Money was historically an emergent market phenomenon that possessed intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar.
Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt.
It is generally only mandatory to recognize the payment of legal tender in the discharge of a monetary debt from a debtor to a creditor. Sellers offering to enter into contractual relationship, such as a contract for the sale of good, do not need to accept legal tender and may instead require payment using electronic methods, foreign currencies or any other legally recognized object of value. (Full article...)
The economic turmoil of the American Civil War caused government-issued coins, even the non-silver Indian Head cent, to vanish from circulation, hoarded by the public. One means of filling this gap was private token issues, often made of bronze. The cent at that time was struck of a copper-nickel alloy, the same diameter as the later Lincoln cent, but somewhat thicker. The piece was difficult for the Philadelphia Mint to strike, and Mint officials, as well as the annual Assay Commission, recommended the coin's replacement. Despite opposition from those wishing to keep the metal nickel in the coinage, led by Pennsylvania Congressman Thaddeus Stevens, Congress passed the Coinage Act of 1864, authorizing bronze cents and two-cent pieces. (Full article...)
... that Zack Kelly received a $500 signing bonus, lost money in his first professional seasons, and was released by two organizations before he made his Major League Baseball debut?
... that according to legend, the Jain temple of Pisanhari Ki Marhia was built by a poor old woman who saved up money by milling flour?
... that two hagiographic documents about St. Hunegund of France publicized Hunegund's miracles to create a sense of identity in Homblières and to raise money for the monastery?
... that even though a village said that it did not want a church, Indonesian politician Thoriqul Haq allocated land and money to build one along with a musalla?
... that Russian indie artist polnalyubvi bought her first guitar with money earned from busking with her violin?
... that Frankie Saluto was a member of the Ringling Giants, a dwarf baseball team that raised money for charity?
Image 5Tibetan silver tangka with Ranjana (Lantsa) script, dated 15-28 (= AD 1894), reverse (from Tibetan tangka)
Image 6Banknotes of different currencies with a face value of 5000 (from Money)
Image 7Athens coin (c. 500/490-485 BC) discovered in Pushkalavati. This coin is the earliest known example of its type to be found so far east. (from Punch-marked coins)
Image 8Printing paper money at a printing press in Perm (from Money)
Image 9Song Dynasty Jiaozi, the world's earliest paper money (from Money)
Image 21A 640 BC one-third staterelectrum coin from Lydia. According to Herodotus, the Lydians were the first people to introduce the use of gold and silver coins. It is thought by modern scholars that these first stamped coins were minted around 650 to 600 BC. (from Money)