Commodity money is a physical commodity originally valued for its commercial uses which has come to be used as money. As long as it remains a commercial commodity, its value as a commodity and as money is interchangeable and dependent on market conditions, i.e., the money relation, the demand for it as a commodity and the cost of production (or mining). A modern example is gold.
- Percy L. Greaves, Jr. "Mises Made Easier ", 1974. Referenced 2014-06-30.