Money was historically an emergent market phenomenon that possessed intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar.
Detail of the obverse of a Series 1950 United States ten-dollar bill, showing the phrase "This note is legal tender for all debts, public and private, and is redeemable in lawful money at the United States Treasury, or at any Federal Reserve Bank." This phrase was subsequently shortened in later issues to "This note is legal tender for all debts, public and private."
Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt.
It is generally only mandatory to recognize the payment of legal tender in the discharge of a monetary debt from a debtor to a creditor. Sellers offering to enter into contractual relationship, such as a contract for the sale of good, do not need to accept legal tender and may instead require payment using electronic methods, foreign currencies or any other legally recognized object of value. (Full article...)
The Armenian dram (Armenian: դրամ; sign: ֏; abbreviation: դր.; ISO code: AMD) is the currency of Armenia. It was historically subdivided into 100 luma (լումա). The Central Bank of Armenia is responsible for issuance and circulation of dram banknotes and coins, as well as implementing the monetary policy of Armenia.
The word dram means "money" and is cognate with the Greek drachma and the Arabic dirham, as well as the English weight unit dram. (Full article...)
... that Bull Island was farmed by the Money family for over 100 years before being turned into a wildlife preserve?
... that according to legend, the Jain temple of Pisanhari Ki Marhia was built by a poor old woman who saved up money by milling flour?
... that two hagiographic documents about St. Hunegund of France publicized Hunegund's miracles to create a sense of identity in Homblières and to raise money for the monastery?
... that Zack Kelly received a $500 signing bonus, lost money in his first professional seasons, and was released by two organizations before he made his Major League Baseball debut?
... that in the span of three days, a Florida man was approved by bankruptcy courts to buy TV stations in Roanoke and Lynchburg, Virginia, and then arrested on charges of laundering millions in drug money?
... that Ken Kortas lost money speculating on hog futures during his NFL career?
Image 5Sino Tibetan silver tangka, dated 58th year of Qian Long era, reverse. Weight 5.57 g. Diameter: 30 mm (from Tibetan tangka)
Image 6Money Base, M1 and M2 in the U.S. from 1981 to 2012 (from Money)
Image 7Gold coins are an example of legal tender that are traded for their intrinsic value, rather than their face value. (from Money)
Image 8Tibetan kong par tangka, dated 13-45 (= AD 1791),reverse (from Tibetan tangka)
Image 9A check, used as a means of converting funds in a demand deposit to cash (from Money)
Image 10Tibetan undated silver tangka (2nd half of 18th century) with eight times the syllable "dza" in vartula script,obverse (from Tibetan tangka)
Image 11Athens coin (c. 500/490-485 BC) discovered in Pushkalavati. This coin is the earliest known example of its type to be found so far east. (from Punch-marked coins)
Image 22A 640 BC one-third staterelectrum coin from Lydia. According to Herodotus, the Lydians were the first people to introduce the use of gold and silver coins. It is thought by modern scholars that these first stamped coins were minted around 650 to 600 BC. (from Money)
Image 23Tibetan undated silver tangka (2nd half of 18th century) with eight times the syllable "dza" in vartula script,reverse (from Tibetan tangka)
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