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:
“He made for the door, automatically resuming his glasses and leaving in front of her, on the floor, his right slipper in token of his speedy return. Then, his desire exposed and his eyes wicked behind their strong lenses, he attempted to push her toward the bed.”
—Vladimir Nabokov (1899–1977)
“Johnny Clay: You like money. You got a great big dollar sign there where most women have a heart. So play it smart. Stay in character and you’ll have money. Plenty of it. George’ll have it and he’ll blow it on you. Probably buy himself a five-cent cigar.
Sherry Peatty: You don’t know me very well, Johnny. I wouldn’t think of letting George throw his money away on cigars.”
—Stanley Kubrick (b. 1928)