Commodity money 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.
Examples of commodities that have been used as mediums of exchange include gold, silver, copper, peppercorns, large stones (such as Rai stones), decorated belts, shells, alcohol, cigarettes, cannabis, candy, barley, laundry detergent, etc. These items were sometimes used in a metric of perceived value in conjunction to one another, in various commodity valuation or price system economies.
Read more about Commodity Money: Aspects, History, Functions of Commodity Money, Legal Tender Issues and Commodity Money
Famous quotes containing the words commodity and/or money:
“If mass communications blend together harmoniously, and often unnoticeably, art, politics, religion, and philosophy with commercials, they bring these realms of culture to their common denominator—the commodity form. The music of the soul is also the music of salesmanship. Exchange value, not truth value, counts.”
—Herbert Marcuse (1898–1979)
““... he’s helpless
In ways that I can hardly tell you of.
Sometimes he gets possessed to keep accounts
To see where all the money goes so fast.
You know how men will be ridiculous.
But it’s just fun the way he gets bedeviled
If he’s untidy now, what will he be?””
—Robert Frost (1874–1963)