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:
“A commodity appears at first sight an extremely obvious, trivial thing. But its analysis brings out that it is a very strange thing, abounding in metaphysical subtleties and theological niceties.”
—Karl Marx (1818–1883)
“The money complex is the demonic, and the demonic is God’s ape; the money complex is therefore the heir to and substitute for the religious complex, an attempt to find God in things.”
—Norman O. Brown (b. 1913)