Refers to objects which are backed by a reputable source (usually a state actor) and used in lieu of barter to trade for goods and services. Originally currency was produced by containing a set amount of precious material or the promise that the object could be redeemed for a certain amount of a valuable commodity. In the 20th century, this was replaced by idea that currency represented a fraction of the national economy and was valuable in and of itself.
4 years ago
Recent Hot AnswersWhy does US currency have a 25 cent piece and a 20 dollar bill instead of a 20 cent piece or 25 dollar bill?
What were tally sticks?
How much has U.S. currency inflated since 1792?
Why was a gold standard not stipulated in the U.S. Constitution?
Were US exports in the early 1800s paid for with metal or with paper?
economy × 10
united-states × 5
money × 5
germany × 2
british-empire × 2
18th-century × 2
economics × 2
colonial-america × 2more related tags