[MD] No more SOM and no more money!

[Ron Kulp]

A banknote (more commonly known as a bill in the United States and
Canada) is a kind of negotiable instrument, a promissory note made by a
bank payable to bearer on demand, used as money, and under many
jurisdictions is used as legal tender. With coins, banknotes make up the
cash forms of all modern money. With the exception of non-circulating
high-value or precious metal commemorative issues, coins are generally
used for lower valued monetary units, while banknotes are used for
higher values.

Originally, the value of money was determined by the intrinsic value of
the material the money was made of, such as silver or gold. However,
carrying around a lot of precious metal was cumbersome and often
dangerous. As an alternative, banknotes would be issued. In financial
terms, a note is a promise to pay someone money. Banknotes were
originally a promise to pay the bearer an amount of precious metal
stored in a vault somewhere. In this way the stored value (usually in
gold or silver coins) backing the banknote could transfer ownership in
exchange for goods or services.

The ability to exchange a note for some other kind of value is called
"convertibility". For example a US silver certificate was "payable in
silver on demand" from the Treasury until 1965. If a note is payable in
demand for a fixed unit, it is said to be fully convertible to that
unit. Limited convertibility occurs when there are restrictions in the
time, place, manner or amount of exchange.
-ron
-----Original Message-----
From: moq_discuss-bounces at moqtalk.org
[mailto:moq_discuss-bounces at moqtalk.org] On Behalf Of
craigerb at comcast.net
Sent: Friday, November 03, 2006 3:37 PM
To: moq_discuss at moqtalk.org
Subject: Re: [MD] No more SOM and no more money!

[David M]
> 1) Don't think, 2) money is only a printed promise, 3) so can you be
more specific? 

1) Why shouldn't I think?
2) Money is not just a printed promise.
3) Be more specific about specifically what?
Craig
moq_discuss mailing list
Listinfo, Unsubscribing etc.
http://lists.moqtalk.org/listinfo.cgi/moq_discuss-moqtalk.org
Archives:
http://lists.moqtalk.org/pipermail/moq_discuss-moqtalk.org/
http://moq.org.uk/pipermail/moq_discuss_archive/