Money is a medium of exchange. We trade our time at a job, say, for money and then trade the money for groceries and rent. Paper money has no intrinsic value. It makes poor note paper. It isn’t much use in an outhouse. But it is very useful in allowing us to earn here and spend there. Many things have been used for money: shells, tobacco, huge stones in Micronesia, precious metals, and not so precious metals like lead and copper. Gold and silver have been the most durable monies. It is said that an ounce of gold has always been enough to pay for.
