Money-certificate is in essence, a negotiable warehouse receipt for deposited money. It is a claim to a specific quantity of commodity money for which the issuer or his agents maintain a 100% reserve of commodity money which is payable on demand and surrender of the certificate. Money-certificates are money-substitutes and money in the broader sense. However, the certificates and the reserves held against them are considered one and the same quantity of money and should not be counted twice in arriving at the total quantity of money.
- Percy L. Greaves, Jr. "Mises Made Easier ", 1974. Referenced 2014-07-24.