For commodity money (money product in English) means a payment instrument represented by an asset with its own intrinsic value that does not depend on its use as a payment instrument (in other words: a commodity that is used as a medium of exchange). .
The first payment instruments (the first forms of "money" in the broad sense) that allowed the transition from an inefficient exchange system such as direct barter to a more advanced exchange system such as indirect barter were precisely commodities, or the symbol guarentigio, which acted as a "connecting value". This allowed not only to expand the possibilities of exchange beyond the limits of modern search, but also to carry out an indirect exchange.
This "third product" has been identified in specific products endowed (to varying degrees) with certain characteristics suitable for such use.:
non-perishable nature (which avoids loss of value);
widespread distribution (which guarantees universal acceptance);
easy verification of their quality (which reduces the uncertainty associated with payment).
Even in the modern economy, such means of exchange are sometimes used (for example, when, in the absence of a unit's currency, the seller gives the buyer change in the form of sweets); the last time this happened on a large scale was immediately after World War II, when cigarettes were widely used as a bargaining chip.
Among the goods used as a means of exchange, precious metals became widespread in the past, primarily due to their exceptional resistance to the passage of time; however, only later did the minting of precious metals or their conversion into metallic currency have a further function of guaranteeing the value contained in the exchanged product (in this case, we begin to talk about money in a strict sense the meaning of the word). ).
The concept of commodity money is clearly the opposite of the concept of legal tender money .
It is important to note that after a commodity is used as money, it acquires a value that is often slightly different from its intrinsic value. The fact that they can be used as money increases the usefulness of the product, thereby increasing its value. This additional utility depends on social aspects and depends on the use of money in that particular society. Therefore, although exchange-traded commodities are real, their value is not fixed. The first example is gold, which acquired different values in different population groups, but none of them valued it as highly as those who used it as money. Fluctuations in the value of a bargaining chip largely depend on current and expected supply and demand: for example, the approach of gold mining leads to an increase in value in preparation for the next supply reduction.
Finally, it is important to emphasize that current metal coins are in circulation (along with banknotes) they are not commodity money: their value is a legal value (like the value of banknotes), it is not related to the value of the metal contained in them (as it was in the past for coins made of precious metals). Watch USA online porn https://mat6tube.com teens, milfs, matures!
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