This is most definitely a very, very controversial topic. From nostalgia when it comes to commodity money (anything from gold and silver to cattle or seashells can be used as money) or representative money (the Gold Standard, for example) to debates as to whether or not fiat money should even be called money, with some economists choosing to only use the term fiat currency.

Sounds complicated, right?

Perhaps. But if we keep things logical, understanding the main types of money (three in our case, although even this classification is not set in stone) will prove to be pretty easy.

By knowing what commodity money is, what representative money is, what fiat money/currency is and what the main differences between them are, you'll be able to draw your own conclusions. Which is what, in the end, One Minute Economics is here to help you do :)

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