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Question
Write a note on metallic money.
Solution
- After the barter system and commodity money system, modem money systems evolved.
- Among these, the metallic standard is the premier one.
- Under metallic standard, some kind of metal either gold or silver is used to determine the standard value of the money and currency.
- Standard coins made out of the metal are the principal coins used under the metallic standard. Monetary Economics 93
- These standard coins are full bodied or Ml weighted legal tender.
- Their face value is equal to their intrinsic metal value.
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