Money in the narrower sense

Money in the narrower sense is money proper as distinguished from commonly used money-substitutes. It includes the following: commodity money (gold coin), credit money (claims to money not readily redeemable) and fiat money (money solely by reason of law) when commonly used as media of exchange. It does not include the following: token money (minor coins), money-certificates (redeemable claims to money) and such fiduciary media as bank notes and deposits against which the monetary reserves are less than one hundred percent. Money in the narrower sense is more a legal than an economic category.