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By Levi Clancy for Student Reader on

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money bills watercolor clipart

Money serves three functions: a medium of exchange; a store of value; and a unit of accounting.

Money vs currency

Currency is the money officially used by an administrative unit. There can be in-store currency (arcade tokens) and of course national currency (the United States dollar).

Fiat money

Fiat money derives its value from the government.

Commodity money

A unit of currency corresponds to a fixed unit of a commodity like gold or silver.

Gold standard

The gold standard is a well known form of commodity money. The silver standard has also been used historically.

Fiat money vs commodity money

Fiat money gives the government strong monetary control.