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Shell money is a medium of exchange similar to coin money and other forms of commodity money, and was once commonly used in many parts of the world. [1] Shell money usually consisted of whole or partial sea shells, often worked into beads or otherwise shaped.
In sixteenth-century continental North America, trade beads (sometimes called aggry and slave beads) were decorative glass beads used as a token money to exchange for goods, services and slaves (hence the name). The beads were integrated in Native American jewelry using various beadwork techniques.
When money is used to intermediate the exchange of goods and services, it is performing a function as a medium of exchange. It thereby avoids the inefficiencies of a barter system, such as the inability to permanently ensure "coincidence of wants". For example, between two parties in a barter system, one party may not have or make the item that ...
In economics, a medium of exchange is any item that is widely acceptable in exchange for goods and services. [1] In modern economies, the most commonly used medium of exchange is currency . Most forms of money are categorised as mediums of exchange, including commodity money , representative money , cryptocurrency , and most commonly fiat money .
Fire clay in a furnace. Fire clay is a range of refractory clays used in the manufacture of ceramics, especially fire brick. The United States Environmental Protection Agency defines fire clay very generally as a "mineral aggregate composed of hydrous silicates of aluminium (Al 2 O 3 ·2SiO 2 ·2H 2 O) with or without free silica." [1]
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Examples of commodities that have been used as media of exchange include precious metals and stones, grain, animal parts (such as beaver pelts), tobacco, fuel, and others. Sometimes several types of commodity money were used together, with fixed relative values , in various commodity valuation or price system economies.