Types Of Money

Types Of Money. That means that anything can technically be considered money, but the most accepted kind today comes in the form of paper, coins (metallic money), and credits (backed by banks). Commodity money is the simplest and, most likely, the oldest type of money.

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Money is an economic unit that functions as a generally recognized medium of exchange for transactional purposes in an economy. The money supply of a country consists of currency (banknotes and coins) and, depending on the particular definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). Credit card, cheques, demand drafts, money orders, travelers checks are all used in lieu of money and can be considered types of money.

That means that anything can technically be considered money, but the most accepted kind today comes in the form of paper, coins (metallic money), and credits (backed by banks).

The paper money can be classified into following types: A) Representative Money.

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Types Of Money

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Types Of Money

Having outlined the four functions of money, it should come as no surprise that different types of money in the past have performed these functions to varying standards, and that there have been times when several types of money have been used at the same time to satisfy different functions. We usually think of currency notes and coins as money. Legal Tender laws are enacted to require people to use the government's money in payment of lawful debts among private citizens.