{"id":344745,"date":"2024-11-03T17:00:21","date_gmt":"2024-11-03T17:00:21","guid":{"rendered":"https:\/\/www.techopedia.com\/?post_type=definition&#038;p=344745"},"modified":"2024-11-03T17:01:31","modified_gmt":"2024-11-03T17:01:31","slug":"representative-money","status":"publish","type":"definition","link":"https:\/\/www.techopedia.com\/definition\/representative-money","title":{"rendered":"Representative Money"},"content":{"rendered":"<h2><span id=\"what_is_representative_money\">What is Representative Money?<\/span><\/h2>\n<div class=\"flex max-w-full flex-col flex-grow\">\n<div data-message-author-role=\"assistant\" data-message-id=\"2bbeea51-c478-45fa-b90b-477b4d74eabb\" dir=\"auto\" class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words [.text-message+&amp;]:mt-5\" data-message-model-slug=\"gpt-4o\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert dark\">\n<p>Representative money is a form of currency that represents something of value. Although it holds no intrinsic worth itself, it can be exchanged for items or assets that do have real value.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/What-is-the-Representative-Money-300x154.jpg\" alt=\"What is the Representative Money\" width=\"1200\" height=\"614\" class=\"aligncenter wp-image-344749\" srcset=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/What-is-the-Representative-Money-300x154.jpg 300w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/What-is-the-Representative-Money-1024x524.jpg 1024w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/What-is-the-Representative-Money-768x393.jpg 768w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/What-is-the-Representative-Money-1536x786.jpg 1536w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/What-is-the-Representative-Money-1200x614.jpg 1200w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/What-is-the-Representative-Money-1980x1013.jpg 1980w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/What-is-the-Representative-Money.jpg 2048w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<div class=\"su-note\"  style=\"border-color:#dddddd;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#f7f7f7;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\">\n<h2><span id=\"key_takeaways\">Key Takeaways<\/span><\/h2>\n<ul>\n<li>Representative money is a form of currency that represents something of value. This can be a token or certificate.<\/li>\n<li>People have been using different types of representative money backed by <a href=\"https:\/\/www.techopedia.com\/definition\/commodity\">commodities<\/a> for hundreds of years.<\/li>\n<li>Tobacco notes were issued between the 15th and 18th centuries. These could be exchanged for real tobacco.<\/li>\n<li>Fiat money and representative money are not the same. Fiat money refers to physical money (paper or coins) and is backed by the government that issued it.<\/li>\n<li>These days, representative money can be backed by a commodity, cash in the account of an issuer, or even a line of credit.<\/li>\n<\/ul>\n<\/div><\/div>\n<div>\n    <section class=\"toc-sticky w-100 bg-white \">\n        <div class=\"toc-sticky__container container\">\n            <div class=\"toc-sticky__open d-flex align-items-end\" data-bs-toggle=\"collapse\"\n                 aria-controls=\"multiCollapse1\"\n                 data-bs-target=\"#multiCollapse1\">\n                <button\n                        class=\"btn btn-primary collapse-action-btn p-1 rounded-circle\"\n                        type=\"button\"\n                >\n                    <i class=\"icon-chevron-up\"><\/i>\n                <\/button>\n                <span id=\"toc-current-title\" class=\"d-flex align-items-center\">\n                    Table of Contents\n                <\/span>\n                <span class=\"toc-main-title-permanent\">Table of Contents<\/span>\n            <\/div>\n            <div\n                    class=\"collapse my-3\"\n                    id=\"multiCollapse1\"\n            >\n                <ol class=\"StepProgress\">\n                                                                        <li class=\"StepProgress-item current\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"what_is_representative_money\"\n                               onclick=handleScrollToTitle(\"what_is_representative_money\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">What is Representative Money?<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"key_takeaways\"\n                               onclick=handleScrollToTitle(\"key_takeaways\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Key Takeaways<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"history_of_representative_money\"\n                               onclick=handleScrollToTitle(\"history_of_representative_money\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">History of Representative Money<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"how_do_we_use_representative_money\"\n                               onclick=handleScrollToTitle(\"how_do_we_use_representative_money\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">How Do We Use Representative Money<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"representative_money_vs_fiat_money\"\n                               onclick=handleScrollToTitle(\"representative_money_vs_fiat_money\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Representative Money vs. Fiat Money<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"representative_money_pros_and_cons\"\n                               onclick=handleScrollToTitle(\"representative_money_pros_and_cons\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Representative Money Pros and Cons<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"the_bottom_line\"\n                               onclick=handleScrollToTitle(\"the_bottom_line\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">The Bottom Line<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"faqs\"\n                               onclick=handleScrollToTitle(\"faqs\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">FAQs<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"references\"\n                               onclick=handleScrollToTitle(\"references\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">References<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                    <\/ol>\n                <div class=\"toc-sticky__container__disperse\"><\/div>\n                <div class=\"toc-sticky__btn-top justify-content-center\">\n                    <button class=\"btn btn-link d-flex align-items-center\" onclick={btnTop()}><p>Show Full Guide<\/p><img decoding=\"async\"\n                                src=\"\/wp-content\/plugins\/table-of-contents\/assets\/images\/arrow-up-circle.svg\"\n                                alt=\"arrow-up-circle\">\n                    <\/button>\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/section>\n    <div class=\"toc-sticky-list\">\n        <div class=\"toc-sticky__container container\">\n            <div class=\"toc-sticky__open d-flex align-items-end\" data-bs-toggle=\"collapse\" aria-controls=\"multiCollapse2\" data-bs-target=\"#multiCollapse2\">\n                <button class=\"btn btn-primary collapse-action-btn p-1 rounded-circle\"\n                        type=\"button\">\n                    <i class=\"icon-chevron-up up\"><\/i>\n                <\/button>\n                <span id=\"toc-current-title\" class=\"d-flex align-items-center\">\n                    Table of Contents\n                <\/span>\n            <\/div>\n            <div  class=\"collapse my-3\" id=\"multiCollapse2\">\n                <ol class=\"StepProgress\">\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item current \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"what_is_representative_money\"\n                                   onclick=handleScrollToTitle(\"what_is_representative_money\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">What is Representative Money?<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"key_takeaways\"\n                                   onclick=handleScrollToTitle(\"key_takeaways\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Key Takeaways<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"history_of_representative_money\"\n                                   onclick=handleScrollToTitle(\"history_of_representative_money\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">History of Representative Money<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t\n\t\t\t\t\t\t <span class=\"show_moretoc\">Show Full Guide<\/span>\n\t\t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"how_do_we_use_representative_money\"\n                                   onclick=handleScrollToTitle(\"how_do_we_use_representative_money\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">How Do We Use Representative Money<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"representative_money_vs_fiat_money\"\n                                   onclick=handleScrollToTitle(\"representative_money_vs_fiat_money\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Representative Money vs. Fiat Money<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"representative_money_pros_and_cons\"\n                                   onclick=handleScrollToTitle(\"representative_money_pros_and_cons\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Representative Money Pros and Cons<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"the_bottom_line\"\n                                   onclick=handleScrollToTitle(\"the_bottom_line\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">The Bottom Line<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"faqs\"\n                                   onclick=handleScrollToTitle(\"faqs\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">FAQs<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"references\"\n                                   onclick=handleScrollToTitle(\"references\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">References<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                                    <\/ol>\n            <\/div>\n            <div class=\"toc-sticky__container__disperse\"><\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n<script id=\"toc-js\">\n    window.addEventListener(\"DOMContentLoaded\", () => {\n        const header = document.querySelector(\".header_wrapper\");\n\n        const pageLegend = document.querySelector('#multiCollapse1');\n        const pageLegendList = document.querySelector('#multiCollapse2');\n        const pageLegendCollapse = new bootstrap.Collapse(pageLegend, {toggle: document.querySelector(\".toc-sticky\").classList.contains('sticky')});\n\n        \/**\n         * Changing current title\n         *\/\n        (function (pageLegend) {\n            const titleNodes = pageLegend.querySelectorAll('.StepProgress-item__link');\n\n            if (!titleNodes.length) return;\n\n            const titles = [...titleNodes].map((itm, i) => ({\n                id: itm.getAttribute('data-id'),\n                text: itm.textContent,\n                level: itm.getAttribute('data-level'),\n                linkNode: itm,\n                titleNode: document.getElementById(itm.getAttribute('data-id')),\n                index: i,\n            }));\n\n            \/**\n             * Source: https:\/\/www.sitepoint.com\/throttle-scroll-events\/\n             * @param {Function} fn\n             * @param {number} wait\n             * @returns {(function(): void)|*}\n             *\/\n            const throttle = (fn, wait) => {\n                let time = Date.now();\n                return function () {\n                    if ((time + wait - Date.now()) < 0) {\n                        fn();\n                        time = Date.now();\n                    }\n                }\n            }\n\n            const changeCurrentTitle = () => {\n                const documentScrollTop = window.pageYOffset || document.documentElement.scrollTop || document.body.scrollTop || 0;\n                let current = 0;\n\n                \/\/ Title\n                titles.forEach((itm, i) => {\n\t\t\t\t\/\/console.log(itm)\n                    const itmOffsetTop = itm.titleNode ? itm.titleNode.offsetTop - 100 : 0;\n\n                    if (documentScrollTop >= itmOffsetTop) {\n                        document.getElementById('toc-current-title').innerHTML = itm.text;\n                        document.getElementById('toc-current-title').setAttribute('data-current-id', itm.id);\n                        document.getElementById('toc-current-title').setAttribute('data-current-level', itm.level);\n                        current = i;\n                    }\n                })\n\n                \/\/ close all list and open sub list if needed\n                if (document.querySelector(\".toc-sticky\").classList.contains('sticky')) {\n                    document.querySelectorAll('.subList-in-progress').forEach((el) => {\n                        el.children[1].classList.remove('show');\n                        el.getElementsByClassName('icon-chevron-down')[0].classList.remove('up');\n                    });\n                    const currentEl = titles[current];\n                    currentEl.linkNode.classList.add('show');\n                }\n\n                titles.forEach((itm, i) => {\n                    itm.linkNode.parentNode.parentNode.classList.remove('current', 'is-done');\n                    if (current > i) {\n                        itm.linkNode.parentNode.parentNode.classList.add('is-done')\n                    };\n                    if (current === i) {\n                      itm.linkNode.parentNode.parentNode.classList.add('current');\n                    };\n                })\n\n            }\n\n            changeCurrentTitle();\n\n            document.addEventListener('scroll', throttle(changeCurrentTitle, 50));\n        })(pageLegend);\n\n\n        \/**\n         *  Collapse\n         *\/\n        (function (pageLegend, header) {\n            const icon = pageLegend.parentNode.querySelector(\".collapse-action-btn i\");\n\n            const collapseToggle = (status) => (e) => {\n                if (!e.target.isEqualNode(pageLegend)) return;\n\n                icon.classList.toggle(\"up\");\n\n                const containerHeight = pageLegend.getBoundingClientRect().height;\n\n                const showSubtitleContent = () => {\n                    const currentId = document.getElementById('toc-current-title').getAttribute('data-current-id');\n                    const currentLevel = document.getElementById('toc-current-title').getAttribute('data-current-level');\n                    const currentSubTitle = currentLevel == 3 ? document.querySelector(`a[data-id=\"${currentId}\"]`).parentNode.parentNode.parentNode : false;\n\n                    if (!currentSubTitle) return;\n                    new bootstrap.Collapse(currentSubTitle, {toggle: false}).show();\n                }\n\n                showSubtitleContent();\n                if (status === 'shown' && document.querySelector(\".toc-sticky\").classList.contains('sticky') ) {\n                    document.querySelector('html').classList.remove('overflow-hidden');\n                    pageLegend.classList.add('overflow-auto');\n                    pageLegend.style.height = `calc(100vh - ${header.getBoundingClientRect().height + document.querySelector('.toc-sticky__open').getBoundingClientRect().height + 16}px)`;\n                } else if (status === 'hide') {\n                    document.querySelector('html').classList.remove('overflow-hidden');\n                    pageLegend.classList.remove('overflow-auto');\n                    pageLegend.style.height = 'auto';\n                }\n            }\n\n            pageLegend.addEventListener('shown.bs.collapse', collapseToggle('shown'));\n            pageLegend.addEventListener('hide.bs.collapse', collapseToggle('hide'));\n        })(pageLegend, header);\n\n        \/**\n         * Collapse sub-titles\n         *\/\n        (function (pageLegend) {\n            const collapseEls = pageLegend.querySelectorAll('.collapse');\n\n            collapseEls.forEach(function (el) {\n\n                const toggleArrowDirection = function (e) {\n                    if (!e.target.isEqualNode(el)) return;\n\n                    const id = this.getAttribute('id');\n                    document.querySelector(`.collapse-action-btn[data-bs-target=\"#${id}\"] .icon-chevron-down`).classList.toggle('up');\n                }\n                el.addEventListener('shown.bs.collapse', toggleArrowDirection);\n                el.addEventListener('hide.bs.collapse', toggleArrowDirection);\n            })\n        })(pageLegend);\n\n        \/**\n         *  Collapse main title\n         *\/\n        (function (pageLegendList) {\n            const icon = pageLegendList.parentNode.querySelector(\".collapse-action-btn i\");\n\n            const collapseToggle = () => (e) => {\n                if (!e.target.isEqualNode(pageLegendList)) return;\n\n                icon.classList.toggle(\"up\");\n\n            }\n            pageLegendList.addEventListener('shown.bs.collapse', collapseToggle());\n            pageLegendList.addEventListener('hide.bs.collapse', collapseToggle());\n        })(pageLegendList);\n\n        (function (pageLegendList) {\n            const collapseEls = pageLegendList.querySelectorAll('.collapse');\n\n            collapseEls.forEach(function (el) {\n\n                const toggleArrowDirection = function (e) {\n                    if (!e.target.isEqualNode(el)) return;\n\n                    const id = this.getAttribute('id');\n                    document.querySelector(`.toc-sticky-list .collapse-action-btn[data-bs-target=\"#${id}\"] .icon-chevron-down`).classList.toggle('up');\n                }\n                el.addEventListener('shown.bs.collapse', toggleArrowDirection);\n                el.addEventListener('hide.bs.collapse', toggleArrowDirection);\n            })\n        })(pageLegendList);\n\n        \/**\n         * Sticky functionality\n         * Source: https:\/\/stackoverflow.com\/questions\/17893771\/javascript-sticky-div-after-scroll\n         *\/\n        (function (header, pageLegendCollapse) {\n            \/\/ set everything outside the onscroll event (less work per scroll)\n            const target = document.querySelector(\".toc-sticky\");\n            const targetListStatic = document.querySelector(\".toc-sticky-list\");\n\n            if (!target || !header) return;\n\n            const headerHeight = header.getBoundingClientRect().height;\n            const targetHeight = targetListStatic.getBoundingClientRect().height;\n\n            \/\/ -headerHeight so it won't be jumpy\n            const stop = targetListStatic.offsetTop + headerHeight + targetHeight;\n            const docBody =\n                document.documentElement || document.body.parentNode || document.body;\n            const hasOffset = window.pageYOffset !== undefined;\n\n            const applySticky = function () {\n                \/\/ cross-browser compatible scrollTop.\n                const scrollTop = hasOffset ? window.pageYOffset : docBody.scrollTop;\n\n                \/\/ if user scrolls to headerHeight from the top of the target div\n                if (scrollTop >= stop) {\n                    pageLegendCollapse.hide();\n                    \/\/ stick the div\n                    target.classList.add(\"sticky\");\n                    \/\/target.style.marginTop = `${headerHeight}px`;\n                } else {\n                    pageLegendCollapse.show();\n                    \/\/ release the div\n                    target.classList.remove(\"sticky\");\n                    target.style.marginTop = \"\";\n                }\n            }\n\n            applySticky();\n\n            window.addEventListener('scroll', applySticky);\n        })(header, pageLegendCollapse);\n\tjQuery('span.show_moretoc').click(function(){\n\t\tjQuery('span.show_moretoc').hide();\n\t   jQuery('.ms_hidetoc').show();\n\t});\n    });\n\n    \/\/ When the user clicks on the button, scroll to the top of the document\n    function btnTop() {\n        const pageLegend = document.querySelector('#multiCollapse1');\n        document.querySelector('html').classList.remove('overflow-hidden');\n        pageLegend.classList.remove('overflow-auto');\n        pageLegend.style.height = 'auto';\n        window.scrollTo({\n            top: 0,\n            behavior: 'smooth'\n        });\n    }\n\n    const handleScrollToTitle = (id) => {\n        const el = document.getElementById(id);\n        const headerHeightDifference = window.innerWidth < 992 ? -30 : -15;\n        window.scrollTo({\n            top: el.offsetTop - 60 - headerHeightDifference - 10,\n        });\n    }\n<\/script>\n\n<h2><span id=\"history_of_representative_money\">History of Representative Money<\/span><\/h2>\n<p>The concept of using representative money backed by a physical commodity can be traced back many hundreds of years.<\/p>\n<p>For example, tobacco notes were issued in the US between the 15th and 18th centuries that could be exchanged for actual tobacco.<\/p>\n<p>The economist, <a href=\"https:\/\/www.newspapers.com\/article\/brooklyn-record-william-steiner\/49476877\/\" target=\"_blank\">Professor William Howard Steiner<\/a>, also referred to representative money in the books he wrote early in the last century. He <a href=\"https:\/\/books.google.co.uk\/books?id=gq6CAAAAIAAJ&amp;q=representative+money&amp;redir_esc=y\" target=\"_blank\">claimed<\/a> that the term was once used to signify that a certain amount of bullion was stored in the Treasury while the equivalent paper in circulation not only represented it but could be converted into the metal when required.<\/p>\n<h2><span id=\"how_do_we_use_representative_money\">How Do We Use Representative Money<\/span><\/h2>\n<p>Representative money can take a variety of forms.<\/p>\n<p>For example, a certificate or token can be exchanged at any time for the underlying commodity, according to the <a href=\"https:\/\/www.stlouisfed.org\/education\/economic-lowdown-podcast-series\/episode-9-functions-of-money#:~:text=Representative%20money%20is%20a%20certificate,the%20gold%20in%20the%20vault.\" target=\"_blank\">Federal Reserve Bank of St Louis<\/a>.<\/p>\n<p>It stated: &#8220;Instead of carrying the gold commodity money with you, the gold might have been kept in a bank vault and you might carry a paper certificate that represents-or was &#8220;backed&#8221;-by the gold in the vault.&#8221;<\/p>\n<p>Over time, people have grown to trust paper certificates as much as the gold itself, particularly if it&#8217;s being held by a trustworthy organisation.<\/p>\n<p>&#8220;Representative money led to the use of fiat money-the type used in modern economies today,&#8221; it added.<\/p>\n<h3>Modern Day Representative Money<\/h3>\n<p>Although times may have changed considerably over the years, there is still a place and need for representative money in our society.<\/p>\n<p>For example, modern examples of this theme include cheques and credit cards. These are taken as payment by people because these items represent access to the required funds.<\/p>\n<p><a href=\"https:\/\/www.statista.com\/statistics\/1080756\/number-payment-cards-in-circulation-worldwide\/\" target=\"_blank\">According to Statista<\/a>, the number of payment cards in circulation worldwide grew by nearly one billion between 2022 and 2023.<\/p>\n<h2><span id=\"representative_money_vs_fiat_money\">Representative Money vs. Fiat Money<\/span><\/h2>\n<p>We have already covered how representative money is a form of currency that represents something of value. But how does this compare to <a href=\"https:\/\/www.techopedia.com\/definition\/fiat-currency\">fiat money<\/a>?<\/p>\n<p>Well, fiat money is a government-issued currency that isn&#8217;t backed by a commodity. It&#8217;s physical money and examples are the British Pound, the Euro, and the US Dollar.<\/p>\n<p>The actual paper and coins aren&#8217;t actually worth anything. The value of fiat money is determined by the government that has issued them.<\/p>\n<p>The US dollar has been the world&#8217;s principal reserve currency since the end of the Second World War and is widely used in international trade.<\/p>\n<p>These are some of the main differences:<\/p>\n<ul>\n<li>Fiat money isn&#8217;t tied to a physical commodity or asset. The value is derived from the government that has issued the money.<\/li>\n<li>Governments can control the amount of fiat money in circulation by increasing the amounts being printed.<\/li>\n<li>It can&#8217;t be exchanged for a physical asset, although it&#8217;s generally very widely accepted as a form of payment around the world.<\/li>\n<\/ul>\n<h2><span id=\"representative_money_pros_and_cons\">Representative Money Pros and Cons<\/span><\/h2>\n<p>Let&#8217;s now look at the positives and negatives when it comes to Representative Money.<\/p>\n<div class=\"su-row\"><div class=\"su-column su-column-size-1-2\"><div class=\"su-column-inner su-u-clearfix su-u-trim\">\n<strong>Pros<\/strong><br \/>\n<div class=\"su-list\" style=\"margin-left:0px\">\n<ul>\n<li><i class=\"sui sui-check-circle\" style=\"color:#3CB371\"><\/i> It&#8217;s more convenient to use a representative token than to carry around the actual commodity in your pocket<\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#3CB371\"><\/i> Being tied to a physical object means it&#8217;s less likely to suffer from depreciation, as the government can&#8217;t just print more<\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#3CB371\"><\/i> People can have faith that it&#8217;s worth something if the certificate held is tied to something physical in a vault<\/li>\n<\/ul>\n<\/div><\/div><\/div>\n<div class=\"su-column su-column-size-1-2 pros_icons_\"><div class=\"su-column-inner su-u-clearfix su-u-trim\">\n<strong>Cons<\/strong><br \/>\n<div class=\"su-list\" style=\"margin-left:0px\">\n<ul>\n<li><i class=\"sui sui-remove\" style=\"color:#e31f28\"><\/i> If the physical asset being used is in short supply, this will affect the money<\/li>\n<li><i class=\"sui sui-remove\" style=\"color:#e31f28\"><\/i> There is the possibility that representative money may be <a href=\"https:\/\/www.techopedia.com\/definition\/volatility\">volatile<\/a> if there are violent changes in the value of the underlying asset.<\/li>\n<li><i class=\"sui sui-remove\" style=\"color:#e31f28\"><\/i> A major downside is that representative money may not accurately reflect other factors, such as population size<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div>\n<h2><span id=\"the_bottom_line\">The Bottom Line<\/span><\/h2>\n<p>The most accurate representative money definition is that it&#8217;s a form of currency that represents something of value. It often takes the form of a token or certificate that can be exchanged for an actual physical commodity, such as <a href=\"https:\/\/www.techopedia.com\/investing\/gold-price-forecast\">gold<\/a>.<\/p>\n<p>Representative money has been used in various forms for hundreds of years, and the modern day equivalent is cheques and credit cards.<\/p>\n<p>Representative money has various pros and cons. For example, while it&#8217;s convenient to use, there can be supply issues and volatility.<\/p>\n<h2><span id=\"faqs\">FAQs<\/span><\/h2>\n<div class=\"man_faq_sec\" itemscope itemtype=\"https:\/\/schema.org\/FAQPage\"><\/time><section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">What is representative money in simple terms?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">The simplest representative money meaning is that it&#8217;s a form of currency that represents something of value. For example, it might be a token or certificate that the holder can exchange for an actual commodity.<\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">What advantages does fiat money have over representative money?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">The advantages of fiat money is that it&#8217;s pretty easy to produce, usually relatively stable and is widely accepted around the world. International currencies such as the US dollar and British Pound are examples of fiat money.<\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">Is a dollar bill representative money?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">No, a dollar bill is an example of fiat money. In fact, it&#8217;s one of the most widely recognized types of fiat money and has served as the world&#8217;s primary reserve currency since the end of the Second World War.<\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">What is the difference between token money and representative money?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">They are not the same, even though there are similarities. Neither token money nor representative money have any intrinsic value. However, representative money is a currency that represents a commodity or asset.\u00a0<\/p>\r\n                <\/div><\/div><\/section>\n<div class=\"reference-content\">\n<div class=\"reference-heading reference-content-collapsible-heading\">\n<h2><span id=\"references\">References<\/span><\/h2>\n<\/div>\n<div class=\"reference-content-body\">\n<ol>\n<li><a href=\"https:\/\/www.newspapers.com\/article\/brooklyn-record-william-steiner\/49476877\/\" target=\"_blank\">William Steiner<\/a> (Newspapers)<\/li>\n<li><a href=\"https:\/\/books.google.co.uk\/books?id=gq6CAAAAIAAJ&amp;q=representative+money&amp;redir_esc=y\" target=\"_blank\">No title foundMoney and Banking &#8211; William Howard Steiner<\/a> (Google Books)<\/li>\n<li><a href=\"https:\/\/www.stlouisfed.org\/education\/economic-lowdown-podcast-series\/episode-9-functions-of-money#:~:text=Representative%20money%20is%20a%20certificate,the%20gold%20in%20the%20vault.\" target=\"_blank\">Functions of Money &#8211; The Economic Lowdown Podcast Series<\/a> (St. Louis Fed)<\/li>\n<li><a href=\"https:\/\/www.statista.com\/statistics\/1080756\/number-payment-cards-in-circulation-worldwide\/\" target=\"_blank\">Number of payment cards in circulation worldwide 2017-2023, with a forecast for 2028<\/a> (Statista)<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>What is Representative Money? Representative money is a form of currency that represents something of value. Although it holds no intrinsic worth itself, it can be exchanged for items or assets that do have real value. History of Representative Money The concept of using representative money backed by a physical commodity can be traced back [&hellip;]<\/p>\n","protected":false},"author":286864,"featured_media":344748,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","om_disable_all_campaigns":false,"footnotes":""},"definitioncat":[2686],"class_list":["post-344745","definition","type-definition","status-publish","format-standard","has-post-thumbnail","hentry","definitioncat-economics"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.2 (Yoast SEO v24.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is the Representative Money? Definition, History &amp; How to Use It<\/title>\n<meta name=\"description\" content=\"Representative Money refers to a form of currency that represents something of value. Learn the full representative money meaning here.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Representative Money\" \/>\n<meta property=\"og:description\" content=\"Representative Money refers to a form of currency that represents something of value. Learn the full representative money meaning here.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.techopedia.com\/definition\/representative-money\" \/>\n<meta property=\"og:site_name\" content=\"Techopedia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/techopedia\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-03T17:01:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/Representative-Money.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2400\" \/>\n\t<meta property=\"og:image:height\" content=\"1311\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@techopedia\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.techopedia.com\/definition\/representative-money#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.techopedia.com\/definition\/representative-money\"},\"author\":{\"name\":\"Rob Griffin\",\"@id\":\"https:\/\/www.techopedia.com\/#\/schema\/person\/de74e2b4af669f7f18bbf502cde46bf2\"},\"headline\":\"Representative Money\",\"datePublished\":\"2024-11-03T17:00:21+00:00\",\"dateModified\":\"2024-11-03T17:01:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.techopedia.com\/definition\/representative-money\"},\"wordCount\":1144,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.techopedia.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.techopedia.com\/definition\/representative-money#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/Representative-Money.jpg\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.techopedia.com\/definition\/representative-money#respond\"]}],\"articleSection\":\"\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.techopedia.com\/definition\/representative-money\",\"url\":\"https:\/\/www.techopedia.com\/definition\/representative-money\",\"name\":\"What is the Representative Money? Definition, History & How to Use It\",\"isPartOf\":{\"@id\":\"https:\/\/www.techopedia.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.techopedia.com\/definition\/representative-money#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.techopedia.com\/definition\/representative-money#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/Representative-Money.jpg\",\"datePublished\":\"2024-11-03T17:00:21+00:00\",\"dateModified\":\"2024-11-03T17:01:31+00:00\",\"description\":\"Representative Money refers to a form of currency that represents something of value. Learn the full representative money meaning here.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.techopedia.com\/definition\/representative-money#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.techopedia.com\/definition\/representative-money\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.techopedia.com\/definition\/representative-money#primaryimage\",\"url\":\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/Representative-Money.jpg\",\"contentUrl\":\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/Representative-Money.jpg\",\"width\":2400,\"height\":1311,\"caption\":\"Representative Money\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.techopedia.com\/definition\/representative-money#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.techopedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Investing\",\"item\":\"https:\/\/www.techopedia.com\/investing\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Economics\",\"item\":\"https:\/\/www.techopedia.com\/investing\/economics\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Term\",\"item\":\"https:\/\/www.techopedia.com\/definition\"},{\"@type\":\"ListItem\",\"position\":5,\"name\":\"Representative Money\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.techopedia.com\/#website\",\"url\":\"https:\/\/www.techopedia.com\/\",\"name\":\"Techopedia\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.techopedia.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.techopedia.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.techopedia.com\/#organization\",\"name\":\"Techopedia\",\"url\":\"https:\/\/www.techopedia.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.techopedia.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2025\/02\/techopedia-light-logo.svg\",\"contentUrl\":\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2025\/02\/techopedia-light-logo.svg\",\"caption\":\"Techopedia\"},\"image\":{\"@id\":\"https:\/\/www.techopedia.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/techopedia\/\",\"https:\/\/x.com\/techopedia\",\"https:\/\/www.linkedin.com\/company\/techopedia\/\",\"https:\/\/www.youtube.com\/c\/Techopedia\"],\"publishingPrinciples\":\"https:\/\/www.techopedia.com\/about\/editorial-policy\",\"ownershipFundingInfo\":\"https:\/\/www.techopedia.com\/about\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.techopedia.com\/#\/schema\/person\/de74e2b4af669f7f18bbf502cde46bf2\",\"name\":\"Rob Griffin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.techopedia.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/01\/avatar_user_286864_1705677913-300x300.jpeg\",\"contentUrl\":\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/01\/avatar_user_286864_1705677913-300x300.jpeg\",\"caption\":\"Rob Griffin\"},\"description\":\"Rob is a seasoned journalist with over three decades of experience spanning across business and finance journalism. Before embarking on a freelance career in 2002, he contributed his expertise to the business desks of notable publications such as The Guardian, Yorkshire Post, Sunday Business (now Business Post), and Sunday Express. Throughout his freelance journey, Rob has been a regular contributor to a wide range of national newspapers, consumer magazines, trade publications, and websites. His work has appeared in titles such as The Independent, Citywire, Daily Express, FT Adviser, and Sunday Telegraph, covering an array of subjects from market trends to financial advice. Today, he is covering the latest financial market developments and trends on Techopedia.\",\"sameAs\":[\"https:\/\/www.senlac.net\/\",\"https:\/\/www.linkedin.com\/in\/rwgriffin\/\"],\"knowsAbout\":[\"Tech Finance Journalist\"],\"url\":\"https:\/\/www.techopedia.com\/contributors\/robgriffin\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"What is the Representative Money? Definition, History & How to Use It","description":"Representative Money refers to a form of currency that represents something of value. Learn the full representative money meaning here.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Representative Money","og_description":"Representative Money refers to a form of currency that represents something of value. Learn the full representative money meaning here.","og_url":"https:\/\/www.techopedia.com\/definition\/representative-money","og_site_name":"Techopedia","article_publisher":"https:\/\/www.facebook.com\/techopedia\/","article_modified_time":"2024-11-03T17:01:31+00:00","og_image":[{"width":2400,"height":1311,"url":"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/Representative-Money.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_site":"@techopedia","twitter_misc":{"Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.techopedia.com\/definition\/representative-money#article","isPartOf":{"@id":"https:\/\/www.techopedia.com\/definition\/representative-money"},"author":{"name":"Rob Griffin","@id":"https:\/\/www.techopedia.com\/#\/schema\/person\/de74e2b4af669f7f18bbf502cde46bf2"},"headline":"Representative Money","datePublished":"2024-11-03T17:00:21+00:00","dateModified":"2024-11-03T17:01:31+00:00","mainEntityOfPage":{"@id":"https:\/\/www.techopedia.com\/definition\/representative-money"},"wordCount":1144,"commentCount":0,"publisher":{"@id":"https:\/\/www.techopedia.com\/#organization"},"image":{"@id":"https:\/\/www.techopedia.com\/definition\/representative-money#primaryimage"},"thumbnailUrl":"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/Representative-Money.jpg","inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.techopedia.com\/definition\/representative-money#respond"]}],"articleSection":""},{"@type":"WebPage","@id":"https:\/\/www.techopedia.com\/definition\/representative-money","url":"https:\/\/www.techopedia.com\/definition\/representative-money","name":"What is the Representative Money? Definition, History & How to Use It","isPartOf":{"@id":"https:\/\/www.techopedia.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.techopedia.com\/definition\/representative-money#primaryimage"},"image":{"@id":"https:\/\/www.techopedia.com\/definition\/representative-money#primaryimage"},"thumbnailUrl":"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/Representative-Money.jpg","datePublished":"2024-11-03T17:00:21+00:00","dateModified":"2024-11-03T17:01:31+00:00","description":"Representative Money refers to a form of currency that represents something of value. Learn the full representative money meaning here.","breadcrumb":{"@id":"https:\/\/www.techopedia.com\/definition\/representative-money#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.techopedia.com\/definition\/representative-money"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.techopedia.com\/definition\/representative-money#primaryimage","url":"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/Representative-Money.jpg","contentUrl":"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/Representative-Money.jpg","width":2400,"height":1311,"caption":"Representative Money"},{"@type":"BreadcrumbList","@id":"https:\/\/www.techopedia.com\/definition\/representative-money#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.techopedia.com\/"},{"@type":"ListItem","position":2,"name":"Investing","item":"https:\/\/www.techopedia.com\/investing"},{"@type":"ListItem","position":3,"name":"Economics","item":"https:\/\/www.techopedia.com\/investing\/economics"},{"@type":"ListItem","position":4,"name":"Term","item":"https:\/\/www.techopedia.com\/definition"},{"@type":"ListItem","position":5,"name":"Representative Money"}]},{"@type":"WebSite","@id":"https:\/\/www.techopedia.com\/#website","url":"https:\/\/www.techopedia.com\/","name":"Techopedia","description":"","publisher":{"@id":"https:\/\/www.techopedia.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.techopedia.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.techopedia.com\/#organization","name":"Techopedia","url":"https:\/\/www.techopedia.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.techopedia.com\/#\/schema\/logo\/image\/","url":"https:\/\/www.techopedia.com\/wp-content\/uploads\/2025\/02\/techopedia-light-logo.svg","contentUrl":"https:\/\/www.techopedia.com\/wp-content\/uploads\/2025\/02\/techopedia-light-logo.svg","caption":"Techopedia"},"image":{"@id":"https:\/\/www.techopedia.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/techopedia\/","https:\/\/x.com\/techopedia","https:\/\/www.linkedin.com\/company\/techopedia\/","https:\/\/www.youtube.com\/c\/Techopedia"],"publishingPrinciples":"https:\/\/www.techopedia.com\/about\/editorial-policy","ownershipFundingInfo":"https:\/\/www.techopedia.com\/about"},{"@type":"Person","@id":"https:\/\/www.techopedia.com\/#\/schema\/person\/de74e2b4af669f7f18bbf502cde46bf2","name":"Rob Griffin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.techopedia.com\/#\/schema\/person\/image\/","url":"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/01\/avatar_user_286864_1705677913-300x300.jpeg","contentUrl":"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/01\/avatar_user_286864_1705677913-300x300.jpeg","caption":"Rob Griffin"},"description":"Rob is a seasoned journalist with over three decades of experience spanning across business and finance journalism. Before embarking on a freelance career in 2002, he contributed his expertise to the business desks of notable publications such as The Guardian, Yorkshire Post, Sunday Business (now Business Post), and Sunday Express. Throughout his freelance journey, Rob has been a regular contributor to a wide range of national newspapers, consumer magazines, trade publications, and websites. His work has appeared in titles such as The Independent, Citywire, Daily Express, FT Adviser, and Sunday Telegraph, covering an array of subjects from market trends to financial advice. Today, he is covering the latest financial market developments and trends on Techopedia.","sameAs":["https:\/\/www.senlac.net\/","https:\/\/www.linkedin.com\/in\/rwgriffin\/"],"knowsAbout":["Tech Finance Journalist"],"url":"https:\/\/www.techopedia.com\/contributors\/robgriffin"}]}},"_links":{"self":[{"href":"https:\/\/www.techopedia.com\/wp-json\/wp\/v2\/definition\/344745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.techopedia.com\/wp-json\/wp\/v2\/definition"}],"about":[{"href":"https:\/\/www.techopedia.com\/wp-json\/wp\/v2\/types\/definition"}],"author":[{"embeddable":true,"href":"https:\/\/www.techopedia.com\/wp-json\/wp\/v2\/users\/286864"}],"replies":[{"embeddable":true,"href":"https:\/\/www.techopedia.com\/wp-json\/wp\/v2\/comments?post=344745"}],"version-history":[{"count":7,"href":"https:\/\/www.techopedia.com\/wp-json\/wp\/v2\/definition\/344745\/revisions"}],"predecessor-version":[{"id":344820,"href":"https:\/\/www.techopedia.com\/wp-json\/wp\/v2\/definition\/344745\/revisions\/344820"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.techopedia.com\/wp-json\/wp\/v2\/media\/344748"}],"wp:attachment":[{"href":"https:\/\/www.techopedia.com\/wp-json\/wp\/v2\/media?parent=344745"}],"wp:term":[{"taxonomy":"definitioncat","embeddable":true,"href":"https:\/\/www.techopedia.com\/wp-json\/wp\/v2\/definitioncat?post=344745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}