Question

What was the concept of Token currency?

Answer 1

Answer:

Token money is a form of money which represents a greater value than its intrinsic value. Originally medium of exchange involved metals with an intrinsic value – such as gold coins. ... Therefore banks began issuing token money – notes and coins which they promised could be converted into gold.

Answer 2

Answer:

Token money is a form of money which represents a greater value than its intrinsic value. Originally medium of exchange involved metals with an intrinsic value – such as gold coins. Token money is related to the concept of fiat money – money which derives its value from government regulation or law.

For the first time, the token currency in India was introduced by Muhammad Bin Tughlaq.

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