Types of money

By Anonymous -

Welcome to you

In this post we're going to know the different types of money.

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What is money:

 Money is an important economical unit which is used for transaction. Generally money is recognized by all in the markets as a physical commodity. it is the main function to cause a transaction.

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Types of Money

Following is a list that shows the different types of money.

  • Commodity Money: It includes Metallic coins whose face value and inner value is same. It is also called as full bodied money.
  • Representative money: It includes coins and paper money whose inner value is less than their face value.
  • Legal tender money: The money which is accepted as per law by every one in payment for commodities is called as legal tender money. 
  • Optional money: These money generally created by the commercial banks. For example, drafts, cheques. Now a days it is the common mode of transactions by using this kind of money.
  • Metallic money: This money is made up of metals such as silver, steel etc. 
  • Paper money: These money is printed on the papers. Example 2000 notes 500 notes etc. 

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