Commodity money

speciecommoditycommodity standardfree coinageintrinsic valuemoneypounds-of-tobacco
Commodity money is money whose value comes from a commodity of which it is made.wikipedia
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Money

monetaryspeciecash
Commodity money is money whose value comes from a commodity of which it is made.
Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money.

Intrinsic value (numismatics)

intrinsic valuemelt valueintrinsic
Commodity money consists of objects that have value in themselves (intrinsic value) as well as value in their use as money.
In commodity money, intrinsic value can be partially or entirely due to the desirable features of the object as a medium of exchange and a store of value.

Medium of exchange

mediums of exchangeexchange mediumfreely exchangeable for goods
Examples of commodities that have been used as mediums of exchange include gold, silver, copper, salt, peppercorns, tea, large stones (such as Rai stones), decorated belts, shells, alcohol, cigarettes, cannabis, silk, candy, nails, cocoa beans, cowries and barley. Although some commodity money (barley) has been used historically in relations of trade and barter (Mesopotamia circa 3000 BC), it can be inconvenient to use as a medium of exchange or a standard of deferred payment due to transport and storage concerns, and eventual rancidity.
Most forms of money can act as mediums of exchange including commodity money, representative money and most commonly fiat money.

Shell money

cowriesnzimbushells
Examples of commodities that have been used as mediums of exchange include gold, silver, copper, salt, peppercorns, tea, large stones (such as Rai stones), decorated belts, shells, alcohol, cigarettes, cannabis, silk, candy, nails, cocoa beans, cowries and barley.
Shell money is a medium of exchange similar to coin money and other forms of commodity money, and was once commonly used in many parts of the world.

Black pepper

pepperwhite pepperpeppercorn
Examples of commodities that have been used as mediums of exchange include gold, silver, copper, salt, peppercorns, tea, large stones (such as Rai stones), decorated belts, shells, alcohol, cigarettes, cannabis, silk, candy, nails, cocoa beans, cowries and barley.
Peppercorns were a much-prized trade good, often referred to as "black gold" and used as a form of commodity money.

Gresham's law

good moneyinstability in the ratiobad money
Radford documented the way that this 'cigarette currency' was subject to Gresham's law, inflation, and especially deflation.
For example, if there are two forms of commodity money in circulation, which are

Commodity market

commodity tradingcommoditiescommodity markets
This thinking guides the modern commodity markets, although they use a sophisticated range of financial instruments that are more than one-to-one representations of units of a given type of commodity.
Early civilizations variously used pigs, rare seashells, or other items as commodity money.

Fiat money

fiat currencyfiatfiat currencies
The role of a mint and of coin differs between commodity money and fiat money.
It was introduced as an alternative to commodity money and representative money.

Inflation

inflation rateprice inflationfood inflation
Radford documented the way that this 'cigarette currency' was subject to Gresham's law, inflation, and especially deflation.
Rapid increases in the money supply have taken place a number of times in countries experiencing political crises, producing hyperinflations episodes of extreme inflation rates much higher than those observed in earlier periods of commodity money.

Commodity

commoditiescommodity goodcommodity prices
Commodity money is money whose value comes from a commodity of which it is made.
Commodity money

Demurrage (currency)

demurragedemurrage currency
Gold or other metals are sometimes used in a price system as a store of perceived value that does not break down due to environmental deterioration and that can be easily stored (demurrage).
For commodity money such as gold, demurrage is the cost of storing and securing the gold.

Representative money

representativenegotiatedcommodity backed
Commodity money is to be distinguished from representative money which is a certificate or token which can be exchanged for the underlying commodity, but only as the trade is good for that source and the product.
Commodity money

Standard of deferred payment

deferred payment periodrepaid
Although some commodity money (barley) has been used historically in relations of trade and barter (Mesopotamia circa 3000 BC), it can be inconvenient to use as a medium of exchange or a standard of deferred payment due to transport and storage concerns, and eventual rancidity.
Most forms of money can act as standards of deferred payment including commodity money, representative money and most commonly fiat money.

Prisoner-of-war camp

prisoner of war campPOW campprison camp
described the establishment of commodity money in P.O.W camps.
In many POW camps, cigarettes were widely used as currency known as 'commodity money'.

Debasement

debaseddebasedebasing
Debasement
It is particularly used in connection with commodity money such as gold or silver coins.

History of money

monetary historyabandonmentan international currency of the early ages
History of money
It may have intrinsic value (commodity money), be legally exchangeable for something with intrinsic value (representative money), or only have nominal value (fiat money).

Metallism

monometallismmetallist
Metallism
The currency in a metallist monetary system may be made from the commodity itself (commodity money) or use tokens such as national banknotes redeemable in that commodity.

Private currency

private currencieslimited means of paymentprivate
Private currency
Commodity money

Value (economics)

valueeconomic valuemonetary value
Commodity money is money whose value comes from a commodity of which it is made.

Gold and Company

goldAugold dust
Examples of commodities that have been used as mediums of exchange include gold, silver, copper, salt, peppercorns, tea, large stones (such as Rai stones), decorated belts, shells, alcohol, cigarettes, cannabis, silk, candy, nails, cocoa beans, cowries and barley.

Silver

Agsilver orenative silver
Examples of commodities that have been used as mediums of exchange include gold, silver, copper, salt, peppercorns, tea, large stones (such as Rai stones), decorated belts, shells, alcohol, cigarettes, cannabis, silk, candy, nails, cocoa beans, cowries and barley.

Copper

CuCu 2+ cupric
Examples of commodities that have been used as mediums of exchange include gold, silver, copper, salt, peppercorns, tea, large stones (such as Rai stones), decorated belts, shells, alcohol, cigarettes, cannabis, silk, candy, nails, cocoa beans, cowries and barley.

History of salt

saltin exchange for the Saharan salt of TaghazaEnglish "-''wich'' towns" and the history of salt
Examples of commodities that have been used as mediums of exchange include gold, silver, copper, salt, peppercorns, tea, large stones (such as Rai stones), decorated belts, shells, alcohol, cigarettes, cannabis, silk, candy, nails, cocoa beans, cowries and barley.

Compressed tea

tea brickbrick teabrick of tea
Examples of commodities that have been used as mediums of exchange include gold, silver, copper, salt, peppercorns, tea, large stones (such as Rai stones), decorated belts, shells, alcohol, cigarettes, cannabis, silk, candy, nails, cocoa beans, cowries and barley.

Rai stones

stone moneygiant stonecoinslarge stones
Examples of commodities that have been used as mediums of exchange include gold, silver, copper, salt, peppercorns, tea, large stones (such as Rai stones), decorated belts, shells, alcohol, cigarettes, cannabis, silk, candy, nails, cocoa beans, cowries and barley.