money

貨幣　—　Institutions

What is used to pay, serves as the measure of value, and can be stored.

Coinage of Iltutmish — A photograph of what this word names.

Paper money of the siege of Leiden (28 stuivers) — A photograph of what this word names.

That which simultaneously fulfills these three functions (to pay, to measure, to store) is called money. It does not need to be metal; shells, cloth, salt, paper, and ledger numbers have all functioned as money.

⚠ Answering the question 'What is money?' by its material is always a mistake. It is defined by its function, not its material.

References

What is money? — Bank of England　The form of money changes over time; in the UK today, 96% exists electronically as bank deposits and 4% as cash. Last updated 2025-02-27. ⚠ This page does not mention the gold standard (read and confirmed).

The books and materials referred to in this course.