="et" data-title="Raha" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%A7%CF%81%CE%AE%CE%BC%CE%B1" title="Χρήμα – Greek" lang="el" hreflang="el" data-title="Χρήμα" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-myv mw-list-item"><a href="https://myv.wikipedia.org/wiki/%D0%AF%D1%80%D0%BC%D0%B0%D0%BA%D1%82" title="Ярмакт – Erzya" lang="myv" hreflang="myv" data-title="Ярмакт" data-language-autonym="Эрзянь" data-language-local-name="Erzya" class="interlanguage-link-target"><span>Эрзянь</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Dinero" title="Dinero – Spanish" lang="es" hreflang="es" data-title="Dinero" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Mono" title="Mono – Esperanto" lang="eo" hreflang="eo" data-title="Mono" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-ext mw-list-item"><a href="https://ext.wikipedia.org/wiki/Dineru" title="Dineru – Extremaduran" lang="ext" hreflang="ext" data-title="Dineru" data-language-autonym="Estremeñu" data-language-local-name="Extremaduran" class="interlanguage-link-target"><span>Estremeñu</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Diru" title="Diru – Basque" lang="eu" hreflang="eu" data-title="Diru" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%BE%D9%88%D9%84" title="پول – Persian" lang="fa" hreflang="fa" data-title="پول" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-hif mw-list-item"><a href="https://hif.wikipedia.org/wiki/Paisa" title="Paisa – Fiji Hindi" lang="hif" hreflang="hif" data-title="Paisa" data-language-autonym="Fiji Hindi" data-language-local-name="Fiji Hindi" class="interlanguage-link-target"><span>Fiji Hindi</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Monnaie" title="Monnaie – French" lang="fr" hreflang="fr" data-title="Monnaie" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-fy mw-list-item"><a href="https://fy.wikipedia.org/wiki/Jild" title="Jild – Western Frisian" lang="fy" hreflang="fy" data-title="Jild" data-language-autonym="Frysk" data-language-local-name="Western Frisian" class="interlanguage-link-target"><span>Frysk</span></a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/Airgead_(eacnama%C3%ADocht)" title="Airgead (eacnamaíocht) – Irish" lang="ga" hreflang="ga" data-title="Airgead (eacnamaíocht)" data-language-autonym="Gaeilge" data-language-local-name="Irish" class="interlanguage-link-target"><span>Gaeilge</span></a></li><li class="interlanguage-link interwiki-gd mw-list-item"><a href="https://gd.wikipedia.org/wiki/Airgead_(malairt)" title="Airgead (malairt) – Scottish Gaelic" lang="gd" hreflang="gd" data-title="Airgead (malairt)" data-language-autonym="Gàidhlig" data-language-local-name="Scottish Gaelic" class="interlanguage-link-target"><span>Gàidhlig</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Di%C3%B1eiro" title="Diñeiro – Galician" lang="gl" hreflang="gl" data-title="Diñeiro" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-inh mw-list-item"><a href="https://inh.wikipedia.org/wiki/%D0%90%D1%85%D1%87%D0%B0" title="Ахча – Ingush" lang="inh" hreflang="inh" data-title="Ахча" data-language-autonym="ГӀалгӀай" data-language-local-name="Ingush" class="interlanguage-link-target"><span>ГӀалгӀай</span></a></li><li class="interlanguage-link interwiki-gan mw-list-item"><a href="https://gan.wikipedia.org/wiki/%E9%8C%A2" title="錢 – Gan" lang="gan" hreflang="gan" data-title="錢" data-language-autonym="贛語" data-language-local-name="Gan" class="interlanguage-link-target"><span>贛語</span></a></li><li class="interlanguage-link interwiki-got mw-list-item"><a href="https://got.wikipedia.org/wiki/%F0%90%8D%83%F0%90%8C%BA%F0%90%8C%B0%F0%90%8D%84%F0%90%8D%84%F0%90%8D%83" title="𐍃𐌺𐌰𐍄𐍄𐍃 – Gothic" lang="got" hreflang="got" data-title="𐍃𐌺𐌰𐍄𐍄𐍃" data-language-autonym="𐌲𐌿𐍄𐌹𐍃𐌺" data-language-local-name="Gothic" class="interlanguage-link-target"><span>𐌲𐌿𐍄𐌹𐍃𐌺</span></a></li><li class="interlanguage-link interwiki-hak mw-list-item"><a href="https://hak.wikipedia.org/wiki/Chhi%C3%A8n" title="Chhièn – Hakka Chinese" lang="hak" hreflang="hak" data-title="Chhièn" data-language-autonym="客家語 / Hak-kâ-ngî" data-language-local-name="Hakka Chinese" class="interlanguage-link-target"><span>客家語 / Hak-kâ-ngî</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EB%8F%88" title="돈 – Korean" lang="ko" hreflang="ko" data-title="돈" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-ha mw-list-item"><a href="https://ha.wikipedia.org/wiki/Ku%C9%97i" title="Kuɗi – Hausa" lang="ha" hreflang="ha" data-title="Kuɗi" data-language-autonym="Hausa" data-language-local-name="Hausa" class="interlanguage-link-target"><span>Hausa</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%93%D5%B8%D5%B2" title="Փող – Armenian" lang="hy" hreflang="hy" data-title="Փող" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%AE%E0%A5%81%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A4%BE_(%E0%A4%B5%E0%A4%BF%E0%A4%A8%E0%A4%BF%E0%A4%AE%E0%A4%AF_%E0%A4%AE%E0%A4%BE%E0%A4%A7%E0%A5%8D%E0%A4%AF%E0%A4%AE)" title="मुद्रा (विनिमय माध्यम) – Hindi" lang="hi" hreflang="hi" data-title="मुद्रा (विनिमय माध्यम)" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Novac" title="Novac – Croatian" lang="hr" hreflang="hr" data-title="Novac" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-io mw-list-item"><a href="https://io.wikipedia.org/wiki/Pekunio" title="Pekunio – Ido" lang="io" hreflang="io" data-title="Pekunio" data-language-autonym="Ido" data-language-local-name="Ido" class="interlanguage-link-target"><span>Ido</span></a></li><li class="interlanguage-link interwiki-ig mw-list-item"><a href="https://ig.wikipedia.org/wiki/Money" title="Money – Igbo" lang="ig" hreflang="ig" data-title="Money" data-language-autonym="Igbo" data-language-local-name="Igbo" class="interlanguage-link-target"><span>Igbo</span></a></li><li class="interlanguage-link interwiki-ilo mw-list-item"><a href="https://ilo.wikipedia.org/wiki/Kuarta" title="Kuarta – Iloko" lang="ilo" hreflang="ilo" data-title="Kuarta" data-language-autonym="Ilokano" data-language-local-name="Iloko" class="interlanguage-link-target"><span>Ilokano</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Uang" title="Uang – Indonesian" lang="id" hreflang="id" data-title="Uang" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-ia mw-list-item"><a href="https://ia.wikipedia.org/wiki/Moneta" title="Moneta – Interlingua" lang="ia" hreflang="ia" data-title="Moneta" data-language-autonym="Interlingua" data-language-local-name="Interlingua" class="interlanguage-link-target"><span>Interlingua</span></a></li><li class="interlanguage-link interwiki-ik mw-list-item"><a href="https://ik.wikipedia.org/wiki/Manik" title="Manik – Inupiaq" lang="ik" hreflang="ik" data-title="Manik" data-language-autonym="Iñupiatun" data-language-local-name="Inupiaq" class="interlanguage-link-target"><span>Iñupiatun</span></a></li><li class="interlanguage-link interwiki-xh mw-list-item"><a href="https://xh.wikipedia.org/wiki/Imali" title="Imali – Xhosa" lang="xh" hreflang="xh" data-title="Imali" data-language-autonym="IsiXhosa" data-language-local-name="Xhosa" class="interlanguage-link-target"><span>IsiXhosa</span></a></li><li class="interlanguage-link interwiki-zu mw-list-item"><a href="https://zu.wikipedia.org/wiki/Imali" title="Imali – Zulu" lang="zu" hreflang="zu" data-title="Imali" data-language-autonym="IsiZulu" data-language-local-name="Zulu" class="interlanguage-link-target"><span>IsiZulu</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Peningar" title="Peningar – Icelandic" lang="is" hreflang="is" data-title="Peningar" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Denaro" title="Denaro – Italian" lang="it" hreflang="it" data-title="Denaro" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%9B%D7%A1%D7%A3_(%D7%90%D7%9E%D7%A6%D7%A2%D7%99_%D7%AA%D7%A9%D7%9C%D7%95%D7%9D)" title="כסף (אמצעי תשלום) – Hebrew" lang="he" hreflang="he" data-title="כסף (אמצעי תשלום)" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-jv mw-list-item"><a href="https://jv.wikipedia.org/wiki/Dhuwit" title="Dhuwit – Javanese" lang="jv" hreflang="jv" data-title="Dhuwit" data-language-autonym="Jawa" data-language-local-name="Javanese" class="interlanguage-link-target"><span>Jawa</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%B9%E0%B2%A3" title="ಹಣ – Kannada" lang="kn" hreflang="kn" data-title="ಹಣ" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-krc mw-list-item"><a href="https://krc.wikipedia.org/wiki/%D0%90%D1%87%D1%85%D0%B0" title="Ачха – Karachay-Balkar" lang="krc" hreflang="krc" data-title="Ачха" data-language-autonym="Къарачай-малкъар" data-language-local-name="Karachay-Balkar" class="interlanguage-link-target"><span>Къарачай-малкъар</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%A4%E1%83%A3%E1%83%9A%E1%83%98" title="ფული – Georgian" lang="ka" hreflang="ka" data-title="ფული" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%90%D2%9B%D1%88%D0%B0" title="Ақша – Kazakh" lang="kk" hreflang="kk" data-title="Ақша" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-rw mw-list-item"><a href="https://rw.wikipedia.org/wiki/Ifaranga" title="Ifaranga – Kinyarwanda" lang="rw" hreflang="rw" data-title="Ifaranga" data-language-autonym="Ikinyarwanda" data-language-local-name="Kinyarwanda" class="interlanguage-link-target"><span>Ikinyarwanda</span></a></li><li class="interlanguage-link interwiki-sw mw-list-item"><a href="https://sw.wikipedia.org/wiki/Pesa" title="Pesa – Swahili" lang="sw" hreflang="sw" data-title="Pesa" data-language-autonym="Kiswahili" data-language-local-name="Swahili" class="interlanguage-link-target"><span>Kiswahili</span></a></li><li class="interlanguage-link interwiki-ht mw-list-item"><a href="https://ht.wikipedia.org/wiki/Lajan" title="Lajan – Haitian Creole" lang="ht" hreflang="ht" data-title="Lajan" data-language-autonym="Kreyòl ayisyen" data-language-local-name="Haitian Creole" class="interlanguage-link-target"><span>Kreyòl ayisyen</span></a></li><li class="interlanguage-link interwiki-gcr mw-list-item"><a href="https://gcr.wikipedia.org/wiki/Lanmonnen" title="Lanmonnen – Guianan Creole" lang="gcr" hreflang="gcr" data-title="Lanmonnen" data-language-autonym="Kriyòl gwiyannen" data-language-local-name="Guianan Creole" class="interlanguage-link-target"><span>Kriyòl gwiyannen</span></a></li><li class="interlanguage-link interwiki-ku mw-list-item"><a href="https://ku.wikipedia.org/wiki/Pere" title="Pere – Kurdish" lang="ku" hreflang="ku" data-title="Pere" data-language-autonym="Kurdî" data-language-local-name="Kurdish" class="interlanguage-link-target"><span>Kurdî</span></a></li><li class="interlanguage-link interwiki-ky mw-list-item"><a href="https://ky.wikipedia.org/wiki/%D0%90%D0%BA%D1%87%D0%B0" title="Акча – Kyrgyz" lang="ky" hreflang="ky" data-title="Акча" data-language-autonym="Кыргызча" data-language-local-name="Kyrgyz" class="interlanguage-link-target"><span>Кыргызча</span></a></li><li class="interlanguage-link interwiki-lbe mw-list-item"><a href="https://lbe.wikipedia.org/wiki/%D0%90%D1%80%D1%86%D1%83_(%D0%BA%D1%8A%D1%83%D1%80%D1%83%D1%88)" title="Арцу (къуруш) – Lak" lang="lbe" hreflang="lbe" data-title="Арцу (къуруш)" data-language-autonym="Лакку" data-language-local-name="Lak" class="interlanguage-link-target"><span>Лакку</span></a></li><li class="interlanguage-link interwiki-lo mw-list-item"><a href="https://lo.wikipedia.org/wiki/%E0%BB%80%E0%BA%87%E0%BA%B4%E0%BA%99" title="ເງິນ – Lao" lang="lo" hreflang="lo" data-title="ເງິນ" data-language-autonym="ລາວ" data-language-local-name="Lao" class="interlanguage-link-target"><span>ລາວ</span></a></li><li class="interlanguage-link interwiki-la badge-Q17437796 badge-featuredarticle mw-list-item" title="featured article badge"><a href="https://la.wikipedia.org/wiki/Pecunia" title="Pecunia – Latin" lang="la" hreflang="la" data-title="Pecunia" data-language-autonym="Latina" data-language-local-name="Latin" class="interlanguage-link-target"><span>Latina</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Nauda" title="Nauda – Latvian" lang="lv" hreflang="lv" data-title="Nauda" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-lb mw-list-item"><a href="https://lb.wikipedia.org/wiki/Geld" title="Geld – Luxembourgish" lang="lb" hreflang="lb" data-title="Geld" data-language-autonym="Lëtzebuergesch" data-language-local-name="Luxembourgish" class="interlanguage-link-target"><span>Lëtzebuergesch</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Pinigai" title="Pinigai – Lithuanian" lang="lt" hreflang="lt" data-title="Pinigai" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-nia mw-list-item"><a href="https://nia.wikipedia.org/wiki/Kefe" title="Kefe – Nias" lang="nia" hreflang="nia" data-title="Kefe" data-language-autonym="Li Niha" data-language-local-name="Nias" class="interlanguage-link-target"><span>Li Niha</span></a></li><li class="interlanguage-link interwiki-lij mw-list-item"><a href="https://lij.wikipedia.org/wiki/Mon%C3%A6a" title="Monæa – Ligurian" lang="lij" hreflang="lij" data-title="Monæa" data-language-autonym="Ligure" data-language-local-name="Ligurian" class="interlanguage-link-target"><span>Ligure</span></a></li><li class="interlanguage-link interwiki-li mw-list-item"><a href="https://li.wikipedia.org/wiki/Geldj" title="Geldj – Limburgish" lang="li" hreflang="li" data-title="Geldj" data-language-autonym="Limburgs" data-language-local-name="Limburgish" class="interlanguage-link-target"><span>Limburgs</span></a></li><li class="interlanguage-link interwiki-ln mw-list-item"><a href="https://ln.wikipedia.org/wiki/Mb%C9%94%CC%81ng%C9%94" title="Mbɔ́ngɔ – Lingala" lang="ln" hreflang="ln" data-title="Mbɔ́ngɔ" data-language-autonym="Lingála" data-language-local-name="Lingala" class="interlanguage-link-target"><span>Lingála</span></a></li><li class="interlanguage-link interwiki-lfn mw-list-item"><a href="https://lfn.wikipedia.org/wiki/Mone" title="Mone – Lingua Franca Nova" lang="lfn" hreflang="lfn" data-title="Mone" data-language-autonym="Lingua Franca Nova" data-language-local-name="Lingua Franca Nova" class="interlanguage-link-target"><span>Lingua Franca Nova</span></a></li><li class="interlanguage-link interwiki-lmo mw-list-item"><a href="https://lmo.wikipedia.org/wiki/Danee" title="Danee – Lombard" lang="lmo" hreflang="lmo" data-title="Danee" data-language-autonym="Lombard" data-language-local-name="Lombard" class="interlanguage-link-target"><span>Lombard</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/P%C3%A9nz" title="Pénz – Hungarian" lang="hu" hreflang="hu" data-title="Pénz" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mai mw-list-item"><a href="https://mai.wikipedia.org/wiki/%E0%A4%AE%E0%A5%81%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A4%BE" title="मुद्रा – Maithili" lang="mai" hreflang="mai" data-title="मुद्रा" data-language-autonym="मैथिली" data-language-local-name="Maithili" class="interlanguage-link-target"><span>मैथिली</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%9F%D0%B0%D1%80%D0%B8" title="Пари – Macedonian" lang="mk" hreflang="mk" data-title="Пари" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-mg mw-list-item"><a href="https://mg.wikipedia.org/wiki/Vola" title="Vola – Malagasy" lang="mg" hreflang="mg" data-title="Vola" data-language-autonym="Malagasy" data-language-local-name="Malagasy" class="interlanguage-link-target"><span>Malagasy</span></a></li><li class="interlanguage-link interwiki-ml mw-list-item"><a href="https://ml.wikipedia.org/wiki/%E0%B4%AA%E0%B4%A3%E0%B4%82" title="പണം – Malayalam" lang="ml" hreflang="ml" data-title="പണം" data-language-autonym="മലയാളം" data-language-local-name="Malayalam" class="interlanguage-link-target"><span>മലയാളം</span></a></li><li class="interlanguage-link interwiki-mi mw-list-item"><a href="https://mi.wikipedia.org/wiki/Moni" title="Moni – Māori" lang="mi" hreflang="mi" data-title="Moni" data-language-autonym="Māori" data-language-local-name="Māori" class="interlanguage-link-target"><span>Māori</span></a></li><li class="interlanguage-link interwiki-xmf mw-list-item"><a href="https://xmf.wikipedia.org/wiki/%E1%83%A4%E1%83%90%E1%83%A0%E1%83%90" title="ფარა – Mingrelian" lang="xmf" hreflang="xmf" data-title="ფარა" data-language-autonym="მარგალური" data-language-local-name="Mingrelian" class="interlanguage-link-target"><span>მარგალური</span></a></li><li class="interlanguage-link interwiki-arz mw-list-item"><a href="https://arz.wikipedia.org/wiki/%D9%81%D9%84%D9%88%D8%B3" title="فلوس – Egyptian Arabic" lang="arz" hreflang="arz" data-title="فلوس" data-language-autonym="مصرى" data-language-local-name="Egyptian Arabic" class="interlanguage-link-target"><span>مصرى</span></a></li><li class="interlanguage-link interwiki-mzn mw-list-item"><a href="https://mzn.wikipedia.org/wiki/%D9%BE%DB%8C%D9%84" title="پیل – Mazanderani" lang="mzn" hreflang="mzn" data-title="پیل" data-language-autonym="مازِرونی" data-language-local-name="Mazanderani" class="interlanguage-link-target"><span>مازِرونی</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Wang" title="Wang – Malay" lang="ms" hreflang="ms" data-title="Wang" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-mni mw-list-item"><a href="https://mni.wikipedia.org/wiki/%EA%AF%81%EA%AF%A6%EA%AF%9C" title="ꯁꯦꯜ – Manipuri" lang="mni" hreflang="mni" data-title="ꯁꯦꯜ" data-language-autonym="ꯃꯤꯇꯩ ꯂꯣꯟ" data-language-local-name="Manipuri" class="interlanguage-link-target"><span>ꯃꯤꯇꯩ ꯂꯣꯟ</span></a></li><li class="interlanguage-link interwiki-min mw-list-item"><a href="https://min.wikipedia.org/wiki/Pitih" title="Pitih – Minangkabau" lang="min" hreflang="min" data-title="Pitih" data-language-autonym="Minangkabau" data-language-local-name="Minangkabau" class="interlanguage-link-target"><span>Minangkabau</span></a></li><li class="interlanguage-link interwiki-cdo mw-list-item"><a href="https://cdo.wikipedia.org/wiki/Ci%C3%A8ng" title="Cièng – Mindong" lang="cdo" hreflang="cdo" data-title="Cièng" data-language-autonym="閩東語 / Mìng-dĕ̤ng-ngṳ̄" data-language-local-name="Mindong" class="interlanguage-link-target"><span>閩東語 / Mìng-dĕ̤ng-ngṳ̄</span></a></li><li class="interlanguage-link interwiki-mwl mw-list-item"><a href="https://mwl.wikipedia.org/wiki/Denheiro" title="Denheiro – Mirandese" lang="mwl" hreflang="mwl" data-title="Denheiro" data-language-autonym="Mirandés" data-language-local-name="Mirandese" class="interlanguage-link-target"><span>Mirandés</span></a></li><li class="interlanguage-link interwiki-mdf mw-list-item"><a href="https://mdf.wikipedia.org/wiki/%D0%AF%D1%80%D0%BC%D0%B0%D0%BA%D0%BD%D0%B5" title="Ярмакне – Moksha" lang="mdf" hreflang="mdf" data-title="Ярмакне" data-language-autonym="Мокшень" data-language-local-name="Moksha" class="interlanguage-link-target"><span>Мокшень</span></a></li><li class="interlanguage-link interwiki-mn mw-list-item"><a href="https://mn.wikipedia.org/wiki/%D0%9C%D3%A9%D0%BD%D0%B3%D3%A9" title="Мөнгө – Mongolian" lang="mn" hreflang="mn" data-title="Мөнгө" data-language-autonym="Монгол" data-language-local-name="Mongolian" class="interlanguage-link-target"><span>Монгол</span></a></li><li class="interlanguage-link interwiki-my mw-list-item"><a href="https://my.wikipedia.org/wiki/%E1%80%84%E1%80%BD%E1%80%B1%E1%80%A1%E1%80%9E%E1%80%95%E1%80%BC%E1%80%AC" title="ငွေအသပြာ – Burmese" lang="my" hreflang="my" data-title="ငွေအသပြာ" data-language-autonym="မြန်မာဘာသာ" data-language-local-name="Burmese" class="interlanguage-link-target"><span>မြန်မာဘာသာ</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Geld" title="Geld – Dutch" lang="nl" hreflang="nl" data-title="Geld" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-nds-nl mw-list-item"><a href="https://nds-nl.wikipedia.org/wiki/G%C3%A8ld" title="Gèld – Low Saxon" lang="nds-NL" hreflang="nds-NL" data-title="Gèld" data-language-autonym="Nedersaksies" data-language-local-name="Low Saxon" class="interlanguage-link-target"><span>Nedersaksies</span></a></li><li class="interlanguage-link interwiki-ne mw-list-item"><a href="https://ne.wikipedia.org/wiki/%E0%A4%AE%E0%A5%81%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A4%BE" title="मुद्रा – Nepali" lang="ne" hreflang="ne" data-title="मुद्रा" data-language-autonym="नेपाली" data-language-local-name="Nepali" class="interlanguage-link-target"><span>नेपाली</span></a></li><li class="interlanguage-link interwiki-new mw-list-item"><a href="https://new.wikipedia.org/wiki/%E0%A4%A7%E0%A5%8D%E0%A4%AF%E0%A4%AC%E0%A4%BE" title="ध्यबा – Newari" lang="new" hreflang="new" data-title="ध्यबा" data-language-autonym="नेपाल भाषा" data-language-local-name="Newari" class="interlanguage-link-target"><span>नेपाल भाषा</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E8%B2%A8%E5%B9%A3" title="貨幣 – Japanese" lang="ja" hreflang="ja" data-title="貨幣" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-ce mw-list-item"><a href="https://ce.wikipedia.org/wiki/%D0%90%D1%85%D1%87%D0%B0" title="Ахча – Chechen" lang="ce" hreflang="ce" data-title="Ахча" data-language-autonym="Нохчийн" data-language-local-name="Chechen" class="interlanguage-link-target"><span>Нохчийн</span></a></li><li class="interlanguage-link interwiki-frr mw-list-item"><a href="https://frr.wikipedia.org/wiki/Jil" title="Jil – Northern Frisian" lang="frr" hreflang="frr" data-title="Jil" data-language-autonym="Nordfriisk" data-language-local-name="Northern Frisian" class="interlanguage-link-target"><span>Nordfriisk</span></a></li><li class="interlanguage-link interwiki-pih mw-list-item"><a href="https://pih.wikipedia.org/wiki/Mani" title="Mani – Pitcairn-Norfolk" lang="pih" hreflang="pih" data-title="Mani" data-language-autonym="Norfuk / Pitkern" data-language-local-name="Pitcairn-Norfolk" class="interlanguage-link-target"><span>Norfuk / Pitkern</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Penger" title="Penger – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Penger" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://nn.wikipedia.org/wiki/Pengar" title="Pengar – Norwegian Nynorsk" lang="nn" hreflang="nn" data-title="Pengar" data-language-autonym="Norsk nynorsk" data-language-local-name="Norwegian Nynorsk" class="interlanguage-link-target"><span>Norsk nynorsk</span></a></li><li class="interlanguage-link interwiki-oc mw-list-item"><a href="https://oc.wikipedia.org/wiki/Moneda" title="Moneda – Occitan" lang="oc" hreflang="oc" data-title="Moneda" data-language-autonym="Occitan" data-language-local-name="Occitan" class="interlanguage-link-target"><span>Occitan</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Pul" title="Pul – Uzbek" lang="uz" hreflang="uz" data-title="Pul" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pa mw-list-item"><a href="https://pa.wikipedia.org/wiki/%E0%A8%AA%E0%A9%88%E0%A8%B8%E0%A8%BE" title="ਪੈਸਾ – Punjabi" lang="pa" hreflang="pa" data-title="ਪੈਸਾ" data-language-autonym="ਪੰਜਾਬੀ" data-language-local-name="Punjabi" class="interlanguage-link-target"><span>ਪੰਜਾਬੀ</span></a></li><li class="interlanguage-link interwiki-pnb mw-list-item"><a href="https://pnb.wikipedia.org/wiki/%D8%B2%D8%B1" title="زر – Western Punjabi" lang="pnb" hreflang="pnb" data-title="زر" data-language-autonym="پنجابی" data-language-local-name="Western Punjabi" class="interlanguage-link-target"><span>پنجابی</span></a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D9%BE%D9%8A%D8%B3%DB%90" title="پيسې – Pashto" lang="ps" hreflang="ps" data-title="پيسې" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target"><span>پښتو</span></a></li><li class="interlanguage-link interwiki-jam mw-list-item"><a href="https://jam.wikipedia.org/wiki/Moni" title="Moni – Jamaican Creole English" lang="jam" hreflang="jam" data-title="Moni" data-language-autonym="Patois" data-language-local-name="Jamaican Creole English" class="interlanguage-link-target"><span>Patois</span></a></li><li class="interlanguage-link interwiki-pms mw-list-item"><a href="https://pms.wikipedia.org/wiki/Moneda" title="Moneda – Piedmontese" lang="pms" hreflang="pms" data-title="Moneda" data-language-autonym="Piemontèis" data-language-local-name="Piedmontese" class="interlanguage-link-target"><span>Piemontèis</span></a></li><li class="interlanguage-link interwiki-tpi mw-list-item"><a href="https://tpi.wikipedia.org/wiki/Mani" title="Mani – Tok Pisin" lang="tpi" hreflang="tpi" data-title="Mani" data-language-autonym="Tok Pisin" data-language-local-name="Tok Pisin" class="interlanguage-link-target"><span>Tok Pisin</span></a></li><li class="interlanguage-link interwiki-nds mw-list-item"><a href="https://nds.wikipedia.org/wiki/Geld" title="Geld – Low German" lang="nds" hreflang="nds" data-title="Geld" data-language-autonym="Plattdüütsch" data-language-local-name="Low German" class="interlanguage-link-target"><span>Plattdüütsch</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Pieni%C4%85dz" title="Pieniądz – Polish" lang="pl" hreflang="pl" data-title="Pieniądz" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Dinheiro" title="Dinheiro – Portuguese" lang="pt" hreflang="pt" data-title="Dinheiro" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-kaa mw-list-item"><a href="https://kaa.wikipedia.org/wiki/Aqsha" title="Aqsha – Kara-Kalpak" lang="kaa" hreflang="kaa" data-title="Aqsha" data-language-autonym="Qaraqalpaqsha" data-language-local-name="Kara-Kalpak" class="interlanguage-link-target"><span>Qaraqalpaqsha</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Ban_(mijloc_de_plat%C4%83)" title="Ban (mijloc de plată) – Romanian" lang="ro" hreflang="ro" data-title="Ban (mijloc de plată)" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-rmy mw-list-item"><a href="https://rmy.wikipedia.org/wiki/Lovi" title="Lovi – Vlax Romani" lang="rmy" hreflang="rmy" data-title="Lovi" data-language-autonym="Romani čhib" data-language-local-name="Vlax Romani" class="interlanguage-link-target"><span>Romani čhib</span></a></li><li class="interlanguage-link interwiki-qu mw-list-item"><a href="https://qu.wikipedia.org/wiki/Rantina_qullqi" title="Rantina qullqi – Quechua" lang="qu" hreflang="qu" data-title="Rantina qullqi" data-language-autonym="Runa Simi" data-language-local-name="Quechua" class="interlanguage-link-target"><span>Runa Simi</span></a></li><li class="interlanguage-link interwiki-rue mw-list-item"><a href="https://rue.wikipedia.org/wiki/%D0%9F%D1%96%D0%BD%D1%8F%D0%B7%D1%97" title="Пінязї – Rusyn" lang="rue" hreflang="rue" data-title="Пінязї" data-language-autonym="Русиньскый" data-language-local-name="Rusyn" class="interlanguage-link-target"><span>Русиньскый</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%94%D0%B5%D0%BD%D1%8C%D0%B3%D0%B8" title="Деньги – Russian" lang="ru" hreflang="ru" data-title="Деньги" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sah mw-list-item"><a href="https://sah.wikipedia.org/wiki/%D0%A5%D0%B0%D1%80%D1%87%D1%8B" title="Харчы – Yakut" lang="sah" hreflang="sah" data-title="Харчы" data-language-autonym="Саха тыла" data-language-local-name="Yakut" class="interlanguage-link-target"><span>Саха тыла</span></a></li><li class="interlanguage-link interwiki-szy mw-list-item"><a href="https://szy.wikipedia.org/wiki/kalisiw" title="kalisiw – Sakizaya" lang="szy" hreflang="szy" data-title="kalisiw" data-language-autonym="Sakizaya" data-language-local-name="Sakizaya" class="interlanguage-link-target"><span>Sakizaya</span></a></li><li class="interlanguage-link interwiki-sm mw-list-item"><a href="https://sm.wikipedia.org/wiki/Tupe" title="Tupe – Samoan" lang="sm" hreflang="sm" data-title="Tupe" data-language-autonym="Gagana Samoa" data-language-local-name="Samoan" class="interlanguage-link-target"><span>Gagana Samoa</span></a></li><li class="interlanguage-link interwiki-sa mw-list-item"><a href="https://sa.wikipedia.org/wiki/%E0%A4%A7%E0%A4%A8%E0%A4%AE%E0%A5%8D" title="धनम् – Sanskrit" lang="sa" hreflang="sa" data-title="धनम्" data-language-autonym="संस्कृतम्" data-language-local-name="Sanskrit" class="interlanguage-link-target"><span>संस्कृतम्</span></a></li><li class="interlanguage-link interwiki-sat mw-list-item"><a href="https://sat.wikipedia.org/wiki/%E1%B1%A0%E1%B1%9F%E1%B1%B9%E1%B1%A3%E1%B1%B0%E1%B1%A4" title="ᱠᱟᱹᱣᱰᱤ – Santali" lang="sat" hreflang="sat" data-title="ᱠᱟᱹᱣᱰᱤ" data-language-autonym="ᱥᱟᱱᱛᱟᱲᱤ" data-language-local-name="Santali" class="interlanguage-link-target"><span>ᱥᱟᱱᱛᱟᱲᱤ</span></a></li><li class="interlanguage-link interwiki-sco mw-list-item"><a href="https://sco.wikipedia.org/wiki/Money" title="Money – Scots" lang="sco" hreflang="sco" data-title="Money" data-language-autonym="Scots" data-language-local-name="Scots" class="interlanguage-link-target"><span>Scots</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Paraja" title="Paraja – Albanian" lang="sq" hreflang="sq" data-title="Paraja" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-scn mw-list-item"><a href="https://scn.wikipedia.org/wiki/Dinaru_(sordi)" title="Dinaru (sordi) – Sicilian" lang="scn" hreflang="scn" data-title="Dinaru (sordi)" data-language-autonym="Sicilianu" data-language-local-name="Sicilian" class="interlanguage-link-target"><span>Sicilianu</span></a></li><li class="interlanguage-link interwiki-si mw-list-item"><a href="https://si.wikipedia.org/wiki/%E0%B6%B8%E0%B7%94%E0%B6%AF%E0%B6%BD%E0%B7%8A" title="මුදල් – Sinhala" lang="si" hreflang="si" data-title="මුදල්" data-language-autonym="සිංහල" data-language-local-name="Sinhala" class="interlanguage-link-target"><span>සිංහල</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Money" title="Money – Simple English" lang="en-simple" hreflang="en-simple" data-title="Money" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sd mw-list-item"><a href="https://sd.wikipedia.org/wiki/%D9%BE%D9%8A%D8%B3%D8%A7" title="پيسا – Sindhi" lang="sd" hreflang="sd" data-title="پيسا" data-language-autonym="سنڌي" data-language-local-name="Sindhi" class="interlanguage-link-target"><span>سنڌي</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Peniaze" title="Peniaze – Slovak" lang="sk" hreflang="sk" data-title="Peniaze" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sl mw-list-item"><a href="https://sl.wikipedia.org/wiki/Denar" title="Denar – Slovenian" lang="sl" hreflang="sl" data-title="Denar" data-language-autonym="Slovenščina" data-language-local-name="Slovenian" class="interlanguage-link-target"><span>Slovenščina</span></a></li><li class="interlanguage-link interwiki-szl mw-list-item"><a href="https://szl.wikipedia.org/wiki/Geld" title="Geld – Silesian" lang="szl" hreflang="szl" data-title="Geld" data-language-autonym="Ślůnski" data-language-local-name="Silesian" class="interlanguage-link-target"><span>Ślůnski</span></a></li><li class="interlanguage-link interwiki-so mw-list-item"><a href="https://so.wikipedia.org/wiki/Lacag" title="Lacag – Somali" lang="so" hreflang="so" data-title="Lacag" data-language-autonym="Soomaaliga" data-language-local-name="Somali" class="interlanguage-link-target"><span>Soomaaliga</span></a></li><li class="interlanguage-link interwiki-ckb mw-list-item"><a href="https://ckb.wikipedia.org/wiki/%D9%BE%D8%A7%D8%B1%DB%95" title="پارە – Central Kurdish" lang="ckb" hreflang="ckb" data-title="پارە" data-language-autonym="کوردی" data-language-local-name="Central Kurdish" class="interlanguage-link-target"><span>کوردی</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%9D%D0%BE%D0%B2%D0%B0%D1%86" title="Новац – Serbian" lang="sr" hreflang="sr" data-title="Новац" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Novac" title="Novac – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Novac" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-su mw-list-item"><a href="https://su.wikipedia.org/wiki/Duit" title="Duit – Sundanese" lang="su" hreflang="su" data-title="Duit" data-language-autonym="Sunda" data-language-local-name="Sundanese" class="interlanguage-link-target"><span>Sunda</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Raha" title="Raha – Finnish" lang="fi" hreflang="fi" data-title="Raha" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Pengar" title="Pengar – Swedish" lang="sv" hreflang="sv" data-title="Pengar" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://tl.wikipedia.org/wiki/Salapi" title="Salapi – Tagalog" lang="tl" hreflang="tl" data-title="Salapi" data-language-autonym="Tagalog" data-language-local-name="Tagalog" class="interlanguage-link-target"><span>Tagalog</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%AA%E0%AE%A3%E0%AE%AE%E0%AF%8D" title="பணம் – Tamil" lang="ta" hreflang="ta" data-title="பணம்" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-shi mw-list-item"><a href="https://shi.wikipedia.org/wiki/Aqqari%E1%B8%8D" title="Aqqariḍ – Tachelhit" lang="shi" hreflang="shi" data-title="Aqqariḍ" data-language-autonym="Taclḥit" data-language-local-name="Tachelhit" class="interlanguage-link-target"><span>Taclḥit</span></a></li><li class="interlanguage-link interwiki-tt mw-list-item"><a href="https://tt.wikipedia.org/wiki/%D0%90%D0%BA%D1%87%D0%B0" title="Акча – Tatar" lang="tt" hreflang="tt" data-title="Акча" data-language-autonym="Татарча / tatarça" data-language-local-name="Tatar" class="interlanguage-link-target"><span>Татарча / tatarça</span></a></li><li class="interlanguage-link interwiki-tay mw-list-item"><a href="https://tay.wikipedia.org/wiki/pila%27" title="pila' – Atayal" lang="tay" hreflang="tay" data-title="pila'" data-language-autonym="Tayal" data-language-local-name="Atayal" class="interlanguage-link-target"><span>Tayal</span></a></li><li class="interlanguage-link interwiki-te mw-list-item"><a href="https://te.wikipedia.org/wiki/%E0%B0%A7%E0%B0%A8%E0%B0%82" title="ధనం – Telugu" lang="te" hreflang="te" data-title="ధనం" data-language-autonym="తెలుగు" data-language-local-name="Telugu" class="interlanguage-link-target"><span>తెలుగు</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B9%80%E0%B8%87%E0%B8%B4%E0%B8%99%E0%B8%95%E0%B8%A3%E0%B8%B2" title="เงินตรา – Thai" lang="th" hreflang="th" data-title="เงินตรา" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tg mw-list-item"><a href="https://tg.wikipedia.org/wiki/%D0%9F%D3%AF%D0%BB" title="Пӯл – Tajik" lang="tg" hreflang="tg" data-title="Пӯл" data-language-autonym="Тоҷикӣ" data-language-local-name="Tajik" class="interlanguage-link-target"><span>Тоҷикӣ</span></a></li><li class="interlanguage-link interwiki-chr mw-list-item"><a href="https://chr.wikipedia.org/wiki/%E1%8E%A0%E1%8F%95%E1%8E%B3" title="ᎠᏕᎳ – Cherokee" lang="chr" hreflang="chr" data-title="ᎠᏕᎳ" data-language-autonym="ᏣᎳᎩ" data-language-local-name="Cherokee" class="interlanguage-link-target"><span>ᏣᎳᎩ</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Para" title="Para – Turkish" lang="tr" hreflang="tr" data-title="Para" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-tk mw-list-item"><a href="https://tk.wikipedia.org/wiki/Pul" title="Pul – Turkmen" lang="tk" hreflang="tk" data-title="Pul" data-language-autonym="Türkmençe" data-language-local-name="Turkmen" class="interlanguage-link-target"><span>Türkmençe</span></a></li><li class="interlanguage-link interwiki-tw mw-list-item"><a href="https://tw.wikipedia.org/wiki/Sika" title="Sika – Twi" lang="tw" hreflang="tw" data-title="Sika" data-language-autonym="Twi" data-language-local-name="Twi" class="interlanguage-link-target"><span>Twi</span></a></li><li class="interlanguage-link interwiki-kcg mw-list-item"><a href="https://kcg.wikipedia.org/wiki/Kurum" title="Kurum – Tyap" lang="kcg" hreflang="kcg" data-title="Kurum" data-language-autonym="Tyap" data-language-local-name="Tyap" class="interlanguage-link-target"><span>Tyap</span></a></li><li class="interlanguage-link interwiki-tyv mw-list-item"><a href="https://tyv.wikipedia.org/wiki/%D0%90%D0%BA%D1%88%D0%B0" title="Акша – Tuvinian" lang="tyv" hreflang="tyv" data-title="Акша" data-language-autonym="Тыва дыл" data-language-local-name="Tuvinian" class="interlanguage-link-target"><span>Тыва дыл</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%93%D1%80%D0%BE%D1%88%D1%96" title="Гроші – Ukrainian" lang="uk" hreflang="uk" data-title="Гроші" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%D8%B2%D8%B1" title="زر – Urdu" lang="ur" hreflang="ur" data-title="زر" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target"><span>اردو</span></a></li><li class="interlanguage-link interwiki-za mw-list-item"><a href="https://za.wikipedia.org/wiki/Cienz" title="Cienz – Zhuang" lang="za" hreflang="za" data-title="Cienz" data-language-autonym="Vahcuengh" data-language-local-name="Zhuang" class="interlanguage-link-target"><span>Vahcuengh</span></a></li><li class="interlanguage-link interwiki-vec mw-list-item"><a href="https://vec.wikipedia.org/wiki/Schei" title="Schei – Venetian" lang="vec" hreflang="vec" data-title="Schei" data-language-autonym="Vèneto" data-language-local-name="Venetian" class="interlanguage-link-target"><span>Vèneto</span></a></li><li class="interlanguage-link interwiki-vep mw-list-item"><a href="https://vep.wikipedia.org/wiki/Rahad" title="Rahad – Veps" lang="vep" hreflang="vep" data-title="Rahad" data-language-autonym="Vepsän kel’" data-language-local-name="Veps" class="interlanguage-link-target"><span>Vepsän kel’</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Ti%E1%BB%81n" title="Tiền – Vietnamese" lang="vi" hreflang="vi" data-title="Tiền" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-fiu-vro mw-list-item"><a href="https://fiu-vro.wikipedia.org/wiki/Raha" title="Raha – Võro" lang="vro" hreflang="vro" data-title="Raha" data-language-autonym="Võro" data-language-local-name="Võro" class="interlanguage-link-target"><span>Võro</span></a></li><li class="interlanguage-link interwiki-wa mw-list-item"><a href="https://wa.wikipedia.org/wiki/Cw%C3%A5rs" title="Cwårs – Walloon" lang="wa" hreflang="wa" data-title="Cwårs" data-language-autonym="Walon" data-language-local-name="Walloon" class="interlanguage-link-target"><span>Walon</span></a></li><li class="interlanguage-link interwiki-guc mw-list-item"><a href="https://guc.wikipedia.org/wiki/Nneer%C3%BC" title="Nneerü – Wayuu" lang="guc" hreflang="guc" data-title="Nneerü" data-language-autonym="Wayuunaiki" data-language-local-name="Wayuu" class="interlanguage-link-target"><span>Wayuunaiki</span></a></li><li class="interlanguage-link interwiki-zh-classical mw-list-item"><a href="https://zh-classical.wikipedia.org/wiki/%E6%B3%89%E5%B9%A3" title="泉幣 – Literary Chinese" lang="lzh" hreflang="lzh" data-title="泉幣" data-language-autonym="文言" data-language-local-name="Literary Chinese" class="interlanguage-link-target"><span>文言</span></a></li><li class="interlanguage-link interwiki-war mw-list-item"><a href="https://war.wikipedia.org/wiki/Kwarta" title="Kwarta – Waray" lang="war" hreflang="war" data-title="Kwarta" data-language-autonym="Winaray" data-language-local-name="Waray" class="interlanguage-link-target"><span>Winaray</span></a></li><li class="interlanguage-link interwiki-wo mw-list-item"><a href="https://wo.wikipedia.org/wiki/Koppar" title="Koppar – Wolof" lang="wo" hreflang="wo" data-title="Koppar" data-language-autonym="Wolof" data-language-local-name="Wolof" class="interlanguage-link-target"><span>Wolof</span></a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E9%93%9C%E9%92%BF" title="铜钿 – Wu" lang="wuu" hreflang="wuu" data-title="铜钿" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target"><span>吴语</span></a></li><li class="interlanguage-link interwiki-ts mw-list-item"><a href="https://ts.wikipedia.org/wiki/Mali" title="Mali – Tsonga" lang="ts" hreflang="ts" data-title="Mali" data-language-autonym="Xitsonga" data-language-local-name="Tsonga" class="interlanguage-link-target"><span>Xitsonga</span></a></li><li class="interlanguage-link interwiki-yi mw-list-item"><a href="https://yi.wikipedia.org/wiki/%D7%92%D7%A2%D7%9C%D7%98" title="געלט – Yiddish" lang="yi" hreflang="yi" data-title="געלט" data-language-autonym="ייִדיש" data-language-local-name="Yiddish" class="interlanguage-link-target"><span>ייִדיש</span></a></li><li class="interlanguage-link interwiki-yo mw-list-item"><a href="https://yo.wikipedia.org/wiki/Ow%C3%B3" title="Owó – Yoruba" lang="yo" hreflang="yo" data-title="Owó" data-language-autonym="Yorùbá" data-language-local-name="Yoruba" class="interlanguage-link-target"><span>Yorùbá</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E9%8C%A2" title="錢 – Cantonese" lang="yue" hreflang="yue" data-title="錢" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-diq mw-list-item"><a href="https://diq.wikipedia.org/wiki/Pere" title="Pere – Dimli" lang="diq" hreflang="diq" data-title="Pere" data-language-autonym="Zazaki" data-language-local-name="Dimli" class="interlanguage-link-target"><span>Zazaki</span></a></li><li class="interlanguage-link interwiki-bat-smg mw-list-item"><a href="https://bat-smg.wikipedia.org/wiki/P%C4%97n%C4%97ng%C4%81" title="Pėnėngā – Samogitian" lang="sgs" hreflang="sgs" data-title="Pėnėngā" data-language-autonym="Žemaitėška" data-language-local-name="Samogitian" class="interlanguage-link-target"><span>Žemaitėška</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E8%B2%A8%E5%B9%A3" title="貨幣 – Chinese" lang="zh" hreflang="zh" data-title="貨幣" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li><li class="interlanguage-link interwiki-ann mw-list-item"><a href="https://ann.wikipedia.org/wiki/Ikpoko" title="Ikpoko – Obolo" lang="ann" hreflang="ann" data-title="Ikpoko" data-language-autonym="Obolo" data-language-local-name="Obolo" class="interlanguage-link-target"><span>Obolo</span></a></li><li class="interlanguage-link interwiki-bew mw-list-item"><a href="https://bew.wikipedia.org/wiki/Duit" title="Duit – Betawi" lang="bew" hreflang="bew" data-title="Duit" data-language-autonym="Betawi" data-language-local-name="Betawi" class="interlanguage-link-target"><span>Betawi</span></a></li><li class="interlanguage-link interwiki-btm mw-list-item"><a href="https://btm.wikipedia.org/wiki/Epeng" title="Epeng – Batak Mandailing" lang="btm" hreflang="btm" data-title="Epeng" data-language-autonym="Batak Mandailing" data-language-local-name="Batak Mandailing" class="interlanguage-link-target"><span>Batak Mandailing</span></a></li><li class="interlanguage-link interwiki-kge mw-list-item"><a href="https://kge.wikipedia.org/wiki/Duit" title="Duit – Komering" lang="kge" hreflang="kge" data-title="Duit" data-language-autonym="Kumoring" data-language-local-name="Komering" class="interlanguage-link-target"><span>Kumoring</span></a></li><li class="interlanguage-link interwiki-zgh mw-list-item"><a href="https://zgh.wikipedia.org/wiki/%E2%B4%B0%E2%B5%87%E2%B5%87%E2%B4%B0%E2%B5%94%E2%B5%89%E2%B4%B9" title="ⴰⵇⵇⴰⵔⵉⴹ – Standard Moroccan Tamazight" lang="zgh" hreflang="zgh" data-title="ⴰⵇⵇⴰⵔⵉⴹ" data-language-autonym="ⵜⴰⵎⴰⵣⵉⵖⵜ ⵜⴰⵏⴰⵡⴰⵢⵜ" data-language-local-name="Standard Moroccan Tamazight" class="interlanguage-link-target"><span>ⵜⴰⵎⴰⵣⵉⵖⵜ ⵜⴰⵏⴰⵡⴰⵢⵜ</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q1368#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" 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class="mw-parser-output"><span typeof="mw:File"><a href="/wiki/Wikipedia:Protection_policy#semi" title="This article is semi-protected."><img alt="Page semi-protected" src="//upload.wikimedia.org/wikipedia/en/thumb/1/1b/Semi-protection-shackle.svg/20px-Semi-protection-shackle.svg.png" decoding="async" width="20" height="20" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/1/1b/Semi-protection-shackle.svg/30px-Semi-protection-shackle.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/1/1b/Semi-protection-shackle.svg/40px-Semi-protection-shackle.svg.png 2x" data-file-width="512" data-file-height="512" /></a></span></div></div> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Object or record accepted as payment</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">For other uses, see <a href="/wiki/Money_(disambiguation)" class="mw-disambig" title="Money (disambiguation)">Money (disambiguation)</a>.</div> <p class="mw-empty-elt"> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Euro_coins_and_banknotes_(cropped).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Euro_coins_and_banknotes_%28cropped%29.jpg/330px-Euro_coins_and_banknotes_%28cropped%29.jpg" decoding="async" width="330" height="220" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Euro_coins_and_banknotes_%28cropped%29.jpg/495px-Euro_coins_and_banknotes_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/20/Euro_coins_and_banknotes_%28cropped%29.jpg/660px-Euro_coins_and_banknotes_%28cropped%29.jpg 2x" data-file-width="2272" data-file-height="1515" /></a><figcaption>Banknotes and coins</figcaption></figure> <p><b>Money</b> is any item or verifiable record that is generally accepted as <a href="/wiki/Payment" title="Payment">payment</a> for <a href="/wiki/Goods_and_services" title="Goods and services">goods and services</a> and repayment of <a href="/wiki/Debt" title="Debt">debts</a>, such as <a href="/wiki/Taxes" class="mw-redirect" title="Taxes">taxes</a>, in a particular country or socio-economic context.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> The primary functions which distinguish money are: <a href="/wiki/Medium_of_exchange" title="Medium of exchange">medium of exchange</a>, a <a href="/wiki/Unit_of_account" title="Unit of account">unit of account</a>, a <a href="/wiki/Store_of_value" title="Store of value">store of value</a> and sometimes, a <a href="/wiki/Standard_of_deferred_payment" title="Standard of deferred payment">standard of deferred payment</a>. </p><p>Money was historically an <a href="/wiki/Emergence#Economics" title="Emergence">emergent market phenomenon</a> that possessed intrinsic value as a <a href="/wiki/Commodity_money" title="Commodity money">commodity</a>; nearly all contemporary money systems are based on unbacked <a href="/wiki/Fiat_money" title="Fiat money">fiat money</a> without <a href="/wiki/Use_value" title="Use value">use value</a>.<sup id="cite_ref-mankiw_4-0" class="reference"><a href="#cite_note-mankiw-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Its value is consequently derived by social convention, having been declared by a <a href="/wiki/Government" title="Government">government</a> or regulatory entity to be <a href="/wiki/Legal_tender" title="Legal tender">legal tender</a>; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the <a href="/wiki/United_States_dollar" title="United States dollar">United States dollar</a>. </p><p>The <a href="/wiki/Money_supply" title="Money supply">money supply</a> of a country comprises all <a href="/wiki/Currency_in_circulation" title="Currency in circulation">currency in circulation</a> (<a href="/wiki/Banknote" title="Banknote">banknotes</a> and <a href="/wiki/Coin" title="Coin">coins</a> currently issued) and, depending on the particular definition used, one or more types of <a href="/wiki/Demand_deposit" title="Demand deposit">bank money</a> (the balances held in <a href="/wiki/Transactional_account" class="mw-redirect" title="Transactional account">checking accounts</a>, <a href="/wiki/Savings_account" title="Savings account">savings accounts</a>, and other types of <a href="/wiki/Bank_accounts" class="mw-redirect" title="Bank accounts">bank accounts</a>). Bank money, whose value exists on the books of <a href="/wiki/Financial_institution" title="Financial institution">financial institutions</a> and can be converted into physical notes or used for <a href="/wiki/Cashless_payment" class="mw-redirect" title="Cashless payment">cashless payment</a>, forms by far the largest part of <a href="/wiki/Broad_money" title="Broad money">broad money</a> in developed countries. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Etymology">Etymology</h2></div> <p>The word money derives from the Latin word <span title="Latin-language text"><i lang="la">moneta</i></span> with the meaning "coin" via French <span title="French-language text"><i lang="fr">monnaie</i></span>. The Latin word is believed to originate from a temple of <a href="/wiki/Juno_(mythology)" title="Juno (mythology)">Juno</a>, on <a href="/wiki/Capitoline" class="mw-redirect" title="Capitoline">Capitoline</a>, one of Rome's seven hills. In the ancient world, Juno was often associated with money. The temple of <a href="/wiki/Juno_Moneta" class="mw-redirect" title="Juno Moneta">Juno Moneta</a> at Rome was the place where the mint of Ancient Rome was located.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> The name "Juno" may have derived from the Etruscan goddess <a href="/wiki/Uni_(mythology)" title="Uni (mythology)">Uni</a> and "Moneta" either from the Latin word "monere" (remind, warn, or instruct) or the Greek word "moneres" (alone, unique). </p><p>In the Western world, a prevalent term for coin-money has been <i><a href="https://en.wiktionary.org/wiki/specie" class="extiw" title="wikt:specie">specie</a></i>, stemming from Latin <span title="Latin-language text"><i lang="la">in specie</i></span>, meaning "in kind".<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="History">History</h2></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/History_of_money" title="History of money">History of money</a></div> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:BMC_06.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/ae/BMC_06.jpg/220px-BMC_06.jpg" decoding="async" width="220" height="89" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/ae/BMC_06.jpg/330px-BMC_06.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/ae/BMC_06.jpg/440px-BMC_06.jpg 2x" data-file-width="500" data-file-height="202" /></a><figcaption>A 640 BC one-third <a href="/wiki/Stater" title="Stater">stater</a> <a href="/wiki/Electrum" title="Electrum">electrum</a> coin from <a href="/wiki/Lydia#First_coinage" title="Lydia">Lydia</a>. According to <a href="/wiki/Herodotus" title="Herodotus">Herodotus</a>, the <a href="/wiki/Lydians" title="Lydians">Lydians</a> were the first people to introduce the use of <a href="/wiki/Gold_coin" title="Gold coin">gold</a> and <a href="/wiki/Silver_coin" title="Silver coin">silver coins</a>.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> It is thought by modern scholars that these first stamped <a href="/wiki/Coins" class="mw-redirect" title="Coins">coins</a> were minted around 650 to 600 BC.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>The use of <a href="/wiki/Barter" title="Barter">barter</a>-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.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Instead, non-monetary societies operated largely along the principles of <a href="/wiki/Gift_economy" title="Gift economy">gift economy</a> and <a href="/wiki/Debt" title="Debt">debt</a>.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> When barter did in fact occur, it was usually between either complete strangers or potential enemies.<sup id="cite_ref-Graeber,_David_pp._153-154_13-0" class="reference"><a href="#cite_note-Graeber,_David_pp._153-154-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>Many cultures around the world eventually developed the use of <a href="/wiki/Commodity_money" title="Commodity money">commodity money</a>. The Mesopotamian <a href="/wiki/Shekel" title="Shekel">shekel</a> was a unit of weight, and relied on the mass of something like 160 <a href="/wiki/Grain_(unit)" title="Grain (unit)">grains</a> of <a href="/wiki/Barley" title="Barley">barley</a>.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> The first usage of the term came from <a href="/wiki/Mesopotamia" title="Mesopotamia">Mesopotamia</a> circa 3000 BC. Societies in the Americas, Asia, Africa and Australia used <a href="/wiki/Shell_money" title="Shell money">shell money</a>—often, the shells of the <a href="/wiki/Cowry" class="mw-redirect" title="Cowry">cowry</a> (<i>Cypraea moneta L.</i> or <i>C. annulus L.</i>). According to <a href="/wiki/Herodotus" title="Herodotus">Herodotus</a>, the <a href="/wiki/Lydians" title="Lydians">Lydians</a> were the first people to introduce the use of <a href="/wiki/Gold_coin" title="Gold coin">gold</a> and <a href="/wiki/Silver_coin" title="Silver coin">silver coins</a>.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> It is thought by modern scholars that these first stamped <a href="/wiki/Coins" class="mw-redirect" title="Coins">coins</a> were minted around 650 to 600 BC.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Jiao_zi.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Jiao_zi.jpg/170px-Jiao_zi.jpg" decoding="async" width="170" height="296" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Jiao_zi.jpg/255px-Jiao_zi.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/d/d9/Jiao_zi.jpg 2x" data-file-width="308" data-file-height="537" /></a><figcaption>Song Dynasty <i>Jiaozi</i>, the world's earliest paper money</figcaption></figure> <p>The system of <a href="/wiki/Commodity_money" title="Commodity money">commodity money</a> eventually evolved into a system of <a href="/wiki/Representative_money" title="Representative money">representative money</a>.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (December 2009)">citation needed</span></a></i>]</sup> This occurred because gold and silver merchants or banks would issue receipts to their depositors, redeemable for the <a href="/wiki/Commodity_money" title="Commodity money">commodity money</a> deposited. Eventually, these receipts became generally accepted as a means of payment and were used as money. Paper money or <a href="/wiki/Banknotes" class="mw-redirect" title="Banknotes">banknotes</a> were first used in China during the <a href="/wiki/Song_dynasty" title="Song dynasty">Song dynasty</a>. These banknotes, known as "<a href="/wiki/Jiaozi_(currency)" title="Jiaozi (currency)">jiaozi</a>", evolved from <a href="/wiki/Promissory_notes" class="mw-redirect" title="Promissory notes">promissory notes</a> that had been used since the 7th century. However, they did not displace commodity money and were used alongside coins. In the 13th century, paper money became known in Europe through the accounts of travellers, such as <a href="/wiki/Marco_Polo" title="Marco Polo">Marco Polo</a> and <a href="/wiki/William_of_Rubruck" title="William of Rubruck">William of Rubruck</a>.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> Marco Polo's account of paper money during the <a href="/wiki/Yuan_dynasty" title="Yuan dynasty">Yuan dynasty</a> is the subject of a chapter of his book, <i><a href="/wiki/The_Travels_of_Marco_Polo" title="The Travels of Marco Polo">The Travels of Marco Polo</a></i>, titled "<a href="https://en.wikisource.org/wiki/The_Travels_of_Marco_Polo/Book_2/Chapter_24" class="extiw" title="s:The Travels of Marco Polo/Book 2/Chapter 24">How the Great Kaan Causeth the Bark of Trees, Made Into Something Like Paper, to Pass for Money All Over his Country</a>."<sup id="cite_ref-Marco_Polo_18-0" class="reference"><a href="#cite_note-Marco_Polo-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> Banknotes were first issued in Europe by <a href="/wiki/Stockholms_Banco" title="Stockholms Banco">Stockholms Banco</a> in 1661 and were again also used alongside coins. The <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a>, a <a href="/wiki/Monetary_system" title="Monetary system">monetary system</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 <a href="/wiki/Legal_tender" title="Legal tender">legal tender</a>, 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. </p><p>After <a href="/wiki/World_War_II" title="World War II">World War II</a> and the <a href="/wiki/Bretton_Woods_Conference" title="Bretton Woods Conference">Bretton Woods Conference</a>, most countries adopted fiat currencies that were fixed to the <a href="/wiki/United_States_dollar" title="United States dollar">U.S. dollar</a>. The U.S. dollar was in turn fixed to gold. In 1971 the U.S. government suspended the convertibility of the dollar to gold. After this many countries de-pegged their currencies from the U.S. dollar, and most of the world's currencies became unbacked by anything except the governments' fiat of legal tender and the ability to convert the money into goods via payment. According to proponents of <a href="/wiki/Modern_Money_Theory" class="mw-redirect" title="Modern Money Theory">modern money theory</a>, fiat money is also backed by taxes. By imposing taxes, states create demand for the currency they issue.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Functions">Functions</h2></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></div> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist 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.sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Macroeconomics" title="Category:Macroeconomics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></th></tr><tr><td class="sidebar-image" style="padding-top:0.6em;"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Ec_8_(26088200676)_(cropped).jpg" class="mw-file-description"><img alt="Federal Reserve" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/220px-Ec_8_%2826088200676%29_%28cropped%29.jpg" decoding="async" width="220" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/330px-Ec_8_%2826088200676%29_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/440px-Ec_8_%2826088200676%29_%28cropped%29.jpg 2x" data-file-width="2400" data-file-height="1633" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Basic concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a></li> <li><a href="/wiki/Aggregate_supply" title="Aggregate supply">Aggregate supply</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Compound_annual_growth_rate" title="Compound annual growth rate">CAGR</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a></li> <li><a href="/wiki/Demand_shock" title="Demand shock">Demand shock</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li>Expectations <ul><li><a href="/wiki/Adaptive_expectations" title="Adaptive expectations">Adaptive</a></li> <li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational</a></li></ul></li> <li><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crisis</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Growth</a></li> <li><a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Demand-pull_inflation" title="Demand-pull inflation">Demand-pull</a></li> <li><a href="/wiki/Cost-push_inflation" title="Cost-push inflation">Cost-push</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">Investment</a></li> <li><a href="/wiki/Liquidity_trap" title="Liquidity trap">Liquidity trap</a></li> <li><a href="/wiki/Measures_of_national_income_and_output" title="Measures of national income and output">Measures of national income and output</a> <ul><li><a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a></li> <li><a href="/wiki/Gross_national_income" title="Gross national income">GNI</a></li> <li><a href="/wiki/Net_national_income" title="Net national income">NNI</a></li></ul></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations</a></li> <li><a class="mw-selflink selflink">Money</a> <ul><li><a href="/wiki/Endogenous_money" title="Endogenous money">Endogenous</a></li></ul></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Demand_for_money" title="Demand for money">Demand for money</a> <ul><li><a href="/wiki/Liquidity_preference" title="Liquidity preference">Liquidity preference</a></li></ul></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounts</a> <ul><li><a href="/wiki/System_of_National_Accounts" title="System of National Accounts">SNA</a></li></ul></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Nominal rigidity</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Shrinkflation" title="Shrinkflation">Shrinkflation</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply shock</a></li> <li><a href="/wiki/National_saving" title="National saving">Saving</a></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Policies</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Commercial_policy" title="Commercial policy">Commercial</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Models</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS–LM</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">AD–AS</a></li> <li><a href="/wiki/Keynesian_cross" title="Keynesian cross">Keynesian cross</a></li> <li><a href="/wiki/Multiplier_(economics)" title="Multiplier (economics)">Multiplier</a></li> <li><a href="/wiki/Accelerator_effect" title="Accelerator effect">Accelerator</a></li> <li><a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a></li> <li><a href="/wiki/Arrow%E2%80%93Debreu_model" title="Arrow–Debreu model">Arrow–Debreu</a></li> <li><a href="/wiki/Harrod%E2%80%93Domar_model" title="Harrod–Domar model">Harrod–Domar</a></li> <li><a href="/wiki/Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan</a></li> <li><a href="/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model" title="Ramsey–Cass–Koopmans model">Ramsey–Cass–Koopmans</a></li> <li><a href="/wiki/Overlapping_generations_model" title="Overlapping generations model">Overlapping generations</a></li> <li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General equilibrium</a> <ul><li><a href="/wiki/Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">DSGE</a></li></ul></li> <li><a href="/wiki/Endogenous_growth_theory" title="Endogenous growth theory">Endogenous growth</a></li> <li><a href="/wiki/Matching_theory_(economics)" class="mw-redirect" title="Matching theory (economics)">Matching theory</a></li> <li><a href="/wiki/Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming</a></li> <li><a href="/wiki/Overshooting_model" title="Overshooting model">Overshooting</a></li> <li><a href="/wiki/NAIRU" title="NAIRU">NAIRU</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Related fields</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary economics</a></li> <li><a href="/wiki/International_economics" title="International economics">International economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">Schools</a></div><div class="sidebar-list-content mw-collapsible-content hlist"><i>Mainstream</i> <ul><li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li></ul></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater and freshwater</a></li></ul> <p><i>Heterodox</i> </p> <ul><li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/Category:Macroeconomists" title="Category:Macroeconomists">People</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Thomas Robert Malthus</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a></li> <li><a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a></li> <li><a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></li> <li><a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a></li> <li><a href="/wiki/Richard_Stone" title="Richard Stone">Richard Stone</a></li> <li><a href="/wiki/Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li> <li><a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a></li> <li><a href="/wiki/Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas Jr.</a></li> <li><a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a></li> <li><a href="/wiki/Peter_Diamond" title="Peter Diamond">Peter Diamond</a></li> <li><a href="/wiki/William_Nordhaus" title="William Nordhaus">William Nordhaus</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/Thomas_J._Sargent" title="Thomas J. Sargent">Thomas J. Sargent</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li> <li><a href="/wiki/Greg_Mankiw" title="Greg Mankiw">N. Gregory Mankiw</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">See also</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></li> <li><a href="/wiki/List_of_important_publications_in_economics#Macroeconomics" title="List of important publications in economics">Publications in macroeconomics</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Macroeconomics_sidebar" title="Template:Macroeconomics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Macroeconomics_sidebar" title="Template talk:Macroeconomics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Macroeconomics_sidebar" title="Special:EditPage/Template:Macroeconomics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>In <i>Money and the Mechanism of Exchange (1875)</i>, <a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">William Stanley Jevons</a> famously analyzed money in terms of four functions: a <i><a href="/wiki/Medium_of_exchange" title="Medium of exchange">medium of exchange</a></i>, a <i>common measure of value</i> (or <a href="/wiki/Unit_of_account" title="Unit of account">unit of account</a>), a <i>standard of value</i> (or <a href="/wiki/Standard_of_deferred_payment" title="Standard of deferred payment">standard of deferred payment</a>), and a <i><a href="/wiki/Store_of_value" title="Store of value">store of value</a></i>. By 1919, Jevons's four functions of money were summarized in the <a href="/wiki/Couplet" title="Couplet">couplet</a>: </p> <dl><dd>Money's a matter of functions four,</dd> <dd>A Medium, a Measure, a Standard, a Store.<sup id="cite_ref-a_milnes_20-0" class="reference"><a href="#cite_note-a_milnes-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup></dd></dl> <p>This couplet would later become widely popular in macroeconomics textbooks.<sup id="cite_ref-dwivedi_21-0" class="reference"><a href="#cite_note-dwivedi-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> Most modern textbooks now list only three functions, that of <a href="/wiki/Medium_of_exchange" title="Medium of exchange">medium of exchange</a>, <a href="/wiki/Unit_of_account" title="Unit of account">unit of account</a>, and <a href="/wiki/Store_of_value" title="Store of value">store of value</a>, not considering a standard of deferred payment as a distinguished function, but rather subsuming it in the others.<sup id="cite_ref-mankiw_4-1" class="reference"><a href="#cite_note-mankiw-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-krugman_22-0" class="reference"><a href="#cite_note-krugman-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-abel_bernanke_23-0" class="reference"><a href="#cite_note-abel_bernanke-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>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 <a href="/wiki/Medium_of_exchange" title="Medium of exchange">medium of exchange</a> conflicts with its role as a <a href="/wiki/Store_of_value" title="Store of value">store of value</a>: its role as a store of value requires holding it without spending, whereas its role as a medium of exchange requires it to circulate.<sup id="cite_ref-greco_24-0" class="reference"><a href="#cite_note-greco-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> 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. The term "financial capital" is a more general and inclusive term for all liquid instruments, whether or not they are a uniformly recognized tender. </p> <div class="mw-heading mw-heading3"><h3 id="Medium_of_exchange">Medium of exchange</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Medium_of_exchange" title="Medium of exchange">Medium of exchange</a></div> <p>When money is used to intermediate the exchange of goods and services, it is performing a function as a <i>medium of exchange</i>. It thereby avoids the inefficiencies of a barter system, such as the inability to permanently ensure "<a href="/wiki/Coincidence_of_wants" title="Coincidence of wants">coincidence of wants</a>". For example, between two parties in a barter system, one party may not have or make the item that the other wants, indicating the non-existence of the coincidence of wants. Having a medium of exchange can alleviate this issue because the former can have the freedom to spend time on other items, instead of being burdened to only serve the needs of the latter. Meanwhile, the latter can use the medium of exchange to seek for a party that can provide them with the item they want. </p> <div class="mw-heading mw-heading3"><h3 id="Measure_of_value">Measure of value</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Unit_of_account" title="Unit of account">Unit of account</a></div> <p>A <i>unit of account</i> (in economics)<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> is a standard numerical monetary 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. </p><p>Money acts as a standard measure and a common denomination of trade. It is thus a basis for quoting and bargaining of prices. It is necessary for developing efficient accounting systems like <a href="/wiki/Double-entry_bookkeeping" title="Double-entry bookkeeping">double-entry bookkeeping</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Standard_of_deferred_payment">Standard of deferred payment</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Standard_of_deferred_payment" title="Standard of deferred payment">Standard of deferred payment</a></div> <p>While <i>standard of deferred payment</i> is distinguished by some texts,<sup id="cite_ref-greco_24-1" class="reference"><a href="#cite_note-greco-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> particularly older ones, other texts subsume this under other functions.<sup id="cite_ref-mankiw_4-2" class="reference"><a href="#cite_note-mankiw-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-krugman_22-1" class="reference"><a href="#cite_note-krugman-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-abel_bernanke_23-1" class="reference"><a href="#cite_note-abel_bernanke-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="Specify which other functions are sometimes said to subsume this function, and in that way. (December 2018)">clarification needed</span></a></i>]</sup> A "standard of deferred payment" is an accepted way to settle a <a href="/wiki/Debt" title="Debt">debt</a>—a unit in which debts are denominated, and the status of money as <a href="/wiki/Legal_tender" title="Legal tender">legal tender</a>, 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 <a href="/wiki/Deflation" title="Deflation">deflation</a>, and for sovereign and international debts via <a href="/wiki/Debasement" title="Debasement">debasement</a> and <a href="/wiki/Devaluation" title="Devaluation">devaluation</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Store_of_value">Store of value</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Store_of_value" title="Store of value">Store of value</a></div> <p>To act as a <i>store of value</i>, 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. Some have argued that inflation, by reducing the value of money, diminishes the ability of the money to function as a store of value.<sup id="cite_ref-mankiw_4-3" class="reference"><a href="#cite_note-mankiw-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability"><span title="The material near this tag failed verification of its source citation(s). (October 2022)">failed verification</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Properties">Properties</h2></div> <p>The functions of money are that it is a medium of exchange, a unit of account, and a store of value.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> To fulfill these various functions, money must be:<sup id="cite_ref-dallasFedMoney_27-0" class="reference"><a href="#cite_note-dallasFedMoney-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <ul><li><a href="/wiki/Fungibility" title="Fungibility">Fungible</a>: its individual units must be capable of mutual substitution (i.e., interchangeability).</li> <li><a href="/wiki/Durability" title="Durability">Durable</a>: able to withstand repeated use.</li> <li>Divisible: divisible to small units.</li> <li>Portable: easily carried and transported.</li> <li>Acceptable: most people must accept the money as payment</li> <li>Scarce: its supply in circulation must be limited.<sup id="cite_ref-dallasFedMoney_27-1" class="reference"><a href="#cite_note-dallasFedMoney-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading2"><h2 id="Money_supply">Money supply</h2></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Money_supply" title="Money supply">Money supply</a></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:MB,_M1_and_M2_aggregates_from_1981_to_2012.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/58/MB%2C_M1_and_M2_aggregates_from_1981_to_2012.png/330px-MB%2C_M1_and_M2_aggregates_from_1981_to_2012.png" decoding="async" width="330" height="160" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/58/MB%2C_M1_and_M2_aggregates_from_1981_to_2012.png/495px-MB%2C_M1_and_M2_aggregates_from_1981_to_2012.png 1.5x, //upload.wikimedia.org/wikipedia/commons/5/58/MB%2C_M1_and_M2_aggregates_from_1981_to_2012.png 2x" data-file-width="630" data-file-height="306" /></a><figcaption>Money Base, M1 and M2 in the U.S. from 1981 to 2012</figcaption></figure> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:RIAN_archive_978776_Printing_paper_money_at_Goznak_factory_in_Perm.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/16/RIAN_archive_978776_Printing_paper_money_at_Goznak_factory_in_Perm.jpg/220px-RIAN_archive_978776_Printing_paper_money_at_Goznak_factory_in_Perm.jpg" decoding="async" width="220" height="169" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/16/RIAN_archive_978776_Printing_paper_money_at_Goznak_factory_in_Perm.jpg/330px-RIAN_archive_978776_Printing_paper_money_at_Goznak_factory_in_Perm.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/16/RIAN_archive_978776_Printing_paper_money_at_Goznak_factory_in_Perm.jpg/440px-RIAN_archive_978776_Printing_paper_money_at_Goznak_factory_in_Perm.jpg 2x" data-file-width="1024" data-file-height="786" /></a><figcaption>Printing paper money at a printing press in <a href="/wiki/Perm,_Russia" title="Perm, Russia">Perm</a></figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Pengar_-_2019.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/30/Pengar_-_2019.jpg/220px-Pengar_-_2019.jpg" decoding="async" width="220" height="211" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/30/Pengar_-_2019.jpg/330px-Pengar_-_2019.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/30/Pengar_-_2019.jpg/440px-Pengar_-_2019.jpg 2x" data-file-width="1044" data-file-height="999" /></a><figcaption>A person counts a bundle of different <a href="/wiki/Sweden" title="Sweden">Swedish</a> banknotes.</figcaption></figure> <p>In economics, money is any <a href="/wiki/Financial_instrument" title="Financial instrument">financial instrument</a> that can fulfill the functions of money (detailed above). These financial instruments together are collectively referred to as the <a href="/wiki/Money_supply" title="Money supply">money supply</a> of an economy. In other words, the money supply is the number of financial instruments within a specific economy available for purchasing goods or services. 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 <i>monetary aggregate</i>. </p><p>Economists employ different ways to measure the stock of money or money supply, reflected in different types of monetary aggregates, using a categorization system that focuses on the <a href="/wiki/Market_liquidity" title="Market liquidity">liquidity</a> of the financial instrument used as money. The most commonly used monetary aggregates (or types of money) are conventionally designated M1, M2, and M3. These are successively larger aggregate categories: M1 is currency (coins and bills) plus <a href="/wiki/Demand_deposit" title="Demand deposit">demand deposits</a> (such as checking accounts); M2 is M1 plus <a href="/wiki/Savings_account" title="Savings account">savings accounts</a> and <a href="/wiki/Time_deposit" title="Time deposit">time deposits</a> under $100,000; M3 is M2 plus larger time deposits and similar institutional accounts. M1 includes only the most liquid financial instruments, and M3 relatively illiquid instruments. The precise definition of M1, M2, etc. may be different in different countries. </p><p>Another measure of money, M0, is also used. M0 is <a href="/wiki/Base_money" class="mw-redirect" title="Base money">base money</a>, or the amount of money actually issued by the <a href="/wiki/Central_bank" title="Central bank">central bank</a> 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 <a href="/wiki/Reserve_requirements" class="mw-redirect" title="Reserve requirements">reserve requirements</a> of <a href="/wiki/Commercial_banks" class="mw-redirect" title="Commercial banks">commercial banks</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Creation_of_money">Creation of money</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Money_creation" title="Money creation">Money creation</a></div> <p>In current economic systems, money is created by two procedures:<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2023)">citation needed</span></a></i>]</sup> </p><p><b>Legal tender</b>, or <b>narrow money</b> (M0) is the cash created by a Central Bank by minting coins and printing banknotes. </p><p><b>Bank money</b>, or <b>broad money</b> (M1/M2) is the money created by private banks through the recording of loans as deposits of borrowing clients, with partial support indicated by the <i>cash ratio</i>. Currently, bank money is created as electronic money. </p><p>Bank money, whose value exists on the books of financial institutions and can be converted into physical notes or used for cashless payment, forms by far the largest part of <a href="/wiki/Broad_money" title="Broad money">broad money</a> in developed countries.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p><p>In most countries, the majority of money is mostly created as M1/M2 by commercial banks making loans. Contrary to some popular misconceptions, banks do not act simply as intermediaries, lending out deposits that savers place with them, and do not depend on central bank money (M0) to create new loans and deposits.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Market_liquidity">Market liquidity</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Market_liquidity" title="Market liquidity">Market liquidity</a></div> <p>"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 recognized and accepted as a common currency. In this way, money gives consumers the <a href="/wiki/Liberty" title="Liberty">freedom</a> to trade goods and services easily without having to barter. </p><p>Liquid financial instruments are easily <a href="/wiki/Tradable" class="mw-redirect" title="Tradable">tradable</a> and have low <a href="/wiki/Transaction_cost" title="Transaction cost">transaction costs</a>. There should be no (or minimal) <a href="/wiki/Bid/offer_spread" class="mw-redirect" title="Bid/offer spread">spread</a> between the prices to buy and sell the instrument being used as money. </p> <div class="mw-heading mw-heading2"><h2 id="Types">Types</h2></div> <div class="mw-heading mw-heading3"><h3 id="Commodity">Commodity</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Commodity_money" title="Commodity money">Commodity money</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:1914_Sydney_Half_Sovereign_-_St._George.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/76/1914_Sydney_Half_Sovereign_-_St._George.jpg/170px-1914_Sydney_Half_Sovereign_-_St._George.jpg" decoding="async" width="170" height="170" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/76/1914_Sydney_Half_Sovereign_-_St._George.jpg/255px-1914_Sydney_Half_Sovereign_-_St._George.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/76/1914_Sydney_Half_Sovereign_-_St._George.jpg/340px-1914_Sydney_Half_Sovereign_-_St._George.jpg 2x" data-file-width="836" data-file-height="836" /></a><figcaption>A 1914 British <a href="/wiki/Sovereign_(British_coin)" title="Sovereign (British coin)">gold sovereign</a></figcaption></figure> <p>Many items have been used as <a href="/wiki/Commodity_money" title="Commodity money">commodity money</a> such as naturally scarce <a href="/wiki/Precious_metal" title="Precious metal">precious metals</a>, <a href="/wiki/Conch_shell" class="mw-redirect" title="Conch shell">conch shells</a>, <a href="/wiki/Barley" title="Barley">barley</a>, beads, etc., as well as many other things that are thought of as having <a href="/wiki/Intrinsic_theory_of_value" title="Intrinsic theory of value">value</a>. 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.<sup id="cite_ref-Mises_32-0" class="reference"><a href="#cite_note-Mises-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> Examples of commodities that have been used as mediums of exchange include gold, silver, copper, rice, <a href="/wiki/Wampum" title="Wampum">Wampum</a>, 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 with one another, in various commodity valuation or <a href="/wiki/Price_system" title="Price system">price system</a> economies. The use of commodity money is similar to barter, but a commodity money provides a simple and automatic <a href="/wiki/Unit_of_account" title="Unit of account">unit of account</a> for the commodity which is being used as money. Although some <a href="/wiki/Gold_coins" class="mw-redirect" title="Gold coins">gold coins</a> such as the <a href="/wiki/Krugerrand" title="Krugerrand">Krugerrand</a> are considered <a href="/wiki/Legal_tender" title="Legal tender">legal tender</a>, 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 <a href="/wiki/Millesimal_fineness" class="mw-redirect" title="Millesimal fineness">fine gold</a> content.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> <a href="/wiki/American_Gold_Eagle" title="American Gold Eagle">American Eagles</a> are imprinted with their gold content and legal tender <a href="/wiki/Face_value" title="Face value">face value</a>.<sup id="cite_ref-usmint.gov_34-0" class="reference"><a href="#cite_note-usmint.gov-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Representative">Representative</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Representative_money" title="Representative money">Representative money</a></div> <p>In 1875, the British economist <a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">William Stanley Jevons</a> described the money used at the time as "<a href="/wiki/Representative_money" title="Representative money">representative money</a>". Representative money is money that consists of <a href="/wiki/Token_coin" title="Token coin">token coins</a>, <a href="/wiki/Paper_money" title="Paper money">paper money</a> 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.<sup id="cite_ref-Jevons_35-0" class="reference"><a href="#cite_note-Jevons-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Fiat">Fiat</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Fiat_money" title="Fiat money">Fiat money</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:2006_AEGold_Proof_Rev.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/2006_AEGold_Proof_Rev.png/170px-2006_AEGold_Proof_Rev.png" decoding="async" width="170" height="169" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/2006_AEGold_Proof_Rev.png/255px-2006_AEGold_Proof_Rev.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ef/2006_AEGold_Proof_Rev.png/340px-2006_AEGold_Proof_Rev.png 2x" data-file-width="1890" data-file-height="1881" /></a><figcaption>Gold coins are an example of legal tender that are traded for their intrinsic value, rather than their face value.</figcaption></figure> <p>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 <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve System</a> in the U.S.) to be <a href="/wiki/Legal_tender" title="Legal tender">legal tender</a>, making it unlawful not to accept the fiat currency as a means of repayment for all debts, public and private.<sup id="cite_ref-www-personal.umich_36-0" class="reference"><a href="#cite_note-www-personal.umich-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-BlackHenry_37-0" class="reference"><a href="#cite_note-BlackHenry-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p><p>Some <a href="/wiki/Bullion_coins" class="mw-redirect" title="Bullion coins">bullion coins</a> such as the <a href="/wiki/Australian_Gold_Nugget" title="Australian Gold Nugget">Australian Gold Nugget</a> and <a href="/wiki/American_Gold_Eagle" title="American Gold Eagle">American Eagle</a> are legal tender, however, they trade based on the <a href="/wiki/Market_price" class="mw-redirect" title="Market price">market price</a> of the metal content as a <a href="/wiki/Commodity" title="Commodity">commodity</a>, rather than their legal tender <a href="/wiki/Face_value" title="Face value">face value</a> (which is usually only a small fraction of their bullion value).<sup id="cite_ref-usmint.gov_34-1" class="reference"><a href="#cite_note-usmint.gov-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> </p><p>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 <a href="/wiki/Federal_Reserve_Note" title="Federal Reserve Note">Federal Reserve Notes</a> (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.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> By contrast, commodity money that has been lost or destroyed cannot be recovered. </p> <div class="mw-heading mw-heading3"><h3 id="Coinage">Coinage</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Coin" title="Coin">Coin</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Monnaie_-_Prutah,_bronze,_J%C3%A9rusalem,_Jud%C3%A9e,_Mattathias_Antigonos_-_btv1b8480202s_(1_of_2).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/dc/Monnaie_-_Prutah%2C_bronze%2C_J%C3%A9rusalem%2C_Jud%C3%A9e%2C_Mattathias_Antigonos_-_btv1b8480202s_%281_of_2%29.jpg/220px-Monnaie_-_Prutah%2C_bronze%2C_J%C3%A9rusalem%2C_Jud%C3%A9e%2C_Mattathias_Antigonos_-_btv1b8480202s_%281_of_2%29.jpg" decoding="async" width="220" height="220" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/dc/Monnaie_-_Prutah%2C_bronze%2C_J%C3%A9rusalem%2C_Jud%C3%A9e%2C_Mattathias_Antigonos_-_btv1b8480202s_%281_of_2%29.jpg/330px-Monnaie_-_Prutah%2C_bronze%2C_J%C3%A9rusalem%2C_Jud%C3%A9e%2C_Mattathias_Antigonos_-_btv1b8480202s_%281_of_2%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/dc/Monnaie_-_Prutah%2C_bronze%2C_J%C3%A9rusalem%2C_Jud%C3%A9e%2C_Mattathias_Antigonos_-_btv1b8480202s_%281_of_2%29.jpg/440px-Monnaie_-_Prutah%2C_bronze%2C_J%C3%A9rusalem%2C_Jud%C3%A9e%2C_Mattathias_Antigonos_-_btv1b8480202s_%281_of_2%29.jpg 2x" data-file-width="1453" data-file-height="1453" /></a><figcaption><a href="/wiki/Shekel" title="Shekel">Ancient Jewish coin</a>, engraved <a href="/wiki/Temple_menorah" title="Temple menorah">menorah</a>, from the <a href="/wiki/Hasmonean_dynasty" title="Hasmonean dynasty">Hasmoneon kingdom</a> 37-40 BCE</figcaption></figure> <p>These factors led to the shift of the store of value being the metal itself: at first silver, then both silver and gold, and at one point there was bronze as well. Now we have copper coins and other non-precious metals as coins. Metals were mined, weighed, and stamped into coins. This was to assure the individual taking the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but they also created a new <a href="/wiki/Unit_of_account" title="Unit of account">unit of account</a>, which helped lead to banking. <a href="/wiki/Archimedes%27_principle" title="Archimedes' principle">Archimedes' principle</a> provided the next link: coins could now be easily tested for their <a href="/wiki/Fineness" title="Fineness">fine</a> weight of the metal, and thus the value of a coin could be determined, even if it had been shaved, debased or otherwise tampered with (see <a href="/wiki/Numismatics" title="Numismatics">Numismatics</a>). </p><p>In most major economies using coinage, copper, silver, and gold formed three tiers of coins. Gold coins were used for large purchases, payment of the military, and backing of state activities. Silver coins were used for midsized transactions, and as a unit of account for taxes, dues, contracts, and fealty, while copper coins represented the coinage of common transaction. This system had been used in ancient <a href="/wiki/Indian_coinage" class="mw-redirect" title="Indian coinage">India</a> since the time of the <a href="/wiki/Mahajanapadas" title="Mahajanapadas">Mahajanapadas</a>. In Europe, this system worked through the <a href="/wiki/Medieval" class="mw-redirect" title="Medieval">medieval</a> period because there was virtually no new gold, silver, or copper introduced through mining or conquest.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (March 2010)">citation needed</span></a></i>]</sup> Thus the overall ratios of the three coinages remained roughly equivalent. </p> <div class="mw-heading mw-heading3"><h3 id="Paper">Paper</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Banknote" title="Banknote">Banknote</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Hui_zi.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6a/Hui_zi.jpg/170px-Hui_zi.jpg" decoding="async" width="170" height="247" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6a/Hui_zi.jpg/255px-Hui_zi.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/6/6a/Hui_zi.jpg 2x" data-file-width="325" data-file-height="473" /></a><figcaption><a href="/wiki/Huizi_(currency)" title="Huizi (currency)">Huizi currency</a>, issued in 1160</figcaption></figure> <p>In <a href="/wiki/History_of_China" title="History of China">premodern China</a>, the need for credit and for circulating a medium that was less of a burden than exchanging thousands of <a href="/wiki/Coin" title="Coin">copper coins</a> led to the introduction of <a href="/wiki/Paper_money" title="Paper money">paper money</a>. This economic phenomenon was a slow and gradual process that took place from the late <a href="/wiki/Tang_dynasty" title="Tang dynasty">Tang dynasty</a> (618–907) into the <a href="/wiki/Song_dynasty" title="Song dynasty">Song dynasty</a> (960–1279). It began as a means for merchants to exchange heavy coinage for <a href="/wiki/Receipt" title="Receipt">receipts</a> of deposit issued as <a href="/wiki/Promissory_note" title="Promissory note">promissory notes</a> from shops of wholesalers, notes that were valid for temporary use in a small regional territory. In the 10th century, the <a href="/wiki/Song_dynasty" title="Song dynasty">Song dynasty</a> government began circulating these notes amongst the traders in their <a href="/wiki/Monopolized" class="mw-redirect" title="Monopolized">monopolized</a> salt industry. The Song government granted several shops the sole right to issue banknotes, and in the early 12th century the government finally took over these shops to produce state-issued currency. Yet the banknotes issued were still regionally valid and temporary; it was not until the mid 13th century that a standard and uniform government issue of paper money was made into an acceptable nationwide currency. The already widespread methods of <a href="/wiki/Woodblock_printing" title="Woodblock printing">woodblock printing</a> and then <a href="/wiki/Pi_Sheng" class="mw-redirect" title="Pi Sheng">Pi Sheng</a>'s <a href="/wiki/Movable_type" title="Movable type">movable type</a> printing by the 11th century was the impetus for the massive production of paper money in premodern China. </p> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Money_poster.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/78/Money_poster.JPG/220px-Money_poster.JPG" decoding="async" width="220" height="147" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/78/Money_poster.JPG/330px-Money_poster.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/78/Money_poster.JPG/440px-Money_poster.JPG 2x" data-file-width="720" data-file-height="480" /></a><figcaption>Paper money from different countries</figcaption></figure> <p>At around the same time in the <a href="/wiki/Islamic_Golden_Age" title="Islamic Golden Age">medieval Islamic world</a>, a vigorous <a href="/wiki/Monetary_economy" class="mw-redirect" title="Monetary economy">monetary economy</a> was created during the 7th–12th centuries on the basis of the expanding levels of circulation of a stable high-value currency (the <a href="/wiki/Dinar" title="Dinar">dinar</a>). Innovations introduced by economists, traders and merchants of the Muslim world include the earliest uses of <a href="/wiki/Credit_(finance)" class="mw-redirect" title="Credit (finance)">credit</a>,<sup id="cite_ref-Banaji_40-0" class="reference"><a href="#cite_note-Banaji-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Cheque" title="Cheque">cheques</a>, <a href="/wiki/Savings_account" title="Savings account">savings accounts</a>, <a href="/wiki/Transactional_account" class="mw-redirect" title="Transactional account">transactional accounts</a>, loaning, <a href="/wiki/Trusts" class="mw-redirect" title="Trusts">trusts</a>, <a href="/wiki/Exchange_rate" title="Exchange rate">exchange rates</a>, the transfer of credit and <a href="/wiki/Debt" title="Debt">debt</a>,<sup id="cite_ref-Labib_41-0" class="reference"><a href="#cite_note-Labib-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/Banking_institution" class="mw-redirect" title="Banking institution">banking institutions</a> for loans and <a href="/wiki/Deposit_account" title="Deposit account">deposits</a>.<sup id="cite_ref-Labib_41-1" class="reference"><a href="#cite_note-Labib-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability"><span title="Quotation needed from source to verify. (September 2019)">need quotation to verify</span></a></i>]</sup> </p><p>In Europe, paper money was first introduced in <a href="/wiki/Sweden" title="Sweden">Sweden</a> in 1661. Sweden was rich in copper, thus, because of copper's low value, extraordinarily big coins (often weighing several kilograms) had to be made. The advantages of paper currency were numerous: it reduced transport of gold and silver, and thus lowered the risks; it made loaning gold or silver at interest easier since the specie (gold or silver) never left the possession of the lender until someone else redeemed the note; and it allowed for a division of currency into credit and specie backed forms. It enabled the sale of <a href="/wiki/Stock" title="Stock">stock</a> in <a href="/wiki/Joint_stock_companies" class="mw-redirect" title="Joint stock companies">joint stock companies</a>, and the redemption of those <a href="/wiki/Shares" class="mw-redirect" title="Shares">shares</a> in the paper. </p><p>However, these advantages are held within their disadvantages. First, since a note has no intrinsic value, there was nothing to stop issuing authorities from printing more of it than they had specie to back it with. Second, because it increased the money supply, it increased inflationary pressures, a fact observed by <a href="/wiki/David_Hume" title="David Hume">David Hume</a> in the 18th century. The result is that paper money would often lead to an inflationary bubble, which could collapse if people began demanding hard money, causing the demand for paper notes to fall to zero. The printing of paper money was also associated with wars, and financing of wars, and therefore regarded as part of maintaining a <a href="/wiki/Standing_army" title="Standing army">standing army</a>. For these reasons, paper currency was held in suspicion and hostility in Europe and America. It was also addictive since the speculative profits of trade and capital creation were quite large. Major nations established <a href="/wiki/Mint_(coin)" class="mw-redirect" title="Mint (coin)">mints</a> to print money and mint coins, and branches of their treasury to collect taxes and hold gold and silver stock. </p><p>At this time both silver and gold were considered <a href="/wiki/Legal_tender" title="Legal tender">legal tender</a>, and accepted by governments for taxes. However, the <a href="/wiki/Gresham%27s_law" title="Gresham's law">instability in the ratio</a> between the two grew over the 19th century, with the increase both in the supply of these metals, particularly silver, and of trade. This is called <a href="/wiki/Bimetallism" title="Bimetallism">bimetallism</a> and the attempt to create a bimetallic standard where both gold and silver backed currency remained in circulation occupied the efforts of inflationists. Governments at this point could use currency as an instrument of policy, printing paper currency such as the <a href="/wiki/United_States_Note" title="United States Note">United States greenback</a>, to pay for military expenditures. They could also set the terms at which they would redeem notes for specie, by limiting the amount of purchase, or the minimum amount that could be redeemed. </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Billets_de_5000.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e9/Billets_de_5000.jpg/170px-Billets_de_5000.jpg" decoding="async" width="170" height="265" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e9/Billets_de_5000.jpg/255px-Billets_de_5000.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e9/Billets_de_5000.jpg/340px-Billets_de_5000.jpg 2x" data-file-width="598" data-file-height="931" /></a><figcaption>Banknotes of different currencies with a face value of 5000</figcaption></figure> <p>By 1900, most of the industrializing nations were on some form of a gold standard, with paper notes and silver coins constituting the circulating medium. Private banks and governments across the world followed <a href="/wiki/Gresham%27s_law" title="Gresham's law">Gresham's law</a>: keeping gold and silver paid but paying out in notes. This did not happen all around the world at the same time, but occurred sporadically, generally in times of war or financial crisis, beginning in the early part of the 20th century and continuing across the world until the late 20th century, when the regime of floating fiat currencies came into force. One of the last countries to break away from the <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a> was the United States in 1971. </p><p>No country anywhere in the world today has an enforceable gold standard or <a href="/wiki/Silver_standard" title="Silver standard">silver standard</a> currency system. </p> <div class="mw-heading mw-heading3"><h3 id="Commercial_bank">Commercial bank</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Demand_deposit" title="Demand deposit">Demand deposit</a></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Sweet_success.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/23/Sweet_success.jpg/220px-Sweet_success.jpg" decoding="async" width="220" height="147" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/23/Sweet_success.jpg/330px-Sweet_success.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/23/Sweet_success.jpg/440px-Sweet_success.jpg 2x" data-file-width="2485" data-file-height="1662" /></a><figcaption>A check, used as a means of converting funds in a <a href="/wiki/Demand_deposit" title="Demand deposit">demand deposit</a> to cash</figcaption></figure> <p>Commercial bank money or <a href="/wiki/Demand_deposit" title="Demand deposit">demand deposits</a> 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 <a href="/wiki/Cash" title="Cash">cash</a> 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 <a href="/wiki/Automatic_teller_machine" class="mw-redirect" title="Automatic teller machine">automatic teller machines</a> (ATMs), or through <a href="/wiki/Online_banking" title="Online banking">online banking</a>.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </p><p>Commercial bank money is created by commercial banks whose <a href="/wiki/Bank_reserves" title="Bank reserves">reserves</a> (held as cash and other highly liquid assets) typically constitute only a fraction of their <a href="/wiki/Demand_deposit" title="Demand deposit">deposits</a>, while the banks maintain an obligation to redeem all these deposits upon demand - a practise known as <a href="/wiki/Fractional-reserve_banking" title="Fractional-reserve banking">fractional-reserve banking</a>.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> 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. </p><p>The <a href="/wiki/Money_multiplier" title="Money multiplier">money multiplier</a> theory presents the process of creating commercial bank money as a multiple (greater than 1) of the amount of <a href="/wiki/Monetary_base" title="Monetary base">base money</a> created by the country's <a href="/wiki/Central_bank" title="Central bank">central bank</a>, the multiple itself being a function of the <a href="/wiki/Bank_regulation" class="mw-redirect" title="Bank regulation">legal regulation</a> of banks imposed by financial regulators (e.g., potential <a href="/wiki/Reserve_requirement" title="Reserve requirement">reserve requirements</a>) beside the business policies of <a href="/wiki/Commercial_bank" title="Commercial bank">commercial banks</a> and the preferences of <a href="/wiki/Household" title="Household">households</a> - factors which the central bank can influence, but not control completely.<sup id="cite_ref-Goodhart_44-0" class="reference"><a href="#cite_note-Goodhart-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> Contemporary central banks generally do not control the creation of money, nor do they try to, though their interest rate-setting monetary policies naturally affect the amount of loans and deposits that commercial banks create.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Digital_or_electronic">Digital or electronic</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Digital_money" class="mw-redirect" title="Digital money">Digital money</a></div> <p>The development of computer technology in the second part of the twentieth century allowed money to be represented digitally. By 1990, in the United States all money transferred between its central bank and commercial banks was in electronic form. By the 2000s most money existed as <a href="/wiki/Digital_currency" title="Digital currency">digital currency</a> in bank databases.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> In 2012, by number of transaction, 20 to 58 percent of transactions were electronic (dependent on country).<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> </p><p>Anonymous digital currencies were developed in the early 2000s. Early examples include <a href="/wiki/Ecash" title="Ecash">Ecash</a>, <a href="/wiki/Bit_gold" class="mw-redirect" title="Bit gold">bit gold</a>, <a href="/w/index.php?title=RPOW&action=edit&redlink=1" class="new" title="RPOW (page does not exist)">RPOW</a>, and <a href="/wiki/B-money" class="mw-redirect" title="B-money">b-money</a>. Not much innovation occurred until the conception of <a href="/wiki/Bitcoin" title="Bitcoin">Bitcoin</a> in 2008, which introduced the concept of a decentralised currency that requires no <a href="/wiki/Trusted_third_party" title="Trusted third party">trusted third party</a>.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Monetary_policy">Monetary policy</h2></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Monetary_policy" title="Monetary policy">Monetary policy</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:USCurrency_Federal_Reserve.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/63/USCurrency_Federal_Reserve.jpg/220px-USCurrency_Federal_Reserve.jpg" decoding="async" width="220" height="359" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/6/63/USCurrency_Federal_Reserve.jpg 1.5x" data-file-width="255" data-file-height="416" /></a><figcaption>US dollar banknotes</figcaption></figure> <p>When gold and silver were used as money, the money supply could grow only if the supply of these metals was increased by mining. This rate of increase would accelerate during periods of <a href="/wiki/Gold_rush" title="Gold rush">gold rushes</a> and discoveries, such as when Columbus traveled to the <a href="/wiki/New_World" title="New World">New World</a> and brought back gold and silver to Spain, or when gold was <a href="/wiki/California_Gold_Rush" class="mw-redirect" title="California Gold Rush">discovered in California in 1848</a>. This caused inflation, as the value of gold went down. However, if the rate of <a href="/wiki/Gold_mining" title="Gold mining">gold mining</a> could not keep up with the growth of the economy, gold became relatively more valuable, and prices (denominated in gold) would 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. </p><p>Modern-day monetary systems are based on fiat money and are no longer tied to the value of gold. The amount of money in the economy is influenced by <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a>, which is the process by which a <a href="/wiki/Central_bank" title="Central bank">central bank</a> influences the economy to achieve specific goals. Often, the goal of monetary policy is to maintain low and stable <a href="/wiki/Inflation" title="Inflation">inflation</a>, directly via an <a href="/wiki/Inflation_targeting" title="Inflation targeting">inflation targeting</a> strategy,<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> or indirectly via a <a href="/wiki/Fixed_exchange_rate_system" title="Fixed exchange rate system">fixed exchange rate system</a> against a major currency with a stable inflation rate.<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> In some cases, the central bank may pursue various supplementary goals. For example, it is clearly stated in the <a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a> that the <a href="/wiki/Board_of_Governors" class="mw-redirect" title="Board of Governors">Board of Governors</a> and the <a href="/wiki/Federal_Open_Market_Committee" title="Federal Open Market Committee">Federal Open Market Committee</a> should seek "to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates."<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> </p><p>A failed monetary policy can have significant detrimental effects on an economy and the society that depends on it. These include <a href="/wiki/Hyperinflation" title="Hyperinflation">hyperinflation</a>, <a href="/wiki/Stagflation" title="Stagflation">stagflation</a>, <a href="/wiki/Recession" title="Recession">recession</a>, 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 <a href="/wiki/History_of_the_Soviet_Union_(1985-1991)" class="mw-redirect" title="History of the Soviet Union (1985-1991)">fall of the Soviet Union</a>. </p><p>Monetary policy strategies have changed over time.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> Some of the tools used to conduct contemporary monetary policy include:<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> </p> <ul><li>changing the <a href="/wiki/Interest_rate" title="Interest rate">interest rate</a> at which the central bank loans money to (or borrows money from) the commercial banks</li> <li><a href="/wiki/Open_market_operation" title="Open market operation">open market operations</a> including currency purchases or sales</li> <li><a href="/wiki/Forward_guidance" title="Forward guidance">forward guidance</a>, i.e. publishing forecasts to communicate the likely future course of monetary policy</li> <li>raising or lowering bank <a href="/wiki/Reserve_requirement" title="Reserve requirement">reserve requirements</a></li></ul> <p>In the U.S., the <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a> is responsible for conducting monetary policy, while in the <a href="/wiki/Eurozone" title="Eurozone">eurozone</a> the respective institution is the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a>. Other central banks with a significant impact on global finances are the <a href="/wiki/Bank_of_Japan" title="Bank of Japan">Bank of Japan</a>, <a href="/wiki/People%27s_Bank_of_China" title="People's Bank of China">People's Bank of China</a> and the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>. </p><p>During the 1970s and 1980s monetary policy in several countries was influenced by an <a href="/wiki/Economics" title="Economics">economic theory</a> known as monetarism. <a href="/wiki/Monetarism" title="Monetarism">Monetarism</a> argued that management of the <a href="/wiki/Money_supply" title="Money supply">money supply</a> 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 <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a> and <a href="/wiki/Anna_Schwartz" title="Anna Schwartz">Anna Schwartz</a><sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> supported by the work of <a href="/wiki/David_Laidler" title="David Laidler">David Laidler</a>,<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> and many others. It turned out, however, that maintaining a monetary policy strategy of targeting the money supply did not work very well: The relation between money growth and inflation was not as tight as expected by monetarist theory, and the short-run relation between the money supply and the interest rate, which is the chief instrument through which the central bank can influence output and inflation, was unreliable. Both problems were due to unpredictable shifts in the <a href="/wiki/Demand_for_money" title="Demand for money">demand for money</a>. Consequently, starting in the early 1990s a fundamental reorientation took place in most major central banks, starting to target inflation directly instead of the money supply and using the interest rate as their main instrument.<sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Locality">Locality</h2></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:FIN-10m-1980-anv.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/FIN-10m-1980-anv.jpg/240px-FIN-10m-1980-anv.jpg" decoding="async" width="240" height="111" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/FIN-10m-1980-anv.jpg/360px-FIN-10m-1980-anv.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/99/FIN-10m-1980-anv.jpg/480px-FIN-10m-1980-anv.jpg 2x" data-file-width="1920" data-file-height="889" /></a><figcaption>President <a href="/wiki/J._K._Paasikivi" class="mw-redirect" title="J. K. Paasikivi">J. K. Paasikivi</a> illustrated in a former Finnish <a href="/wiki/Finnish_markka" title="Finnish markka">10 mark</a> banknote from 1980</figcaption></figure> <p>The definition of money says it is money only "in a particular country or socio-economic context". In general, communities only use a single measure of value, which can be identified in the prices of goods listed for sale. There might be multiple media of exchange, which can be observed by what is given to purchase goods ("medium of exchange"), etc. In most countries, the government acts to encourage a particular forms of money, such as requiring it for taxes and punishing <a href="/wiki/Fraud" title="Fraud">fraud</a>. </p><p>Some places do maintain two or more currencies, particularly in border towns or high-travel areas. Shops in these locations might list prices and accept payment in multiple currencies. Otherwise, foreign currency is treated as a <a href="/wiki/Financial_asset" title="Financial asset">financial asset</a> in the local market. Foreign currency is commonly bought or sold on <a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">foreign exchange markets</a> by travelers and traders. </p><p>Communities can change the money they use, which is known as <a href="/wiki/Currency_substitution" title="Currency substitution">currency substitution</a>. This can happen intentionally, when a government issues a new currency. For example, when Brazil moved from the <a href="/wiki/Brazilian_cruzeiro_(disambiguation)" class="mw-redirect" title="Brazilian cruzeiro (disambiguation)">Brazilian cruzeiro</a> to the <a href="/wiki/Brazilian_real" title="Brazilian real">Brazilian real</a>. It can also happen spontaneously, when the people refuse to accept a currency experiencing <a href="/wiki/Hyperinflation" title="Hyperinflation">hyperinflation</a> (even if its use is encouraged by the government). </p><p>The money used by a community can change on a smaller scale. This can come through innovation, such as the adoption of <a href="/wiki/Cheque" title="Cheque">cheques (checks)</a>. <a href="/wiki/Gresham%27s_law" title="Gresham's law">Gresham's law</a> says that "bad money drives out good". That is, when buying a good, a person is more likely to pass on less-desirable items that qualify as "money" and hold on to more valuable ones. For example, coins with less silver in them (but which are still valid coins) are more likely to circulate in the community. This may effectively change the money used by a community. </p><p>The money used by a community does not have to be a currency issued by a government. A famous example of community adopting a new form of money is prisoners-of-war using cigarettes to trade.<sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Financial_crimes">Financial crimes</h2></div> <div class="mw-heading mw-heading3"><h3 id="Counterfeiting">Counterfeiting</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Counterfeit_money" title="Counterfeit money">Counterfeit money</a></div> <p>Counterfeit money is imitation currency produced without the legal sanction of the state or government. Producing or using counterfeit money is a form of fraud or forgery. Counterfeiting is almost as old as money itself. Plated copies (known as <a href="/wiki/Fourr%C3%A9e" title="Fourrée">Fourrées</a>) have been found of <a href="/wiki/Lydia#First_coinage" title="Lydia">Lydian coins</a> which are thought to be among the first western coins.<sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> Historically, objects that were difficult to counterfeit (e.g. shells, rare stones, precious metals) were often chosen as money.<sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup> Before the introduction of <a href="/wiki/Banknotes" class="mw-redirect" title="Banknotes">paper money</a>, the most prevalent method of counterfeiting involved mixing base metals with pure gold or silver. A form of counterfeiting is the production of documents by legitimate printers in response to fraudulent instructions. During <a href="/wiki/World_War_II" title="World War II">World War II</a>, the <a href="/wiki/Nazis" class="mw-redirect" title="Nazis">Nazis</a> forged British pounds and American dollars. Today some of the finest counterfeit banknotes are called <i><a href="/wiki/Superdollar" title="Superdollar">Superdollars</a></i> because of their high quality and likeness to the real U.S. dollar. There has been significant counterfeiting of <a href="/wiki/Euro" title="Euro">Euro</a> banknotes and coins since the launch of the currency in 2002, but considerably less than for the U.S. dollar.<sup id="cite_ref-autogenerated1_62-0" class="reference"><a href="#cite_note-autogenerated1-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Money_laundering">Money laundering</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Money_laundering" title="Money laundering">Money laundering</a></div> <p>Money laundering is the process in which the proceeds of crime are transformed into ostensibly legitimate money or other assets. However, in several legal and regulatory systems the term money laundering has become <a href="/wiki/Conflation" title="Conflation">conflated</a> with other forms of financial crime, and sometimes used more generally to include misuse of the financial system (involving things such as securities, <a href="/wiki/Digital_currency" title="Digital currency">digital currencies</a>, credit cards, and traditional currency), including <a href="/wiki/Terrorism_financing" title="Terrorism financing">terrorism financing</a>, <a href="/wiki/Tax_evasion" title="Tax evasion">tax evasion</a>, and evading of <a href="/wiki/International_sanctions" title="International sanctions">international sanctions</a>. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2></div> <style data-mw-deduplicate="TemplateStyles:r1266661725">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png" decoding="async" width="32" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/48px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/64px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></span></li></ul> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 16em;"> <ul><li><a href="/wiki/Calculation_in_kind" title="Calculation in kind">Calculation in kind</a></li> <li><a href="/wiki/Coin_of_account" title="Coin of account">Coin of account</a></li> <li><a href="/wiki/Commons-based_peer_production" title="Commons-based peer production">Commons-based peer production</a></li> <li><a href="/wiki/Counterfeit_money" title="Counterfeit money">Counterfeit money</a></li> <li><a href="/wiki/Digital_currency" title="Digital currency">Digital currency</a></li> <li><a href="/wiki/Finance" title="Finance">Finance</a></li> <li><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange market</a></li> <li><a href="/wiki/Free_Money_Day" title="Free Money Day">Free Money Day</a></li> <li><a href="/wiki/Gift_economy" title="Gift economy">Gift economy</a></li> <li><a href="/wiki/Intelligent_banknote_neutralisation_system" title="Intelligent banknote neutralisation system">Intelligent banknote neutralisation system</a></li> <li><a href="/wiki/Labour_voucher" title="Labour voucher">Labour voucher</a></li> <li><a href="/wiki/Leprosy_colony_money" class="mw-redirect" title="Leprosy colony money">Leprosy colony money</a></li> <li><a href="/wiki/Local_exchange_trading_system" title="Local exchange trading system">Local exchange trading system</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></li> <li><a href="/wiki/Money_bag" title="Money bag">Money bag</a></li> <li><a href="/wiki/Money_management" class="mw-redirect" title="Money management">Money management</a></li> <li><a href="/wiki/Non-monetary_economy" title="Non-monetary economy">Non-monetary economy</a></li> <li><a href="/wiki/Seigniorage" title="Seigniorage">Seigniorage</a></li> <li><a href="/wiki/Slang_terms_for_money" title="Slang terms for money">Slang terms for money</a></li> <li><a href="/wiki/Social_capital" title="Social capital">Social capital</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li> <li><a href="/wiki/Velocity_of_Money" class="mw-redirect" title="Velocity of Money">Velocity of Money</a></li> <li><a href="/wiki/World_currency" title="World currency">World currency</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFMishkin2007" class="citation book cs1"><a href="/wiki/Frederic_Mishkin" title="Frederic Mishkin">Mishkin, Frederic S.</a> (2007). <i>The Economics of Money, Banking, and Financial Markets</i> (Alternate ed.). Boston: Addison Wesley. p. 8. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-321-42177-7" title="Special:BookSources/978-0-321-42177-7"><bdi>978-0-321-42177-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Economics+of+Money%2C+Banking%2C+and+Financial+Markets&rft.place=Boston&rft.pages=8&rft.edition=Alternate&rft.pub=Addison+Wesley&rft.date=2007&rft.isbn=978-0-321-42177-7&rft.aulast=Mishkin&rft.aufirst=Frederic+S.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://books.google.com/books?id=MDU-NTEJziMC&pg=PA47"><i>What Is Money?</i></a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20221205182603/https://books.google.com/books?id=MDU-NTEJziMC&pg=PA47">Archived</a> 2022-12-05 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> By John N. Smithin. Retrieved July-17-09.</span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.dictionaryofeconomics.com/article?id=pde2008_M000217&edition=current&q=money&topicid=&result_number=5">"money : The New Palgrave Dictionary of Economics"</a>. <i>The New Palgrave Dictionary of Economics</i><span class="reference-accessdate">. Retrieved <span class="nowrap">18 December</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+New+Palgrave+Dictionary+of+Economics&rft.atitle=money+%3A+The+New+Palgrave+Dictionary+of+Economics&rft_id=http%3A%2F%2Fwww.dictionaryofeconomics.com%2Farticle%3Fid%3Dpde2008_M000217%26edition%3Dcurrent%26q%3Dmoney%26topicid%3D%26result_number%3D5&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney" class="Z3988"></span></span> </li> <li id="cite_note-mankiw-4"><span class="mw-cite-backlink">^ <a href="#cite_ref-mankiw_4-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-mankiw_4-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-mankiw_4-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-mankiw_4-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMankiw2007" class="citation book cs1"><a href="/wiki/N._Gregory_Mankiw" class="mw-redirect" title="N. Gregory Mankiw">Mankiw, N. Gregory</a> (2007). <a rel="nofollow" class="external text" href="https://archive.org/details/macroeconomics0000mank/page/22">"2"</a>. <i>Macroeconomics</i> (6th ed.). New York: Worth Publishers. pp. <a rel="nofollow" class="external text" href="https://archive.org/details/macroeconomics0000mank/page/22">22–32</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-7167-6213-3" title="Special:BookSources/978-0-7167-6213-3"><bdi>978-0-7167-6213-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=2&rft.btitle=Macroeconomics&rft.place=New+York&rft.pages=22-32&rft.edition=6th&rft.pub=Worth+Publishers&rft.date=2007&rft.isbn=978-0-7167-6213-3&rft.aulast=Mankiw&rft.aufirst=N.+Gregory&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fmacroeconomics0000mank%2Fpage%2F22&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text">D'Eprio, Peter & Pinkowish, Mary Desmond (1998). <i>What Are the Seven Wonders of the World?</i> First Anchor Books, p. 192. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-385-49062-3" title="Special:BookSources/0-385-49062-3">0-385-49062-3</a></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.etymonline.com/index.php?search=specie&searchmode=phrase">"Online Etymology Dictionary"</a>. etymonline.com<span class="reference-accessdate">. Retrieved <span class="nowrap">2009-04-20</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Online+Etymology+Dictionary&rft.pub=etymonline.com&rft_id=http%3A%2F%2Fwww.etymonline.com%2Findex.php%3Fsearch%3Dspecie%26searchmode%3Dphrase&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text">Herodotus. <i>Histories</i>, I, 94</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGoldsborough,_Reid2003" class="citation web cs1">Goldsborough, Reid (2003-10-02). <a rel="nofollow" class="external text" href="http://rg.ancients.info/lion/article.html">"World's First Coin"</a>. rg.ancients.info<span class="reference-accessdate">. Retrieved <span class="nowrap">2009-04-20</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=World%27s+First+Coin&rft.pub=rg.ancients.info&rft.date=2003-10-02&rft.au=Goldsborough%2C+Reid&rft_id=http%3A%2F%2Frg.ancients.info%2Flion%2Farticle.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><a href="/wiki/Marcel_Mauss" title="Marcel Mauss">Mauss, Marcel</a>. <i>The Gift: The Form and Reason for Exchange in Archaic Societies</i>. pp. 36–37.</span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://bellacaledonia.org.uk/2016/06/08/the-myth-of-the-myth-of-the-myth-of-barter-and-the-return-of-the-armchair-ethnologists/">"The Myth of the Myth of the Myth of Barter and the Return of the Armchair Ethnologists"</a>. <i><a href="/wiki/Bella_Caledonia" title="Bella Caledonia">Bella Caledonia</a></i>. 2016-06-08<span class="reference-accessdate">. Retrieved <span class="nowrap">2020-02-12</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Bella+Caledonia&rft.atitle=The+Myth+of+the+Myth+of+the+Myth+of+Barter+and+the+Return+of+the+Armchair+Ethnologists&rft.date=2016-06-08&rft_id=https%3A%2F%2Fbellacaledonia.org.uk%2F2016%2F06%2F08%2Fthe-myth-of-the-myth-of-the-myth-of-barter-and-the-return-of-the-armchair-ethnologists%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.nakedcapitalism.com/2011/08/what-is-debt-%E2%80%93-an-interview-with-economic-anthropologist-david-graeber.html">"What is Debt? – An Interview with Economic Anthropologist David Graeber"</a>. <i>naked capitalism</i>. <a href="/wiki/Naked_Capitalism" title="Naked Capitalism">Naked Capitalism</a>. 2011-08-26.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=naked+capitalism&rft.atitle=What+is+Debt%3F+%E2%80%93+An+Interview+with+Economic+Anthropologist+David+Graeber&rft.date=2011-08-26&rft_id=http%3A%2F%2Fwww.nakedcapitalism.com%2F2011%2F08%2Fwhat-is-debt-%25E2%2580%2593-an-interview-with-economic-anthropologist-david-graeber.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text">David Graeber: <i>Debt: The First 5000 Years</i>, Melville 2011. Cf. <a rel="nofollow" class="external text" href="http://socialtextjournal.org/a-history-of-debt/">review</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200420132635/https://socialtextjournal.org/a-history-of-debt/">Archived</a> 2020-04-20 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-Graeber,_David_pp._153-154-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-Graeber,_David_pp._153-154_13-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDavid_Graeber2001" class="citation book cs1">David Graeber (2001). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=uo8tttilAlQC&pg=PA153"><i>Toward an anthropological theory of value: the false coin of our own dreams</i></a>. Palgrave Macmillan. pp. <span class="nowrap">153–</span>154. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-312-24045-5" title="Special:BookSources/978-0-312-24045-5"><bdi>978-0-312-24045-5</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">10 February</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Toward+an+anthropological+theory+of+value%3A+the+false+coin+of+our+own+dreams&rft.pages=%3Cspan+class%3D%22nowrap%22%3E153-%3C%2Fspan%3E154&rft.pub=Palgrave+Macmillan&rft.date=2001&rft.isbn=978-0-312-24045-5&rft.au=David+Graeber&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3Duo8tttilAlQC%26pg%3DPA153&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney" class="Z3988"></span></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text">Kramer, <i>History Begins at Sumer</i>, pp. 52–55.</span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text">Herodotus. <i>Histories</i>, I, 94</span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGoldsborough,_Reid2003" class="citation web cs1">Goldsborough, Reid (2003-10-02). <a rel="nofollow" class="external text" href="http://rg.ancients.info/lion/article.html">"World's First Coin"</a>. rg.ancients.info<span class="reference-accessdate">. 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Macdonald and Evans. p. <a rel="nofollow" class="external text" href="https://archive.org/details/in.ernet.dli.2015.22790/page/n67">55</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+economic+foundations+of+reconstruction&rft.pages=55&rft.pub=Macdonald+and+Evans&rft.date=1919&rft.aulast=Milnes&rft.aufirst=Alfred&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fin.ernet.dli.2015.22790&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney" class="Z3988"></span></span> </li> <li id="cite_note-dwivedi-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-dwivedi_21-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDwivedi2005" class="citation book cs1">Dwivedi, DN (2005). <i>Macroeconomics: Theory and Policy</i>. 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Retrieved <span class="nowrap">12 August</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Annual+Report+on+Exchange+Arrangements+and+Exchange+Restrictions+2022&rft.pub=International+Monetary+Fund&rft.date=2023-07-26&rft.isbn=979-8-4002-3526-9&rft.aulast=Department&rft.aufirst=International+Monetary+Fund+Monetary+and+Capital+Markets&rft_id=https%3A%2F%2Fwww.elibrary.imf.org%2Fdisplay%2Fbook%2F9798400235269%2F9798400235269.xml%3Fcode%3Dimf.org&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney" class="Z3988"></span></span> </li> <li id="cite_note-53"><span class="mw-cite-backlink"><b><a href="#cite_ref-53">^</a></b></span> <span class="reference-text">The Federal Reserve. <a rel="nofollow" class="external text" href="https://www.federalreserve.gov/pf/pdf/pf_2.pdf">'Monetary Policy and the Economy".</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20070620161302/http://www.federalreserve.gov/pf/pdf/pf_2.pdf">Archived</a> 2007-06-20 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> (<a href="/wiki/PDF" title="PDF">PDF</a>) <i>Board of Governors of the Federal Reserve System</i>, (2005-07-05). Retrieved 2007-05-15.</span> </li> <li id="cite_note-54"><span class="mw-cite-backlink"><b><a href="#cite_ref-54">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/monetarypolicy/historical-approaches-to-monetary-policy.htm">"Federal Reserve Board - Historical Approaches to Monetary Policy"</a>. <i>Board of Governors of the Federal Reserve System</i>. 8 March 2018<span class="reference-accessdate">. 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Princeton, N.J: <a href="/wiki/Princeton_University_Press" title="Princeton University Press">Princeton University Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-691-00354-2" title="Special:BookSources/978-0-691-00354-2"><bdi>978-0-691-00354-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Monetary+History+of+the+United+States%2C+1867%E2%80%931960&rft.place=Princeton%2C+N.J&rft.pub=Princeton+University+Press&rft.date=1971&rft.isbn=978-0-691-00354-2&rft.au=Milton+Friedman&rft.au=Anna+Jacobson+Schwartz&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney" class="Z3988"></span></span> </li> <li id="cite_note-57"><span class="mw-cite-backlink"><b><a href="#cite_ref-57">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDavid_Laidler1997" class="citation book cs1">David Laidler (1997). <a rel="nofollow" class="external text" href="https://archive.org/details/moneymacroeconom0000laid"><i>Money and Macroeconomics: The Selected Essays of David Laidler (Economists of the Twentieth Century)</i></a>. Edward Elgar Publishing. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-85898-596-1" title="Special:BookSources/978-1-85898-596-1"><bdi>978-1-85898-596-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Money+and+Macroeconomics%3A+The+Selected+Essays+of+David+Laidler+%28Economists+of+the+Twentieth+Century%29&rft.pub=Edward+Elgar+Publishing&rft.date=1997&rft.isbn=978-1-85898-596-1&rft.au=David+Laidler&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fmoneymacroeconom0000laid&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney" class="Z3988"></span></span> </li> <li id="cite_note-58"><span class="mw-cite-backlink"><b><a href="#cite_ref-58">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBlanchard2021" class="citation book cs1">Blanchard, Olivier (2021). <i>Macroeconomics</i> (Eighth, global ed.). 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(November 1945). <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2550133">"The Economic Organisation of a P.O.W. Camp"</a>. <i>Economica</i>. <b>12</b> (48): <span class="nowrap">189–</span>201. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F2550133">10.2307/2550133</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0013-0427">0013-0427</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2550133">2550133</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Economica&rft.atitle=The+Economic+Organisation+of+a+P.O.W.+Camp&rft.volume=12&rft.issue=48&rft.pages=%3Cspan+class%3D%22nowrap%22%3E189-%3C%2Fspan%3E201&rft.date=1945-11&rft.issn=0013-0427&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2550133%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.2307%2F2550133&rft.aulast=Radford&rft.aufirst=R.+A.&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2550133&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney" class="Z3988"></span></span> </li> <li id="cite_note-60"><span class="mw-cite-backlink"><b><a href="#cite_ref-60">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://rg.ancients.info/lion/article.html">"A Case for the World's Oldest Coin"</a><span class="reference-accessdate">. Retrieved <span class="nowrap">29 January</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=A+Case+for+the+World%27s+Oldest+Coin&rft_id=http%3A%2F%2Frg.ancients.info%2Flion%2Farticle.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney" class="Z3988"></span></span> </li> <li id="cite_note-61"><span class="mw-cite-backlink"><b><a href="#cite_ref-61">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGourinchasReySauzet2019" class="citation journal cs1">Gourinchas, Pierre-Olivier; Rey, Hélène; Sauzet, Maxime (2019). <a rel="nofollow" class="external text" href="https://doi.org/10.1146%2Fannurev-economics-080217-053518">"The International Monetary and Financial System"</a>. <i>Annual Review of Economics</i>. <b>11</b> (1): <span class="nowrap">859–</span>893. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1146%2Fannurev-economics-080217-053518">10.1146/annurev-economics-080217-053518</a></span>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1941-1383">1941-1383</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:169545752">169545752</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Annual+Review+of+Economics&rft.atitle=The+International+Monetary+and+Financial+System&rft.volume=11&rft.issue=1&rft.pages=%3Cspan+class%3D%22nowrap%22%3E859-%3C%2Fspan%3E893&rft.date=2019&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A169545752%23id-name%3DS2CID&rft.issn=1941-1383&rft_id=info%3Adoi%2F10.1146%2Fannurev-economics-080217-053518&rft.aulast=Gourinchas&rft.aufirst=Pierre-Olivier&rft.au=Rey%2C+H%C3%A9l%C3%A8ne&rft.au=Sauzet%2C+Maxime&rft_id=https%3A%2F%2Fdoi.org%2F10.1146%252Fannurev-economics-080217-053518&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney" class="Z3988"></span></span> </li> <li id="cite_note-autogenerated1-62"><span class="mw-cite-backlink"><b><a href="#cite_ref-autogenerated1_62-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://itsamoneything.com/money/counterfeiting-cash-money-infographic/#.VB71g5R_uJQ">"Counterfeiting statistics for several currencies"</a>. Itsamoneything.com. 2012-06-09<span class="reference-accessdate">. Retrieved <span class="nowrap">2014-09-21</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Counterfeiting+statistics+for+several+currencies&rft.pub=Itsamoneything.com&rft.date=2012-06-09&rft_id=http%3A%2F%2Fitsamoneything.com%2Fmoney%2Fcounterfeiting-cash-money-infographic%2F%23.VB71g5R_uJQ&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2></div> <ul><li>Brzezinski, Adam; Palma, Nuno; Velde, François R. (2024). "<a href="//doi.org/10.1146/annurev-economics-091923-040328" class="extiw" title="doi:10.1146/annurev-economics-091923-040328">Understanding Money Using Historical Evidence</a>". <i>Annual Review of Economics</i>.</li> <li>Chown, John F. <i>A History of Money: from AD 800</i> (Psychology Press, 1994).</li> <li>Davies, Glyn, and Duncan Connors. <i>A History of Money</i> (4th ed. U of Wales Press, 2016) <a rel="nofollow" class="external text" href="https://www.amazon.com/History-Money-Fourth-Glyn-Davies/dp/1783163097/">excerpt</a> .</li> <li><a href="/wiki/Niall_Ferguson" title="Niall Ferguson">Ferguson, Niall</a>. <i>The Ascent of Money: A Financial History of the World</i> (2009) <a rel="nofollow" class="external text" href="https://www.amazon.com/Ascent-Money-Financial-History-World/dp/0143116177/">excerpt</a></li> <li><a href="/wiki/Steve_Keen" title="Steve Keen">Keen, Steve</a> (February 2015). <a rel="nofollow" class="external text" href="https://www.forbes.com/sites/stevekeen/2015/02/28/what-is-money-and-how-is-it-created/">"What Is Money and How Is It Created?"</a> argues, "Banks create money by issuing a loan to a borrower; they record the loan as an asset, and the money they deposit in the borrower's account as a liability. This, in one way, is no different to the way the Federal Reserve creates money ... money is simply a third party's promise to pay which we accept as full payment in exchange for goods. The two main third parties whose promises we accept are the government and the banks ... money ... is not backed by anything physical, and instead relies on trust. Of course, that trust can be abused ... we continue to ignore the main game: what the banks do (for good and for ill) that really drives the economy." <i><a href="/wiki/Forbes_(magazine)" class="mw-redirect" title="Forbes (magazine)">Forbes</a></i></li> <li>Kuroda, Akinobu. <i>A Global History of Money</i> (Routledge, 2020). <a rel="nofollow" class="external text" href="https://www.amazon.com/Global-History-Routledge-Explorations-Economic/dp/1032237619/">excerpt</a></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHartman2017" class="citation news cs1">Hartman, Mitchell (October 30, 2017). <a rel="nofollow" class="external text" href="https://www.marketplace.org/2017/10/30/world/how-much-money-there-world">"How Much Money Is There in the World?"</a>. I've Always Wondered... (story series). <i><a href="/wiki/Marketplace_(radio_program)" title="Marketplace (radio program)">Marketplace</a></i>. <a href="/wiki/American_Public_Media" title="American Public Media">American Public Media</a><span class="reference-accessdate">. Retrieved <span class="nowrap">October 31,</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Marketplace&rft.atitle=How+Much+Money+Is+There+in+the+World%3F&rft.date=2017-10-30&rft.aulast=Hartman&rft.aufirst=Mitchell&rft_id=https%3A%2F%2Fwww.marketplace.org%2F2017%2F10%2F30%2Fworld%2Fhow-much-money-there-world&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney" class="Z3988"></span></li> <li><a href="/wiki/John_Lanchester" title="John Lanchester">Lanchester, John</a>, "The Invention of Money: How the heresies of two bankers became the basis of our modern economy", <i><a href="/wiki/The_New_Yorker" title="The New Yorker">The New Yorker</a></i>, 5 & 12 August 2019, pp. 28–31.</li> <li><a href="/wiki/Heinrich_Schurtz" title="Heinrich Schurtz">Schurtz, Heinrich</a>. <i>An Outline of the Origins of Money</i> (University of Chicago Press, 2024). Translated and annotated, with an introduction by Enrique Martino and Mario Schmidt. Foreword by <a href="/wiki/Michael_Hudson_(economist)" title="Michael Hudson (economist)">Michael Hudson</a>. <a rel="nofollow" class="external text" href="https://haubooks.org/schurtz_origins_of_money">PDF</a></li> <li>Weatherford, Jack. <i>The history of money</i> (2009). by a cultural anthropologist. <a rel="nofollow" class="external text" href="https://www.amazon.com/History-Money-Jack-Weatherford/dp/0609801724/">excerpt</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2></div> <ul><li><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Commons-logo.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" decoding="async" width="12" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/18px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/24px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></a></span> Media related to <a href="https://commons.wikimedia.org/wiki/Money" class="extiw" title="commons:Money">Money</a> (<a href="https://commons.wikimedia.org/wiki/Category:Money" class="extiw" title="commons:Category:Money">category</a>) at Wikimedia Commons</li> <li><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Wikiquote-logo.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/13px-Wikiquote-logo.svg.png" decoding="async" width="13" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/20px-Wikiquote-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/27px-Wikiquote-logo.svg.png 2x" data-file-width="300" data-file-height="355" /></a></span> Quotations related to <a href="https://en.wikiquote.org/wiki/Money" class="extiw" title="wikiquote:Money">Money</a> at Wikiquote</li> <li><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Wiktionary-logo-en-v2.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/Wiktionary-logo-en-v2.svg/16px-Wiktionary-logo-en-v2.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/Wiktionary-logo-en-v2.svg/24px-Wiktionary-logo-en-v2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/99/Wiktionary-logo-en-v2.svg/32px-Wiktionary-logo-en-v2.svg.png 2x" data-file-width="512" data-file-height="512" /></a></span> The dictionary definition of <a href="https://en.wiktionary.org/wiki/Special:Search/money" class="extiw" title="wiktionary:Special:Search/money"><i>money</i></a> at Wiktionary</li> <li><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Wikisource-logo.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Wikisource-logo.svg/15px-Wikisource-logo.svg.png" decoding="async" width="15" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Wikisource-logo.svg/23px-Wikisource-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Wikisource-logo.svg/30px-Wikisource-logo.svg.png 2x" data-file-width="410" data-file-height="430" /></a></span> Works related to <a href="https://en.wikisource.org/wiki/Special:Search/Money" class="extiw" title="wikisource:Special:Search/Money">Money</a> at Wikisource</li> <li><a rel="nofollow" class="external text" href="https://www.bbc.co.uk/programmes/p00547ch">"Money"</a>, BBC Radio 4 discussion with Niall Ferguson, Richard J. Evans and Jane Humphries (<i>In Our Time</i>, Mar. 1, 2001)</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBastable1911" class="citation encyclopaedia cs1">Bastable, Charles Francis (1911). <span class="cs1-ws-icon" title="s:1911 Encyclopædia Britannica/Money"><a class="external text" href="https://en.wikisource.org/wiki/1911_Encyclop%C3%A6dia_Britannica/Money">"Money" </a></span>. <i><a href="/wiki/Encyclop%C3%A6dia_Britannica_Eleventh_Edition" title="Encyclopædia Britannica Eleventh Edition">Encyclopædia Britannica</a></i>. Vol. 18 (11th ed.). pp. <span class="nowrap">694–</span>708.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Money&rft.btitle=Encyclop%C3%A6dia+Britannica&rft.pages=%3Cspan+class%3D%22nowrap%22%3E694-%3C%2Fspan%3E708&rft.edition=11th&rft.date=1911&rft.aulast=Bastable&rft.aufirst=Charles+Francis&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney" class="Z3988"></span></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output .navbox-list-with-group{text-align:left;border-left-width:2px;border-left-style:solid}.mw-parser-output tr+tr>.navbox-abovebelow,.mw-parser-output tr+tr>.navbox-group,.mw-parser-output tr+tr>.navbox-image,.mw-parser-output tr+tr>.navbox-list{border-top:2px solid #fdfdfd}.mw-parser-output .navbox-title{background-color:#ccf}.mw-parser-output .navbox-abovebelow,.mw-parser-output .navbox-group,.mw-parser-output .navbox-subgroup .navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1266661725"></div><div role="navigation" class="navbox" aria-labelledby="Medium_of_exchange124" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="3"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Means_of_exchange" title="Template:Means of exchange"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Means_of_exchange" title="Template talk:Means of exchange"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Means_of_exchange" title="Special:EditPage/Template:Means of exchange"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Medium_of_exchange124" style="font-size:114%;margin:0 4em"><a href="/wiki/Medium_of_exchange" title="Medium of exchange">Medium of exchange</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commodity_money" title="Commodity money">Commodity <br />money</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Axe-monies" title="Axe-monies">Axe-money</a> (W. Mesoamerica & N. Andes)</li> <li><a href="/wiki/Cocoa_bean" title="Cocoa bean">Cocoa bean</a> (Mesoamerica)</li> <li><a href="/wiki/Koku" title="Koku">Koku</a> (rice)</li> <li><a href="/wiki/Manilla_(money)" title="Manilla (money)">Manilla</a> (W. Africa)</li> <li><a href="/wiki/Precious_metal" title="Precious metal">Precious metals</a></li> <li><a href="/wiki/Quachtli" title="Quachtli">Quachtli</a> (cotton cloth)</li> <li><a href="/wiki/Salt" title="Salt">Salt</a> (Roman world)</li> <li><a href="/wiki/Shekel" title="Shekel">Shekel</a> (barley)</li> <li><a href="/wiki/Shell_money" title="Shell money">Shells</a></li> <li><a href="/wiki/Trade_beads" title="Trade beads">Trade bead</a></li></ul> </div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Domestic animals</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Water_buffalo" title="Water buffalo">Water buffalo</a> (SE Asia)</li> <li><a href="/wiki/Cattle" title="Cattle">Cow</a> (Hindu)</li> <li><a href="/wiki/Camel" title="Camel">Camel</a> (Arabia)</li> <li><a href="/wiki/Yak" title="Yak">Yak</a> (Tibet, China)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Representative_money" title="Representative money">Representative money</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bimetallism" title="Bimetallism">Bimetallism</a></li> <li><a href="/wiki/Gold_certificate_(United_States)" title="Gold certificate (United States)">Gold certificates</a></li></ul> </div></td></tr></tbody></table><div> </div></td><td class="noviewer navbox-image" rowspan="3" style="width:1px;padding:0 0 0 2px"><div><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png" decoding="async" width="32" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/48px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/64px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></span></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a class="mw-selflink selflink">Money</a><br />(<a href="/wiki/Fiat_money" title="Fiat money">Fiat</a>/<a href="/wiki/Token_money" title="Token money">Token</a>)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bailment" title="Bailment">Bailment</a></li> <li><a href="/wiki/Banknote" title="Banknote">Banknote</a></li> <li><a href="/wiki/Central_bank_digital_currency" title="Central bank digital currency">Central bank digital currency</a></li> <li><a href="/wiki/Personal_property" title="Personal property">Chattel/movable property</a></li> <li><a href="/wiki/Cheque" title="Cheque">Cheque</a></li> <li><a href="/wiki/Clearing_(finance)" title="Clearing (finance)">Clearing</a> <ul><li><a href="/wiki/Cheque_clearing" title="Cheque clearing">Cheque clearing</a></li></ul></li> <li><a href="/wiki/Clay_tablet" title="Clay tablet">Clay token</a></li> <li><a href="/wiki/Coin" title="Coin">Coinage</a></li> <li><a href="/wiki/Currency" title="Currency">Currency</a></li> <li><a href="/wiki/Deposit_(finance)" title="Deposit (finance)">Deposit</a> <ul><li><a href="/wiki/Deposit_account" title="Deposit account">Deposit account</a></li></ul></li> <li><a href="/wiki/Legal_tender" title="Legal tender">Legal tender</a></li> <li><a href="/wiki/Notary" title="Notary">Notary</a></li> <li><a href="/wiki/Paper_money" title="Paper money">Paper money</a></li> <li><a href="/wiki/Possession_(law)" title="Possession (law)">Possession</a></li> <li><a href="/wiki/Promissory_note" title="Promissory note">Promissory note</a></li> <li><a href="/wiki/Redemption_value" title="Redemption value">Redemption</a></li> <li><a href="/wiki/Safe" title="Safe">Safekeeping</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">General</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_historical_currencies" title="List of historical currencies">List of historical currencies</a></li> <li><a href="/wiki/Barter" title="Barter">Barter</a> <ul><li><a href="/wiki/Coincidence_of_wants" title="Coincidence of wants">Coincidence of wants</a></li></ul></li> <li><a href="/wiki/Bureau_de_change" title="Bureau de change">Bureau de change</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Clearing_house_(finance)" title="Clearing house (finance)">Clearinghouse bank</a></li> <li><a href="/wiki/Savings_bank" title="Savings bank">Savings bank</a> <ul><li><a href="/wiki/Depository_institution" title="Depository institution">Depository institution</a></li></ul></li> <li><a href="/wiki/Mint_(facility)" title="Mint (facility)">Mint</a></li> <li><a href="/wiki/Ancient_Mesopotamian_units_of_measurement" title="Ancient Mesopotamian units of measurement">Akkadian standards of measurement</a> (<abbr title="circa">c.</abbr><span style="white-space:nowrap;"> 2150 BC</span>)</li> <li><a href="/wiki/Code_of_Hammurabi" title="Code of Hammurabi">Code of Hammurabi</a> (<a href="/wiki/Banker_(ancient)" title="Banker (ancient)">§100; §122–125</a>; c. 1750 BC)</li> <li><a href="/wiki/Metallism" title="Metallism">Commodity theory of money (Metallism)</a></li> <li><a href="/wiki/Credit_theory_of_money" title="Credit theory of money">Credit theory of money</a> <ul><li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a></li></ul></li> <li><a href="/wiki/Quantity_theory_of_money" title="Quantity theory of money">Quantity theory of money</a> <ul><li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li></ul></li> <li><a href="/wiki/Standard_of_deferred_payment" title="Standard of deferred payment">Standard of deferred payment</a></li> <li><a href="/wiki/Store_of_value" title="Store of value">Store of value</a></li> <li><a href="/wiki/Unit_of_account" title="Unit of account">Unit of account</a></li> <li><a href="/wiki/Digital_currency" title="Digital currency">Digital currency</a> <ul><li><a href="/wiki/Cryptocurrency" title="Cryptocurrency">Cryptocurrency</a></li> <li><a href="/wiki/Digital_gold_currency" title="Digital gold currency">Digital gold currency</a></li> <li><a href="/wiki/Virtual_currency" title="Virtual currency">Virtual currency</a></li></ul></li> <li><a href="/wiki/Local_currency" title="Local currency">Local currency</a> <ul><li><a href="/wiki/Complementary_currency" title="Complementary currency">Complementary currency</a></li> <li><a href="/wiki/Sectoral_currency" title="Sectoral currency">Sectoral currency</a></li> <li><a href="/wiki/Time-based_currency" title="Time-based currency">Time-based currency</a></li></ul></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1066933788">.mw-parser-output .excerpt-hat .mw-editsection-like{font-style:normal}</style></div><div role="navigation" class="navbox" aria-labelledby="Economics681" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economics" title="Template:Economics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economics" title="Template talk:Economics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economics" title="Special:EditPage/Template:Economics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Economics681" style="font-size:114%;margin:0 4em"><a href="/wiki/Economics" title="Economics">Economics</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economics#Theoretical_research" title="Economics">Theoretical</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a> <ul><li><a href="/wiki/Decision_theory" title="Decision theory">Decision theory</a></li> <li><a href="/wiki/Price_theory" class="mw-redirect" title="Price theory">Price theory</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Contract_theory" title="Contract theory">Contract theory</a></li> <li><a href="/wiki/Mechanism_design" title="Mechanism design">Mechanism design</a></li></ul></li> <li><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li> <li><a href="/wiki/Complexity_economics" title="Complexity economics">Complexity 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title="Experimental economics">Experimental economics</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Economic history</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agriculture</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological 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economics">Institutions</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Management</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organization</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public sector</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a></li> <li><a href="/wiki/Social_choice" class="mw-redirect" title="Social choice">Social choice</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Resources</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a><br />(<a href="/wiki/History_of_economic_thought" title="History of economic thought">history</a>)<br /></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Attention_economy" title="Attention economy">Attention</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/American_School_(economics)" title="American School (economics)">American (National)</a></li> <li><a href="/wiki/Ancient_economic_thought" title="Ancient economic thought">Ancient thought</a></li> <li><a href="/wiki/Anarchist_economics" class="mw-redirect" title="Anarchist economics">Anarchist</a> <ul><li><a href="/wiki/Mutualism_(economic_theory)" title="Mutualism (economic theory)">Mutualism</a></li></ul></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Buddhist_economics" title="Buddhist economics">Buddhist</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Economic_democracy" title="Economic democracy">Democratic</a></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgism</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a> (<a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical–Keynesian synthesis</a>)</li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li></ul></li> <li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusianism</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a> <ul><li><a href="/wiki/Neo-Marxian_economics" class="mw-redirect" title="Neo-Marxian economics">Neo-</a></li></ul></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Mixed_economy" title="Mixed economy">Mixed</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a> <ul><li><a href="/wiki/Lausanne_School" title="Lausanne School">Lausanne</a></li></ul></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a></li> <li><a href="/wiki/Stockholm_School_(economics)" title="Stockholm School (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermo</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Economist" title="Economist">Economists</a><br /></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a 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