1910–1911
Britannica 11th
Encyclopaedia Britannica · 11th edition
TOKEN MONEY, the term employed originally to describe the counters or " tokens " issued by traders to meet the lack of small change. It has now been appropriated by economists and officials to denote the smaller currency that circulates at a nominal value higher than its cost. It is contrasted with standard " money, and is limited in its amount by state authority. Its power of discharging debts is also limited: in England, e.g., silver is legal tender only up to 403., copper to 1 2 pence. Various substances have be…
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- Vol. 26, pp. 1047-1047