medium of exchange

n. pl. media of exchange or mediums of exchange

Something, such as a precious metal, that is commonly used in a specific area or among a certain group of people as money.

American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

medium of exchange

(Banking & Finance) anything acceptable as a measure of value and a standard of exchange for goods and services in a particular country, region, etc

Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014

me′dium of exchange′

something generally accepted as representing a standard of value and exchangeable for goods or services.

ThesaurusAntonymsRelated WordsSynonymsLegend:

Noun

medium of exchange - anything that is generally accepted as a standard of value and a measure of wealth in a particular country or region

monetary system

criterion, standard, touchstone, measure - a basis for comparison; a reference point against which other things can be evaluated; "the schools comply with federal standards"; "they set the measure for all subsequent work"

legal tender, tender, stamp - something that can be used as an official medium of payment

money - the most common medium of exchange; functions as legal tender; "we tried to collect the money he owed us"

currency - the metal or paper medium of exchange that is presently used

Translations

Zahlungsmittel

Mentioned in

References in classic literature

Money then being established as the necessary medium of exchange, another species of money-getting spon took place, namely, by buying and selling, at probably first in a simple manner, afterwards with more skill and experience, where and how the greatest profits might be made.

View in context

One can doubtless hit upon some medium of exchange that seems to do well enough, but it's no more like the real thing than money is like food.

View in context

Heads are a medium of exchange, and white heads are extremely valuable.

View in context

I also have argued that money has a significant cost advantage relative to simple barter and credit and this advantage helps explain why the same good has served most often as both the medium of exchange and the unit of account, and why the development and widespread use of money tends to make simple barter scarce.

Money in a Theory of Exchange

These episodes also offer a unique opportunity to study what is important about money in its use as a medium of exchange. Specifically, they allow us to focus on 1) the qualities of a commodity that enable it to become a dominant currency, 2) the route by which a nationally mandated paper currency becomes acceptable as a medium of exchange, and 3) the way in which competition between currencies sustains the exchange value of a fiat currency by restricting the actions available to the monetary authority.

Competing currencies: back to the future?

currency as both a store of value and a medium of exchange in nations whose economic or political situations make their own currencies less attractive for those purposes.

Statement by Edward W. Kelley, Jr., member, Board of Governors of the Federal Reserve System, before the Committee on Banking, Finance and Urban Affairs, U.S. House of Representatives, July 13, 1994

It was argued earlier [Miller, 1985] that the theory which became the monetary part of American Keynesianism is not Keynes' theory but one that arose from the error of translating Keynes' "money" not as bank deposits (the American phrase for his concept) but as medium of exchange money or currency plus checking deposits.

Keynes' monetary theory and bank reserves in Britain

The fundamental problem is whether one views a cryptocurrency as a medium of exchange or as a store of value--an investment.

CrypticCurrency: Cryptocurrency with CalCPA's AP&AS Chair

The similarity is in the fact that crypto currencies can be used as a medium of exchange, a unit of account and a store of value.Using a crypto currency such as bitcoin, one can buy goods (medium of exchange), at a given price (unit of account), using funds from their crypto wallets (store of value).

Why Facebook entry into crypto-currency is causing jitters

It serves as a medium of exchange, as a store of value and as a unit of account.

For demonetisation to be successful, adequate remonetisation is vital

a) Virtual Currency refers to any type of digital unit that is used as a medium of exchange or a form of digitally stored value created by agreement within the community of VC users.

Virtual currencies