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How does 'money' compare to 'currency'?

Welfare-Worker
Posts: 1,181
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11/22/2016 2:21:47 PM
Posted: 2 weeks ago
Words mean what the group say they mean.

If I have a large bank account, I have a lot of money, but might have no currency.
A house on the Riveria is wealth, but it is not money nor currency. Wealth is not money.
Money is commonly accepted as payment for goods or services.
Currency is an "in hand" item that can be exchanged for goods and services.
A debit card is a form of currency. The plastic card is not exchanged, only the numbers on a ledger that it represents are exchanged. Others will argue that because the card is not surrendered, it is not currency. I may be persuaded to agree.

Is a credit card currency? I could argue it is, I could argue it is not.
I believe most of us would say it is not currency, and it is not money, it is only potential debt.

Bitcoin is money, but I would not call it currency. Others might.
In the future, all payments may become digital, therefore currency would be digital, and Bitcoin may be currency.

Is silver money, or currency?
Sometimes it is both.
An American Silver Eagle (ASE) is one dollar, currency and money.
It can be exchanged for one dollar worth of groceries at any place of business in the USA.
It is one ounce of 99.99% pure silver, so it has a value of spot silver, plus or minus a few dollars.
As money, it is worth one dollar, as wealth, it is worth much more, like $16 or more.
A Gold American Eagle is also money. It can also be exchanged for one dollar worth of goods or services, at any business in the USA.
As wealth, it is worth much more, like about $1200 more.

A blob of gold is not money, nor currency, only wealth.

I am sure everyone will agree with all of this, so no discussion is necessary.
Well, maybe not everyone.

Make your case, dissenters encouraged.
Welfare-Worker
Posts: 1,181
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11/22/2016 8:16:07 PM
Posted: 2 weeks ago
In another thread one of our posters, a self proclaimed expert, defines money like this:

Money defines as -- "The assets, property or resources owned by someone or something. Also known as 'Wealth'."
http://www.debate.org...#

Yeah, if I own a piece of property, that is money.

Here is what investopedia says money is:
Money is an officially-issued legal tender generally consisting of notes and coin, and is the circulating medium of exchange as defined by a government. Money is often synonymous with cash and includes various negotiable instruments such as checks. Each country has its own money that is used as a medium of exchange within that country.

Read more: Money Definition | Investopedia http://www.investopedia.com...

How about the business dictionary:
Anything of value that serves as a (1) generally accepted medium of financial exchange, (2) legal tender for repayment of debt, (3) standard of value, (4) unit of accounting measure, and (5) means to save or store purchasing power. See also cash.