that is a medal not a currency

How Can We Know if Our Coin is a Currency?

How Can We Know if Our Coin is a Currency?

Well, we can bite the coin and try to taste currency. But what is the taste of currency?
For me, it tastes like bread and a far flavor of a loan. It is here and now, but also there, in the future… weird?

Here is my minimum criterion for a coin to be currency, two guiding questions to decide:

  • Can my coin buy me bread?
  • Can I make a loan of my coin?

If both are true, maybe I have currency. Otherwise, perhaps I have a medal.
I don’t say if it is good or bad, matching expectations is all that is it about.

Would love to hear your thoughts on that.

5 thoughts on “How Can We Know if Our Coin is a Currency?

    1. Daniel Muller Post author

      Thank you Itamar! It is definitely the nicest thing I heard this week…
      and also made me think about that a bit more. There is one more criterion to mention; that is the past. So currency is more like a good friend, a partner in the way! You can trust it, you have a history with ups and downs, it is here and now, but also there, in the future.
      Thank you for that thought!

      Reply
  1. eyal g

    I think you only need the first question (can I buy bread) because if you can then someone without bread will agree to take a loan to buy the bread

    Reply
    1. Daniel Muller Post author

      Hi Eyal,
      Thank you for that comment. I agree with you.
      I think that if we combine your and mine suggestions, we can say that these criteria should be ordered. First currency should be a tool that allows me to buy bread if this criterion is satisfied, then here and now, we have a coin which is currency.
      Next step is a glimpse into the future; can we take a loan or give a credit concerning that currency? Can we trust the currency to remain here in the future? Can it become a long-term investments tool?

      Would you agree with that?

      Reply
  2. Boris K

    I think the diligence of the coin will determine if its a currency.
    Take for example game cards like “super goal” – you could trade these game cards with your friends, in some cases you would even be able to “buy” a sandwich from one of your friends using these cards.
    In the period this was popular I guess you could use it for a load between your friends.
    Does this make it a currency?
    It disappeared after several months – year/s and thus went its value.

    I think that diligence and some factors that can support diligence are key actors for determining if a coin is a currency.

    Reply

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