Goods circulate at a certain price, and money circulates at a certain value. The amount of money required for the circulation of goods during a given period of time is equal to the sum of the prices of goods divided by the average number of turnovers of monetary units of the same name. The amount of money required for the exchange of labor products depends on the quantity of goods, the movement of their prices and the speed of circulation of money. This is the objective law of the circulation of gold money.
Gold coins, performing the circulation function, are in continuous movement and gradually wear out. Their weight decreases, and a difference appears between the nominal and real content of the coin. However, while continuing to be in circulation, the coin still realizes the prices of goods in accordance with its face value, since it fulfills its function as a medium of circulation fleetingly. As a result of this, coins become a sign, a symbol, a representative of their original value. Therefore, in circulation, full-fledged coins can be replaced by signs of value, signs of gold.
Paper money represents signs of gold. They are substitutes for gold in circulation. They are issued by the state, which gives them a nominal gold content. However, the real purchasing power of paper money depends on the quantity in circulation compared to the amount of gold required to circulate goods. If the quantity of paper money corresponds to the quantity of gold money necessary for the circulation of goods, then it will have the same purchasing power as gold money. If paper money is issued, say, twice as much as gold money is required to circulate a given quantity of goods, then it will depreciate. In such a case, each paper currency unit would represent only half the value of the corresponding gold unit. As a result, the prices of goods will double and money will depreciate. In our country, money is not guaranteed.
Paper money is not money in the broad sense, but is a substitute for money (banknotes used to be exchangeable for gold at any time, but then banks abandoned this). Paper money does not completely replace money. They do not perform the last 3 functions of money.
Modern money can be credit money. Currently, cash is being replaced by non-cash payments. More than 90% of commodity transactions occur through non-cash payments. Electronic and plastic money (cards) are a substitute for money for market consumers.
In the elementary form of economic organization - the economy - the natural form of wealth is a natural product - a material good that, firstly, has a use value and, secondly, is the result of labor.
The consumer value of a product is the usefulness of a thing, its ability to satisfy certain human needs due to certain physical or other properties.
In the conditions of commodity production, the product of labor acquires new specific properties that make it a commodity. This product is no longer valuable for the manufacturer, but for other persons, that is, it acquires a social property.
The measure of social use value is the amount of demand. Production of a product determines the volume of supply. Things have social use value if supply meets demand.
But can every thing be a commodity? No, only that which is made or mediated by human labor. Fish swimming in the river will turn into a commodity only after it is caught, i.e., certain labor costs are incurred.
And, just as important, the product must be, not only manufactured (produced), not only manufactured for others, but also sold to other people, i.e., transferred on the basis of equivalent (equal) consideration. (A gift, although made by you to satisfy another person's needs, is not a product.)
Now we can define a product, noting that it is a thing or service created by labor, which has social value and is used for exchange (sale on the market) for another product. Things do not become goods in themselves, but only when they become objects of exchange between people. Therefore, the product expresses the relationship between people regarding the exchange of labor products. The exchange of goods can take many forms, but in all cases, exchange is an action in which we receive or give one thing in exchange for another. Hence, each commodity, when exchanged for a commodity, acquires an exchange value on the market, i.e. the ability, property to exchange for other useful things in certain ratios (proportions).
Such equality, exchange ratio is repeated every day and billions of times in practice on the market. And people usually do not think about what is hidden from their eyes: why things are equated to each other and what underlies each specific equality. But economic theory has been concerned with the question of how exchange relations or exchange values are determined since the time of Aristotle and continues to this day.
The study of the features of the monetary sphere acts as one of the mandatory elements in constructing models of economic systems. A key aspect of the concepts existing today is the “end product”, presented in the form of recommendations for the implementation of economic policy measures.
Any theory of money (metallic, nominalistic, quantitative) is developing in close connection with the evolution of financial systems. It, in turn, predetermines the main shifts in methodology and research topics. History shows that all theories of money - metallic, nominalistic and quantitative - arose and were opposed to each other, as a rule, in connection with the need to solve specific questions, the answers to which required the improvement of economic interactions. The practical orientation of the concepts and their dependence on the current needs of the economy separate the doctrine of the financial system from other political economic disciplines.
In many cases, a new concept arises on the basis of contradictions identified in previous hypotheses. The creators of nominalism were medieval jurists. Subsequently, the development of the concept was determined by criticism of existing ideas. During the period of initial accumulation of capital in Western European countries, the metal theory appeared. Its supporters - mercantilists - believed that foreign trade was the source of society's wealth. Its active balance ensures the flow of precious metals into the country. Subsequently, adherents of the doctrine began to believe that the source of wealth was agriculture and manufacturing. Nominalists, in turn, believed that money was only an ideal unit of account. They serve the exchange of goods and act as a product of state power. Let us consider in more detail the main aspects of nominalistic theory.
In essence, the theory of an ideal monetary unit of measurement had a nominalistic character. Its supporters were J. Berkeley and J. Stewart. They believed that the names of money (franc, pound sterling, thaler, etc.) express ideal atoms of price. Only the name of the unit is of key importance. Nominalistic theory denies the significance of metallic content capital.
In the 20th century, the German scientist Knapp began to view money as a “product of law and order,” a creation of state power. He argued that they are used as a means of payment regardless of their content. Thus, Knapp freed money from any connection with metal, making it conventional symbols, the solvency of which is determined by the state. In his analysis, the scientist took into account only paper bills and credit capital was excluded from the study. This subsequently caused the inconsistency of his concept.
Nominalistic theory of money Knappa did not take into account a number of important factors. The fallacy of his concept is as follows:
As G. Bendiksen noted, money acts as symbols of value and testifies to the service provided to other members of society. It, in turn, gives the right to receive a counter benefit. When assessing the nature of money, he did not take into account the fact that it emerged during the First World War. In Germany at that time there was active financing of military operations. The concept corresponded as closely as possible to that period. In the 20s it showed its inconsistency. The concept denies the commodity nature of finance. The nominalistic theory of money ignores the functions of products. The concept does not take into account the spontaneous degeneration of capital from commodity circulation and denies their unity.
Undoubtedly, the state has the ability to legally determine the scale of prices. However, the government cannot set the value of money. Attributing to it the ability to create capital and determine its price, n nominalistic theory of money transforms it from an economic element into a legal one. The concept mixes the concepts of measures of value and limits of value. Within the framework of the theory, paper and metal money are considered homogeneous categories. The concept declares them to be conventional signs. Moreover, he extols banknotes, considering them as the most perfect form of capital. From this we can draw the following conclusions. Nominalistic theory of money:
Currently, proponents of the concept determine the cost of capital in accordance with a subjective assessment of its purchasing power. During the economic crisis of 1929-1933. J. Keynes developed the theory. His Treatise justifies the abolition of the gold standard. Keynes declared the money that existed before to be a relic of barbarism. He declared paper banknotes to be ideal capital. He explained this by their greater elasticity and ability to ensure prosperity for the state. Keynes regarded the displacement of gold from circulation as a victory for Knapp’s concept. At the same time, he believed that metallic money circulation was inelastic. This was Keynes's key mistake.
The concept was researched by P. Samuelson. In his book "Economics" he calls money symbols. Samuelson notes that the era of commodity capital has been replaced by paper funds. Banknotes, in his opinion, personified He called them an artificial social convention. Today, one of the dominant concepts in the field of finance is considered to be nominalistic theory of money. Advantages and disadvantages All ideas within this direction are studied by representatives of other teachings or neutral experts. Researchers note that the concept has received widespread development due to the increasing practice of damaging coins. This situation took place in the Middle Ages. At that time, lawyers justified the destruction of coins by explaining and proving that the price of money and they themselves were a product of state power. Experts justified the right of the authorities to give damaged and inferior units the same designation. Accordingly, acceptance should have been carried out not by the weight of the coins, but by the state stamp. Nominalistic theory has an idealistic character. Its key negative features are considered to be the desire to replace economic laws with individual legal provisions, as well as failure to take into account the connection of capital with social-productive relations.
Before the 20th century, there were 2 questions in economic theory:
There were 2 directions in political economy - nominalistic and metal theories. They interpreted the issue of the origin of capital differently. In the 20th century the problem has changed significantly. The key questions were about the role of money in reproduction, the mechanism of its influence on economic growth, as well as about state policy in the financial and credit sphere. In the 19th century, scientists were more interested in qualitative aspects. In the 20th century, quantitative issues came to the fore.
She proceeded from the fact that in competitive conditions and with full price elasticity in all markets, automatic equilibrium occurs in the system. It occurs without any outside intervention, with full use of production resources. Adherents of the classical school believed that the price of monetary metals is determined by labor costs. D. Ricardo also followed this principle. However, he argued that the number of coins in circulation may well affect their value as well as the value of goods. The ideas of the quantitative theory were also supported by a follower of Ricardo Mill. He wrote that, other things being equal, the price of money changes in inverse proportion to quantity. This idea arose as a result of considering capital as a technical means of exchange. This determines the secondary role of money within the framework of classical theory.
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LESSON METHODOLOGY
Class: ninth.
The purpose of the lesson: implementation of an educational mini-project within the framework of a business game.
Tasks:
Subject UUD:
Metasubject UUD:
Learn new concepts: issue, issuer, liquidity, profitability, IMF, national and foreign currency.
Understand the concepts:
Lesson form: lesson in information retrieval and design.
Forms of work: frontal and group.
Educational technologies: IR technologies and design technology
Approaches: person-oriented and system-activity approaches.
Methods: problematic presentation; project method; research method.
Means of education:
LESSON SCRIPT
Preparatory stage.
In the previous lesson, students received homework:
Office decoration:
LESSON STRUCTURE
Lesson duration 45 minutes.
1. Organizational moment - 1 min.
2. Motivation for learning activities (slide No. 2) -1 min
The teacher announces the topic of the lesson (slide No. 2) and the purpose of the lesson: completing an educational mini-project within the framework of a business game called “ AmyTent. Then the need for repetition (presentation 2) of previously studied material is justified: “Since you will have to demonstrate knowledge of previously studied topics ( Appendix 2) and new material, then we’ll start by checking your homework.” The teacher informs you that the answers will be graded. "IMF commission", i.e. the jury; appoints a jury of 2-3 people; invites them to take places of honor and provides them with the necessary material.
3. Checking homework (slides No. 3,4) - 5 min
Oral survey of students on previous topics. Questions and assignments are contained in slides No. 3, 4 V PRESENTATIONS #1 teachers. " IMF Commission» evaluates each oral answer in accordance with the criteria ( Annex 1).
Questions:
4. Explanation of a new topic (slides No. 5 – 10) - 5 min
The topic of the lesson corresponds to the program and KTP ( Appendix 2).
The following information is written on the board:
Subject: “Emission of money. Advantages and disadvantages of different types of money"
Bibliography:
Visual aids posted:
The teacher explains the topic by demonstrating slides: No. 5 and 6.
Students using “A workbook. 9th grade.” With. 22-23, and relying on logical thinking, find answers to questions contained on slide number 5:
Students complete tasks on slides No. 7-10 in order to consolidate knowledge:
5. Design within the framework of the business game “EmiTent” - 30 min
5.1. Characteristics of the business game (slides No. 12-16).
All information for students is contained in cards with recommendations, tasks and assessment criteria ( Annex 1). Using slides, the teacher explains the sequence of work on the mini-project; indicates sources of information; focuses on the problem of conflicting opinions of scientists regarding the concept "world money"; invites students to form their own opinion on this issue. The products of the project activities will be mock-ups of fabulous money, as well as conclusions and recommendations.
Defending a mini-project means justifying the correspondence of fairy money to known types, properties, functions and one of the scientific points of view regarding world money. The leading team will receive “IMF Diploma” (Appendix 3) and ratings “5”.
5.2. Working on an educational mini-project (slide No. 15).
Teams use division of labor: 2-3 " scientists» study project recommendations and tutorials on the topic; 1-2 " artist" make a model of improvised money; speaker leads the work of the team and fills out a form - a summary to defend the project. Speakers play the role of managers in the fabulous Central Banks that are issuers.
5.3. Project defense (slides No. 16, 17)
Collective defense of the project is rated 2 points higher than the presentation of the speaker alone. Students participate in a discussion of the information received and analyze the results (reflection). The protection of projects is assessed in accordance with the requirements specified in Appendix 1.
6. Summing up the lesson (slides 18, 20) - 2 min
Jury " IMF commission» reports the results of a business game "EmiTent". The teacher summarizes and systematizes the results of the lesson, assigns grades and organizes the presentation of awards. It is advisable to praise students for independently extracting additional information on the topic of the lesson. Possible final phrase from the teacher: “During the lesson of information retrieval and design, the goal was achieved: educational mini-projects were completed within the framework of a business game. Well done everyone! I wish you further successful financial projects!”
7. Setting homework (slide 19) - 1 min
"Workbook. 9th grade": pp. 22-23 learn. Write an essay on one of the topics listed on page 21:
Functions of money
Credit, its functions and types.
Credit functions:
1.Accumulating function
5. Stimulating function
3.
Commercial Bank
peculiarities.
1. Bank
2. Bank
3. Bank
4. Bank
1. accumulation of funds;
2. transformation of resources;
Securities and their types.
A security is a document that certifies, in compliance with the established form and required details, property rights, the exercise or transfer of which is possible only upon presentation.
To give a complete description of such a category as a security, it is necessary to consider the main inherent properties:
– a security indicates ownership of capital (share);
– a security reflects the loan relationship between the investor and the issuer (bond, bill);
– a security gives the right to receive a certain income from the issuer;
– securities in the form of shares give the right to participate in the management of the joint-stock company;
– securities give the right to receive a share in the property of the issuing enterprise upon its liquidation.
One of the essential properties of a security is its ability to serve as a subject of purchase and sale on the stock market.
Securities can be classified according to various criteria.
Emission and non-emission securities. Issue-grade securities include shares, bonds, and investment shares. Their issue (unlike non-equity ones) must be registered with financial authorities. Another feature of them is that they are posted in editions; have equal terms and volumes of rights realization within one issue.
Depending on the form in which the investor provides capital to the issuer and how these funds are reflected in the property complex of the enterprise, a distinction is made between equity and debt securities.
An equity security secures the owner's rights to part of the enterprise's property during its liquidation, confirms the owner's participation in the formation of the authorized capital, and gives the right to receive a portion of the profit and to participate in the management of the enterprise.
Equity securities include shares, share certificates, and investment units. A debt security reflects a loan relationship between its owner and the issuer, who undertakes to repurchase it at a specified time and pay a certain interest. An example of debt securities are bonds.
The classification of types of securities by major issuers is as follows:
– government securities that are issued by the federal government;
– municipal securities, which are issued by local authorities;
– corporate securities issued by private businesses (mainly joint-stock companies). Depending on how the rights secured by the security are exercised, the following are distinguished:
– bearer securities – the rights under this security belong to the person who provides it;
– registered securities provide for unambiguous identification of the owner;
– order securities – the rights under them may belong to the person named in the security, who himself exercises these rights or appoints another authorized person (bill and check) to dispose of them. Rights under an order security are transferred by making a transfer signature on this paper - endorsement. A special type of securities is paper money (banknotes). These are a kind of debt obligations of the Central Bank of the country.
Compare the main types of money, show their advantages and disadvantages when money performs various functions.
Functions of money- a means of circulation, a means of preserving wealth (accumulation), a measure of value (price scale), a means of payment, world money.
Credit, its functions and types.
A loan is a provision by a lender in cash or commodity form on the condition that money or goods are repaid to the borrower.
It arises from the function of money as a means of payment when selling goods not for cash, but by installments.
Credit functions:
1.Accumulating function– credit contributes to the mobilization (concentration) of temporarily free funds of enterprises, organizations, the population and budgets.
2. Redistribution function– a loan moves temporarily free cash resources from one business activity to another, providing the bank with a profit. Thanks to it, private savings, enterprise profits, and state revenues are converted into loan capital and directed to profitable areas of the national economy. Credit is a spontaneous regulator of the economy.
3. Function to promote savings in distribution costs– a loan allows business entities to compensate for the temporary lack of their own working capital. It replaces the movement in the sphere of circulation of cash, and thereby ensures savings in overall distribution costs.
4. Function of accelerating the concentration and centralization of capital– credit allows you to expand the scale of production or trade operations and thereby provide an additional mass of profit, helps strengthen money circulation, it serves money circulation, displacing cash from it.
5. Stimulating function– the loan allows the borrower to carry out innovations in the form of introducing scientific developments and new technologies into production.
3.Commercial banks and their operations
Commercial Bank- a monetary institution that regulates payment turnover in cash and non-cash forms.
Banking activity as an expression of its economic relations with clients is determined by its essence, functions and role in the economy. She has certain
peculiarities.
1. Bank works in the sphere of exchange, not in the sphere of production.
2. Bank- in a certain sense, a trading institution. Not being the owner of funds that reflect the movement of material flows, the bank “buys” them and “sells” them to other economic entities at a higher price.
3. Bank is a commercial enterprise. Bank operations are carried out on a fee basis. The bank's activities are entrepreneurial in nature. Thanks to the bank, the idle capital of some economic entities begins to “work” for others.
4. Bank-not only a commercial enterprise, but also a public institution. The bank operates to meet public needs; banking activity is not political, but economic in nature. Working in the sphere of exchange, the bank acts as a productive institution that regulates money circulation in cash and non-cash forms.
The starting point in understanding the essence of banking activity is the idea of the functions of the bank. According to modern theory there are three of them:
1. accumulation of funds;
2. transformation of resources;
3. regulation of cash flow.
The bank (accumulates) free, temporarily unused monetary resources and capital of its clients.
The result of the bank's activities is a banking product as a product of the collective labor of bank personnel. It has a number of distinctive features and is mainly intangible in nature. Most often this is a non-cash form, appearing as account entries; material form - banknotes of the central bank, monetary settlement documents. In the traditional line of business, the bank's products are loans, deposits, and investments. Additional areas include collection, currency conversion, document transportation, settlement and risk management. In non-traditional areas, factoring, forfaiting, consulting, guarantees, storage of valuables, etc. can be distinguished. Each product corresponds to a service, i.e. a set of actions to create a banking product. The bank's services include lending, organization of the settlement process, deposit services, etc. The service involves the implementation of operations.
The transition from commodity money to metal money was a natural stage in the evolution of the form of money. In all societies, the most sought-after goods always claimed the role of equivalent value, which made it possible to make an exchange that satisfied all participants. Commodity money had to be durable, which made it possible to postpone the next exchange in time or transfer it to another place. Metals satisfied all the requirements for material money to the maximum extent.
Metals began to accumulate in primitive societies, and the first sources of metals were meteorites and native deposits. Mastery of processing methods made it possible to combine small particles (sand) into a monolithic metal ingot, which served as raw material for the production of tools, utensils or weapons, which had superior quality compared to conventional ones. Metal ingots had their own value not in their consumer properties (they simply did not exist), but as raw materials. Some of the ingots in circulation could be combined into one product or cut into pieces again.
The price of metal bars did not change depending on the season, while other goods varied greatly in price at different times of the year. Moreover, unlike other commodity money, which were products that had consumer properties such as livestock, grain, hides, metals, did not lose their properties during long-term storage. For thousands of years, metals did not fall in price, as the development of technology constantly required them in increasing quantities.
The cost of various metals was influenced by their rarity in nature, difficulty of extraction, beauty, accumulated volume and physical properties, which determined the consumer properties of products made from them. Some metals were generally undervalued by ancient people, like platinum, which was long considered poor silver due to its plain appearance.
Ingots of native metal were easily compared by simple weighing. But with the advent of ingots with different contents of valuable metals in circulation, the problem of comparing their values relative to each other arose.
The actual weight of the ingot could be easily verified, which, however, did not guarantee that it contained the required amount of valuable metal. The guarantee began to be given by states that became the main producers of metal ingots. In ancient times, only the authorities had the technology of casting and minting and a sufficient amount of metal, which was collected in the form of a tax. Dissimilar ingots were melted down into standardized ones, on which signs were minted, certifying the ratio of the content of valuable metal and the weight of the ingot.
Even such incomplete standardization made it possible to increase trade turnover many times over, since participants stopped weighing bars and checking their authenticity at each transaction. The coinage of the denomination of weight and metal content instilled confidence in such ingots.
For the first time, the rounded shape of ingots, which was quickly appreciated by other Greek city-states, was given in Lydia, located in modern Turkey. The round shape made it possible to compare round ingots of the same denomination by simply placing them on top of each other. To prevent counterfeiting and filing, images were printed on both sides, and later marks were applied to the edge (side surface). Most often, images of the ruler or deity of the dominant cult were minted on the bars, which made them a means of propaganda for the issuing state.
Coin name in relation to round standard bars appeared in Ancient Rome, when the mint was located on the territory of a temple dedicated to a goddess named Juno Coin.
Coin concept and itself word coin spread throughout the vast empire of Ancient Rome and became generally recognized. Term coin And word coin passed into many languages of the peoples of the world without any change.
The round form of metal money became the standard throughout Europe, as Greek settlements were located throughout the Mediterranean. The conquests of Alexander the Great introduced round ingots to the inhabitants of India and China. In these countries, from ancient times, a common means of exchange was the cowrie shell, in which holes were drilled in order to be collected and stored in the form of beads. By analogy, many metal ingots of these countries were also cast with holes, and subsequently round coins.
With time word coin has become a common noun to refer to all metallic money, regardless of its form.
Some countries have experimented with the shape of coins to enhance the protection of the coin from filing. The rounded shape did not protect against intruders who evenly sawed off the metal along the edges. If in Europe they began to use edged coins to enhance the protection of coins, then in Asia they began to issue coins in the form of polyhedrons. The presence of corners, as well as marks on the edge, protected the coins from being cut off at the edges.
The protection of coins from counterfeiting improved with the increase in money turnover, as this strengthened confidence in money and increased the authority of the issuing state. In large states, the quality of coins, due to the high level of mintage, made counterfeiting them unprofitable.
As a rule, the names of coins were derived from the weight unit adopted in the state that issued it for circulation. Everyone knows the names of the coins shekel, lb., hryvnia, which are still used today. In other states that had a developed coin system or did not mint their own, the names of the coins were arbitrary.
For example, Russian coin or coin of Kievan Rus Usually it was named after the metal - silver coins and spools - or according to the method of production - by cutting or dividing the ingot - polushka, poludenga, rezana, ruble.
Coin concept how a standardized ingot of metal came to be used generally as the concept of all money. Along with the advent of coins, a qualitative change occurred in people’s perception of the concept of money as an independent conventional unit of measurement of value, divorced from its consumer value.
Coins are like money met all the requirements for money as a real conditional commodity.
Coins made it possible to streamline pricing. With the advent of coins function of money measure of value became clear. Costs and prices began to be measured in conventional units, such as distance in meters or weight in kilograms. The uniformity of money on the territory of the state made it possible to create a price scale that most closely corresponds to the labor costs for producing goods. The stable position of money in the form of coins made it possible to objectively measure the interests of both parties to the transaction in the form of the price of a product, spread out in time and space.
However, the metal carrier of money in the form of a coin was material, which was expressed in the abrasion of metal from the coin and the discrepancy in the content of valuable metal.
Over time, coins, especially from frequent circulation, deteriorated - they were worn out, which made their weight different from the denomination that was minted on the coin. As a rule, worn-out coins—actually damaged as a commodity—remained in circulation for a long time at the same price (face value) as newly minted ones.
In fact, the issuers themselves began to spoil the coins - states, in search of income, reduced the weight of the coins, and more often (which is not so obvious) reduced the content of valuable metal in the composition of the coins. The deterioration of coins led to people's dissatisfaction, which ended with the withdrawal and replacement of defective coins with full-fledged coins. Over time, everything repeated itself again.
This experience gave rise to the terms:
Abstraction of the concept of money (dematerialization of money) gradually led to a new concept of money - as immaterial signs - units of value, the carrier of which could be any other material, not just metals. The inconvenience (heavy weight) and risk of transporting (especially large amounts) of coins allowed a painless transition to paper money. Unlike coins, which have a large intrinsic value associated with the extraction of metal and the costs of minting, the intrinsic value of pieces of paper is not comparable to the representative value.
At different times and in different states, the system of metallic circulation of money was monometallism or bimetallism.
Gold and silver have been recognized as precious metals since ancient times, so it is natural that, depending on the availability of one or another metal, it was taken as the basis of the state’s financial policy.
Copper was most often used as a bargaining chip, so it lost its function as the world metal of humanity to iron, which began to be mined in huge quantities.
In fact, copper almost always acted as an additional metal to gold and silver, since it had a lower specific value, which allowed it to qualify as a metal for small change.
Bimetallism lost its meaning with a sharp drop in the value of silver caused by the discovery of rich deposits in South America, where even one of the countries - Argentina - received a name consonant with the chemical name of silver. At the end of the 20th century, the age of gold monometallism also ended, when the United States abandoned the peg of its currency to gold. In our time, gold has become only a commodity (raw material) with a high price.
Today it is no longer worth considering coins as real money. Sometimes a coin has an intrinsic value that exceeds its face value, but more often the use of metals as a material for coins is explained only by their good physical properties.
In the modern understanding of money, coins do not play any role. The role of coins as money in the distant past.
Articles in which the concept coin appears:
Related concepts:
