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4 Classifications of Money
Money is anything that will be accepted as a medium of exchange and fall into 4 classifications.
Commodity Money Receipt Money Fiat Money Fractional Money Commodity money is a simple exchange of goods that have characteristics that are attractive and beneficial to everyone.  This is known as the barter system.  I exchange metal for a goat because each party involved needs what the other party has.
Receipt money dates back to the days of post-era ruins of Rome in which people would deposit their gold for a receipt redeemable at any time.  At the time only the owner of the gold was able to take their gold out of the vaults.  After a while it became customary for the owner of the gold to endorse their receipt to a third party.  This receipt system is the forerunner for today's checking system.
PAY TO THE BEARER ON DEMAND
Fiat Money is paper money decreed legal tender, not backed by silver or gold.  Fiat money does not have any intrinsic value and is decreed legal tender.  This type of money is forced money onto the will of the people who use it.  This is what is used today in our world economies.    
merriam-webster defines fiat as:
1 : a command ... more

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