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Topic: |
Business
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Number of pages / Number of words: |
15 / 4152 |
Essay's paper body
The value of commodity money is about equal to the value of the material contained in it. The principal materials used for this type of money have been gold, silver, and copper. In ancient times, various articles made of these metals, as well as of iron and bronze, were used as money, while among primitive societies commodities such as shells, beads, elephant tusks, furs, skins, and livestock served as mediums of exchange...
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The gold coins that circulated in the United States before 1933 were examples of commodity money because the value of the gold contained in the coin was about equal to the value of the coin. Credit money is paper backed by promises by the issuer, whether a government or a bank, to pay an equivalent value in the standard monetary metal, such as gold or silver...
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General points of the essay
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