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a monetary unit which is designated by
a government to serve as the basis of
its currency system and into which other
types of money in the country are
convertible compare standard of value.
is money whose value comes from
a commodity of which it is made.
Commodity money consists of objects
that have value in themselves as well as
value in their use as money.
is an item such as a token or piece of
paper that has no intrinsic value, but can
be exchanged on demand for a
commodity that does have intrinsic
value, such as gold, silver, copper, and
Different kinds of Representative Money
Convertible Representative Money
Inconvertible Representative Money
Subsidiary or token coins
Is form of money that is regulated
artificially. Its value is determine solely by
the demand for the supply of the money
and is independent of value of material
of which it is made.
Redeemable Fiat Money
Irredeemable Fiat Money
is money that is not convertible into any
other form of money. The Fed issues
all definitive money. Banks can only issue
credit convertible into definitive money.
Most definitive money exists as paper
dollars, but also includes the deposits
that banks hold at the Fed.
Types Currency Issued
Standard Money Central Bank Notes
Representative Money Philippine Treasury Certificates, 1903
Fiat Money (old concept) Japanese we notes
Fiat Money (current concept) Bangko Sentral Notes
Convertible Representative Money Philippine Treasury Certificates, 1903
Inconvertible Representative Money Bangko Sentral Notes
Subsidiary/Token Coins Metallic coins
Credit Money (government) Bangko Sentral Notes
Credit Money (private bank) Bank notes issued by the Phillipine
National Bank in 1920
Definitive Money Bangko Sentral Notes
The act, process or right of
manufacturing uniform coins and
stamping them in some way as a
guaranty of their purity and of their
a profit made by government by issuing
curre4ncy especially the difference
between the face value of coins and
a monetary principle stating that “bad
money drive out good.”
It states that if a new coin (“bad
money”) is assigned the same value as
an older coin containing higher amount
of previous amount of precious metal
(“good money”), then the new coin will
be used in circulation while the old coin
will be hoarded and will disappear from