Online Encyclopedia

TOKEN MONEY

Online Encyclopedia
Originally appearing in Volume V26, Page 1047 of the 1911 Encyclopedia Britannica.
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TOKEN

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MONEY  , the
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term employed originally to describe the counters or " tokens " issued by traders to meet the lack of small change . It has now been appropriated by economists and officials to denote the smaller currency that circulates at a nominal value higher than its cost . It is contrasted with " standard "
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money, and is limited in its amount by state authority . Its power of discharging debts is also limited: in England, e.g.,
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silver is legal
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tender only up to 4os., copper to 12 pence . Various substances have been utilized for the manufacture of token coinage—silver at a
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lower degree of fineness, copper in different alloys, and nickel . The French term monnaie divisionnaire has much the same meaning; so has the German Scheidemunze . A currency, restricted in amount, but with full legal tender power—such as the
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Indian rupees and the French 5-
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franc pieces—is midway between token and standard money . Representative money also bears some analogy to token coinage . (See MONEY and
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SEIGNIORAGE.) (C . F .

End of Article: TOKEN MONEY
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