What is the difference between full-bodied money and token coins?

Add your answer...

1 Answer

(Chap. 2, Quest. #7, P. 31-32) Token coins are coins with face values higher than the values of their metal content. Full-bodied money is defined as coins that have metal content equal to their face values. 19. What is the difference between representative full-bodied money and fiat money.(Ch. 2 Q #8, P.33) Fiat money is paper money without metal backing but where the government decrees the money to be legal tender for purposes of making payments and discharging public and private debts. Full-bodied money is paper money that is backed by an amount of precious metal equal in value to the face amount of the paper money. 20. What is deposit money and how is it backed? (Chapter 2, Question #9, Answer on Page 36) Deposit money is backed by the creditworthiness of the depository institution that issued the deposit. 21. What are automatic transfer service (ATS) accounts? (Chapter 2, Question #10, Page 37) ATS accounts provide for direct deposits to, and payments from, checkable deposit ... more
Thanks for your feedback!

Related Videos

Not the answer you're looking for? Try asking your own question.