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June 25, 2019

Some Of The Most Beautiful Money Faces

Money is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The main functions of money are distinguished as: amedium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment. Any kind of object or secure verifiable record that fulfills these functions can serve as money.
Money originated as commodity money, but nearly all contemporary money systems are based on fiat money. Fiat money is without intrinsic use valueas a physical commodity, and derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for “all debts, public and private”.
The money supply of a country consists of currency (banknotes and coins) and bank money(the balance held in checking accounts and savings accounts). Bank money usually forms by far the largest part of the money supply.
The use of barter-like methods may date back to at least 100,000 years ago, though there is no evidence of a society or economy that relied primarily on barter. Instead, non-monetary societies operated largely along the principles of gift economics. When barter did occur, it was usually between either complete strangers or potential enemies.

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