Medium-of-exchange meaning

This, as well as the word pecunia for money (pecus, cattle), indicates the fact of cattle having been the earliest Italian medium of exchange.

It is the universal medium of exchange throughout China for all retail transactions.

When the division of labour has been established, each member of the society must have recourse to the others for the supply of most of his wants; a medium of exchange is thus found to be necessary, and money comes into use.

State bonds were issued and public lands were sold to secure capital, and the notes of the banks, loaned on security, became a medium of exchange.

48) and Colonel Yule's note upon analogous customs elsewhere and on the use of salt as a medium of exchange in the Shan markets down to our own time, in his translation of Polo ii.