In order to be considered "money," paper currency must be

Question

Quizplus · Accepted Answer

Paper currency must be generally acceptable as a medium of exchange in order to be considered money. While some money was previously convertible into a precious metal, this is no longer a requirement. Similarly, while counterfeit prevention is important, it is not the defining characteristic of money. Money can be issued by a chartered bank or government agency, but this is not a requirement for it to be money.

In Order to Be Considered "Money," Paper Currency Must Be