Token money is money made from tokens of some form, as opposed to account money. Most modern coins used in circulation are token money, as are paper notes.
Token money has a strong privacy feature in that it works as money without the intervention of any other party in each transaction between two parties. Privacy makes money safe from interference by more powerful third parties. Where property rights are not strong, privacy is required to protect assets and permit trade, and token money works well in this regime.
Read more about Token Money: Hybrid Forms, Value
Famous quotes containing the words token and/or money:
“It doesn’t make any difference how much money a father earns, his name is always Dad-Can-I.... Like all other children, my five have one great talent: they are gifted beggars. Not one of them ever ran into the room, looked up at me, and said, “I’m really happy that you’re my father, and as a tangible token of my appreciation, here’s a dollar.””
—Bill Cosby (20th century)
“I see every thing I paint in this world, but everybody does not see alike. To the eyes of a miser a guinea is more beautiful than the sun, and a bag worn with the use of money has more beautiful proportions than a vine filled with grapes.”
—William Blake (1757–1827)