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The most popular definition of "money" that I have seen is 'a medium of exchange'. I think that gold has been used as a money in the past, as have a number of
by nickff 11y ago
The most popular definition of "money" that I have seen is 'a medium of exchange'. I think that gold has been used as a money in the past, as have a number of other precious metals. The question you are asking is a good one, because it asks whether the use as a medium of exchange must be its primary use, and how popular it must be to be considered a money. It seems gold is an edge case, which could (currently) reasonably be judged to be either one.
- danharaj 11y agoI disagree. You can't use gold nuggets to pay for your groceries. As a medium of exchange it is sorely lacking. Gold has been mostly a commodity for a very long time. Its main purpose with respect to money nowadays is that it is a store of value useful to backers of currency.