Commodity Money
A commodity money is a medium of exchange the units of which are fixed amounts of an actual commodity that has value other than as money alone. Many items have been used as commodity money such as conch shells, barley, beads etc., as well as many other things that are thought of as having value. Historically, silver and gold coins of known, standard weights and designs have emerged as the preferred commodity monies of the entire civilized world. Gold and … Continue reading →