Why money and not barter. Why you should use barter
Barter and money.
The earliest form of trade that existed was Barter. But barter has many disadvantages. Barter is the exchange of one thing or service for another. What is money? Money can be anything that can be accepted as payment for goods or services. From the early centuries, precious metals such as gold and silver, along with copper, were the most popular forms of money.
Although anything can be money, in principle, material for money should have the following qualities:
Stability. The value of money should be more or less the same today and tomorrow.
Portability. Modern money should be small and light enough so people can carry it with you.
Wear resistance. The selected material should be strong enough, have a significant "life expectancy." Therefore, in many countries only very high class paper is used as money.
Homogeneity. Money of the same value must have equal value.
Divisibility. One of the important advantages of money over barter is the ability to divide into parts.
Recognition. Money should be easily recognizable, it should be difficult to fake. The quality of the paper and the watermarks make the fake very difficult.
Money can be determined by the functions that they perform: - Means of circulation. - Measure of value. - Cash.
Medium of circulation. The economy of barter from the monetary economy is different in that in the context of the economy of barter, you must find a person who has what you want and wants what you have. In the monetary economy, anyone can sell what he has to anyone and use the proceeds to buy what is needed. Therefore, money is a means that makes exchange easier.
Measure of value. Money gives us the opportunity to express the value of something in terms that everyone understands.
Cash. Paper money and coins. Cash is legal tender. This means that the law requires them to be paid for debts. Currently, the main forms of money are cash and demand accounts.
Economists use the term “purchasing power,” or “value of money,” to describe the quantity and quality of goods and services that we can get for money. When prices rise, one cannot buy as much with the same money — their purchasing power falls. When prices go down, the opposite happens.
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Money is a historical category and therefore not eternal. Despite the fact that the money supply in the world economy is constantly growing, in the world there is more and more money hunger. The reason is simple: the output of cash printing presses goes to financial markets, where speculation flourishes, and the real economy sits on a starvation diet. Even if business entities have money in bank accounts, it becomes difficult to use it, since it is no longer quite money, these are instruments of speculation and redistribution of public wealth in favor of those who own printing presses.
The reaction of society to the mutations of money is the spontaneous emergence of various methods of management, which minimize the use of official money or even completely do without them. The most common non-monetary way of managing today is barter - an operation to exchange one commodity in an agreed amount for another without using a monetary form of payment.
A sharp surge in barter operations occurs every time the economy enters the crisis phase and solvent demand from corporate structures and citizens drops sharply.
It is well known that giant multinational corporations (TNCs) are actively using the so-called transfer prices. We are talking about intra-corporate supplies of raw materials, parts and assemblies between “daughters” and “granddaughters” at prices that differ from world prices. They can resort to barter schemes. This is beneficial from the point of view of "tax optimization" of TNCs. In addition, large corporations operating in world commodity markets are usually included in international cartels, that is, agreements on the establishment of uniform prices. Cartel members, seeking to capture new market spaces, may resort to non-price competitive methods. Among them are barter deals.
Today we read about it more often. For example, in the summer of 2015, an acute political, economic and financial crisis erupted in Greece. There is little money in the Greek economy. The situation was aggravated by the fact that restrictions were introduced on operations with cash and non-cash money. The reaction of Greek society to the emergence of a famine of money was the rapid development of barter schemes, in which giant companies, small businesses, and ordinary citizens participated.
In order to expand the scope of barter, special information centers are created that focus applications on supply and demand for various goods and services. Some information centers eventually turn into specialized barter companies, clubs and exchanges, providing their customers with a wider range of services. First of all, brokerage services: search for partners, building product chains, preparing contracts, monitoring their implementation. The most advanced barter centers create their own barter money. With the help of such money, centers can purchase goods from customers by transferring barter money to their accounts. Sellers can use this money to buy goods and services of other customers. It is possible to issue loans in barter money.
Information on barter forms of economic relations in individual countries is very fragmented. Moreover, there are no general statistics. This is understandable. First of all, the development of barter schemes is opposed by tax authorities, since taxes are usually charged on cash transactions. Many barter deals fall out of sight of modern tax collectors, attempts are being made to put them under control. So, in 1982, the United States passed the Tax Equity and Fiscal Responsibility Act, which requires taxpayers to take into account the income they receive as a result of barter transactions.
In addition, barter reduces the demand for printing products of central banks. Which, of course, also causes rejection of barter by modern moneylenders. Among countries with traditionally developed barter relations, experts call India and Spain. It is believed that the oldest barter market exists in the Indian city of Kochi, it was created 200 years ago. In Spain, powerful barter markets operate in Barcelona, \u200b\u200bCatalonia and Mieres.
Barter today is no longer exotic in North America. In the United States, for several decades, there are barter agencies that organize exchange transactions, and select partners. Some of them have turned into exchanges. Most large and medium-sized cities in the United States and Canada have their own barter exchanges. In the USA, today the largest barter exchange is International Monetary Systems, in Canada - Tradebank.
In America, the National Trade Exchange Association (NATE) was created to protect the interests of participants in barter relations. By the way, NATE introduced its barter currency called BANC. According to some estimates, in 2010, more than 450 thousand companies participated in barter trading in the United States. Of course, most of them use traditional forms of transactions for the purchase and sale of goods, but they all have surplus of unsold products, which are put up for barter exchanges. The annual volume of barter transactions in the United States exceeds $ 10 billion. It can be assumed that this is only the top of the iceberg, many participants in barter transactions prefer not to shine.
Mention should be made of the EuroBarter trading system - Euro Barter Business International Limited, EBB. It involves more than 17,000 small and medium-sized businesses in Europe and even Turkey. The participants of the system pay quarterly membership fees and gain access to the computer database of barter offers in various parts of Europe.
In 1991, Australia and New Zealand established the Bartercard barter exchange. Later, she created her branches in the UK, USA, Cyprus, the UAE and Thailand. Today, this barter exchange is considered the largest in the world, it has 75 thousand active members.
At the global level, there are about 400 barter companies that build trade exchanges between firms around the world. Coordination of national barter organizations is carried out by the International Reciprocal Trade Association, IRTA. It works closely with Bartercard and recommends for its members the use of a barter currency called Universal Currency (UC).
The relevance of barter relations at the international level is growing today due to the fact that the US is increasingly starting to resort to such a means of pressure on individual states as economic sanctions, including blocking transactions in dollars and other reserve currencies. An effective way to counter such sanctions is barter. Iran, which has been subjected to the greatest pressure by Washington and its allies for many years, was forced to transfer part of its trade on a barter basis (oil-for-goods transactions). Iran’s barter relations with China, India and South Korea during the sanctions period provided Iranians with everything from mobile phones to railway equipment,
Back in 2014, preparations began for a major barter deal between the Russian Federation and Iran. Iran was supposed to supply mainly one commodity - crude oil, bearing in mind that Russia will continue to re-export it. The Russian Federation planned to supply a very wide range of goods, as well as the construction of energy facilities in Iran. The deal was designed for several years, its volume, as the media wrote, could reach $ 20 billion, but due to the partial lifting by the West of sanctions against Iran, the preparation of the deal was suspended.
However, already in 2016, statements were made in Tehran that the country would not refuse completely barter schemes in foreign trade. Iran is considering not only the traditional oil-for-goods scheme, but also oil-for-assets. In particular, the Iranian side was negotiating the purchase of oil refineries in Switzerland and France, which were frustrated due to pressure from Washington. Tehran is currently negotiating the purchase of a refinery with India, Brazil and Spain.
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no commentsWith this question, we turned to experts.
“Barter times are long gone,” said Alexander Polyakov, co-founder and CEO, Fetchee. This has happened since the invention of money. It is money - the universal measure of the value of a product or service, and their movement from hand to hand is the circulatory system of the economy.
As soon as people agree to barter, they cease to be businessmen. They no longer earn money, but survive, trying to change their goods that nobody needs, since the market is not ready to pay for it, just like the other unfortunate businessman does.
In a modern economy, the cost of cash transactions is very low, while any barter transaction is extremely expensive. As soon as you think about barter, close yourself, be honest with yourself. You have no place in the market! ”
“In the modern world, the word barter has a broader meaning than its original meaning,” said Rustam Davletbaev, a member of the Anti-Crisis Assistance Department.
- Barter itself has recently received an impetus for development related to two facts: the growing global financial and economic crisis, as well as the emergence and rapid development of information technology.
Moreover, the "money" itself over time lost its original meaning. If before money was associated with gold or other valuable objects, now money is just an abstraction, information on tangible or electronic media. And modern money is no longer an expression of capital. In this regard, we can safely say that today there is no money, there are only currencies, finances and other means of settlement.
Given this state of things, barter is successfully starting to replace such currencies, and without much effort. Today, on the Internet, you can find a huge number of barter systems, the account of which is already tens of thousands. The common name for such systems is the local exchange trading system or LETS (Local Exchange Trading System).
The LETS system, also sometimes called the LETSystem, was originally created as a non-profit, interest-free network for exchanging services and goods that does not need any state currency. The core of this system is a centralized database, accessible to any member of the LETS network and containing all the information about the loan of a particular member. The loan is earned by providing any services or goods to others, and subsequently can be spent with the aim of acquiring other goods / services from other members of LETS.
In German-speaking countries (Germany, Austria, Switzerland, Liechtenstein) such systems are known under the name Tauschring (German Tauschring) - "exchange ring" or Tauschkreis - "circle of exchange." In the French-speaking regions of Europe - SEL (French Système d’Échange Local). In a number of Latin American countries - Trueque - after the name of the ancient tradition of trade of many indigenous communities of America.
Speaking in a systemic language, then monetary systems perform the function of redistributing resources and goods. Moreover, barter solves the same problem.
It is obvious that in a few decades, humanity will forget what money is, since information systems will easily cope with the task of redistributing resources and benefits. I don’t know whether they will be called barter, but when studying history, mankind will be surprised both at the stages of the existence of simple barter and the emergence of the phenomenon of “money”.
If enterprises or individual entrepreneurs lack liquidity to carry out trading operations, want to optimize the tax burden or get rid of illiquid goods, they should use cashless settlements.
Always and absolutely in any country, when times of crisis come in the state’s economy, the most common form of settlement transactions in which money is not involved comes to the rescue of entrepreneurship - this is barter. Nowadays, in practice, barter is understood as transactions, as a result of which the parties exchange goods, work, services or property rights.
Until the early 2000s, barter operations, despite their complexity and high cost, persisted in our country as a large-scale and disturbing economic phenomenon. The return of barter to the current crisis is becoming not only massive, but already noticeable. Regions are increasingly turning to this type of transaction and are beginning to change light industry goods, metal, building materials and household goods.
In our state, barter (or barter) is, in fact, two contracts of sale, the rights and obligations of which are today regulated by the norms of the Civil Code of the Russian Federation. For the exchanging parties, the legal consequences of barter are exactly the same as if the parties simply bought and sold goods to each other for real money. Therefore, today, anything that is not restricted by law to civil circulation and is not removed from it, can participate in this kind of exchange absolutely legally.
When making a barter transaction, participants must enter into an agreement in which the cost of goods transferred to each other should be fixed. By default, goods are considered equivalent, but if you specify a price, you can receive specific monetary compensation either for violation of the delivery time or if you could find that you delivered goods of inadequate quality under the contract.
For these reasons, in detail and carefully describe in the contract the name and quantity of the goods transferred by both parties via barter. Define the period for the transfer of goods, indicate the conditions for the transfer and acceptance of goods: who bear the costs of transportation, who provides loading and unloading, where the goods should be delivered, etc. Such specificity in detail and thoroughness will better protect your interests, in addition, the transaction will be faster and more organized.
Now, when concluding barter contracts, the difficulty for companies may consist in reflecting these transactions in accounting and tax accounting. In order for this to be a truly cash-free transaction, the goods that are the subject of exchange must be equivalent, which is not always possible to accurately display in accounting. In the event of an unequal exchange, the party receiving the goods of greater value will have some profit and the subsequent obligation to pay taxes to the budget of our country.
However, in the daily business reality of tax risks, such transactions practically do not arise, since most of the issues on how to tax barter transactions have already been clarified. If the parties have established in the exchange agreement the price of the exchanged property, work or services that are provided by the other party instead of payment, then taxes are also calculated from this price. Unless otherwise established, goods, work, services in our country are assumed to be equivalent (Articles 568, Articles 421, 424 of the Civil Code of the Russian Federation). Accordingly, the indication of the price in the contract removes disputes when determining the tax base for income tax and VAT.
Transfer of ownership - the final point of the barter transaction, which can be delivered, for example, at the time of payment or acceptance of the goods. In each case, this moment in the contract is determined by the parties differently, based on the conditions and circumstances of the transaction. For example, it can be established that the ownership of the property will be transferred to the company only after all the necessary registration procedures have been completed. With regard to the delivery of a product, it can be envisaged that ownership will pass to the buyer after the goods are transferred to the carrier’s representative.
If the moment of transfer of rights is not specifically specified in the agreement, you will receive ownership of the delivered goods only after you fulfill your obligations of counter delivery (Article 570 of the Civil Code of the Russian Federation). This moment is extremely inconvenient in a situation where the exchange of goods does not coincide in time and there is a risk that the other side will “change its mind” for some good reason to fulfill its obligations under the contract. That is why the contract should indicate that the ownership of the goods passes to you at the time of its receipt, regardless of the fulfillment of obligations to transfer the goods to the other party.
If we turn to barter more if necessary, then barter transactions in Europe and the USA are a very effective tool for business development. Based on the historical experience of other countries, we can argue that any transaction is useful for the country's economy, in whatever form they may be concluded, in this sense there are no and should not be any serious preferences for the forms of transactions for the state. For the economy, absolutely everything that works is useful.
Historically, in our country an increase in barter transactions is usually assessed as evidence of a weak economy. However, if you look rationally, we will see that the number of barter transactions increases when the business in Moscow, Rome or Chicago simply does not have enough money. In such circumstances, many entrepreneurs are forced to apply more complex solutions that help their business exist. When evaluating barter as an economic phenomenon, it should be borne in mind that entrepreneurial activity in any country is aimed at making profit in monetary terms, and not at all receiving goods in exchange for goods , which is the purpose of barter. However, increasing profits in monetary terms is not the goal of an independent state economy. The goal of any economy is to meet the specific needs of people.
A world without money is the dream of communists, anarchists, hippies and religious fundamentalists. Karl Marx wrote that money is an instrument of capitalist exploitation, which replaces any human relations, including family ones. How commodity-money exchange has developed, and why humanity cannot refuse money right now, is in the Futurist series of materials. In the first part - the history of money from ancient times to the Middle Ages.
Barter
In the early stages of the development of commodity exchange, a significant role was played by gift and debt . But the main way to get the desired for many millennia was exchange in kind or barter - exchange of equivalent goods and services in volumes that suit both parties. In bartering, a person who has any excess of material wealth, such as a measure of grain or a few heads of livestock, can directly exchange it for what is perceived as having similar or greater value or utility - for example, a clay pot or tool. You can talk about natural exchange from the primitive era, when the economy was primitive, and people were engaged in hunting and gathering to meet the needs of their tribe. I will give you an ax, and you will help me kill a mammoth - something like this could be an oral exchange agreement in those conditions. It was about survival, so the exchange was fairly easy.
With time, agriculture came into being, people learned how to live, live, and develop livestock. Labor became diverse, and the barter system needed to be improved. Often people had to resort to double or even triple exchange. How to exchange dates for an ax if a neighbor needs new sandals? Look for sandals or a person who is ready to exchange an ax for food - otherwise you will have to eat dates all year, and your home will become dilapidated. If the exchange still succeeds in guaranteeing that the dates will be sweet and the ax sharp? And finally, how many dates will it take to pay for an ax?
Commodity money
Stones of Paradise
There are two points of view on the appearance of money. First: the money came out of barter. The more parties involved in the exchange and the more diverse their needs, the more difficult it is to complete a deal that is beneficial to everyone. Therefore, the need arose for a universal intermediary - commodity money , which should have obvious consumer properties: for example, they can be eaten or used on the farm. Most often, these were cattle and grain, since everyone needed them. When exchanging goods, people calculated the equivalents in the heads of cattle (cows, horses, camels): "Here you have fabric for one cow, and you give me as much honey." Smaller animals - rams, goats and birds - served as bargaining chips, trifles. Another popular exchange item was salt. In Babylon, goods were exchanged for food, tea, weapons, and spices.
Another factor in the emergence of commodity money is the need to maintain social status: participation in religious ceremonies and rites and the payment of tribute. Economist Glen Davis writes that payments such as taxes, bride buying, religious donations were usually made in the form of particularly valuable and durable items. Over time, such items began to be used in trade, gradually replacing barter exchange.
3500 years ago in China, they paid for kauri shells, which later migrated to other regions - the Philippines, Japan, Korea, India, Russia (XII-XIV) and, with the development of the slave trade, to Africa (XVI century). Kauri could be used as jewelry. European merchants bought kauri in India and sold exorbitant prices in Guinea. In some countries, shells were used until the 19th century. On the islands of the Pacific Ocean, Paradise stones served as money - huge limestone disks with a hole in the middle, which were made on the Palau archipelago and transported to other islands by rafts or canoes. Each paradise was assigned an oral tradition of origin and owners. If someone died during the manufacture or transportation, the value of the stone coin increased. But when making a deal, it was not necessary to transport paradise. Southern Slavs used kuns - skins of fur-bearing animals. The modern currency of Croatia still bears this name.
With the development of the economy, barter and commodity money both receded into the background, but did not disappear completely. In the Middle Ages, European merchants exchanged handicrafts and furs for silk and perfumes, American colonists for furs gave the Indians metal tools, bright fabrics, beads - as well as firearms and spirits. The economist Adam Smith, who lived in the 18th century, said that then in some Scottish villages, workers paid traders with iron nails - they replaced small coins and had their own value. Barter and commodity money spread during periods of economic crisis, when money cannot fulfill its functions or another exchange is impossible. In Russia during the Civil War, the role of money was played by matches, salt and kerosene, and in 1993-94 barter accounted for more than half of exchange operations. In addition, commodity money is common in isolated societies: for example, cigarettes are considered currencies in prisons. The exchange is also popular in student dormitories and communal apartments, where people who are not connected by family ties have to share life with each other. To ask a neighbor for a bowl, in return having promised to treat her with jam - what is not a natural exchange?
Valuable money: precious metals and coins
Novgorod hryvnia, XIII century
A big minus of commodity money was their indivisibility. If you need to buy not ten axes for which they ask one cow, but five - how will you pay? And if the new owner discovers that you sold him a sick cow, will the calculation be valid?
In this sense, metals have proven to be the most effective. They were easy to share and from them it was possible to make a new product: an ax, plow or decoration. In different historical periods, iron, copper, bronze, and aluminum claimed the role of money. However, the disadvantage of these metals was the ease of their mining - they quickly depreciated. Therefore, gradually, gold and silver became synonymous with money and wealth. On the farm, they were useless - too soft (you won’t make an ax or a hoe out of them), too rare, too hard to get. But it was these properties that lifted them to an unattainable height. The glitter of gold and silver jewelry has become one of the ways to confirm social status. In addition, gold and silver turned out to be easy to share - and this is exactly what was required to facilitate the calculations. Until now, along with paper money and coins from base metals, they are considered the most liquid goods.
It is interesting that the Incas did not have gold and silver money - simply because their territory was rich in deposits. At the same time, the Incas were quite able to appreciate the aesthetic properties of these metals: they called gold “the sweat of the sun”, silver - “tears of the moon”. But too rare metals also could not become money, since their volume did not correspond to the volume of economic activity and they could not freely circulate between people. That is why platinum coins, which they tried to put into circulation in Russia in the 19th century, did not take root and turned into numismatic rarities.
At first, metal ingots and their trim were used for calculations. But it was extremely inconvenient to saw off pieces of metal ingots at each sale. First, the amount of metal needed to be weighed every time. Secondly, the ingots could be easily faked by adding a little less precious metal to the alloy than necessary. To prevent fakes and body kits, over time, the metal was marked with a public brand. Thus a minted coin and mints arose. In this sense, gold, silver, copper and bronze won: they are easy to mint.
Dinar of the Roman Republic (206-195 BC)
In fact, full-fledged coins are also commodity money, since they can be melted into jewelry. The oldest coins known to us date back to the 7th-6th centuries BC - they were discovered during excavations of the Temple of Artemis in Ephesus (the territory of modern Turkey). These were ovals with the image of a lion's head, made of the so-called "electrum" - an alloy of gold and silver. Later in Athens they began to mint tetradrachm: on its obverse was depicted the goddess of wisdom Athena, and on the reverse side - an owl. The Romans made coins from various metals: aureus - from gold, dinarius - from silver, sisters - from bronze. In Russia, the first coins were hryvnias of silver (XII century). One hryvnia of silver could be exchanged for four hryvnias of kun (coins made of low-quality silver). In different parts of the hryvnia were of different shapes. In the XIII century, the Novgorod hryvnia was a silver stick that could be cut into pieces. These stumps, according to one version, began to be called rubles.
Many rulers tried to increase the country's wealth with debasement , reducing the content of precious metal in the coin. One of the first to think of this is the Roman emperors. In the 1st century AD, the dinar in Rome was made of pure silver, but by the middle of the 3rd century the real content of the precious metal in the coin was already 40%, and under the emperor Gallien - no more than 4%. This caused huge inflation, which the Emperor Diocletian tried to stop by returning the gold standard - but by that time prices had tripled, and citizens were used to using low-grade coins, putting aside new silver dinars for a rainy day.
The main disadvantage of coins made of precious metals: they are too expensive and difficult to manufacture, so a quick issue (issue) of money in accordance with the needs of money circulation is impossible. They are inconvenient and dangerous to transport in large quantities, which interferes with trade. And, finally, the loss or deterioration of coins led to the violation of the balance of money circulation, since it was necessary to issue coins from the same amount of gold or silver. The only way to see the exchange was not directly with gold coins, but characters confirming the rights to them.
Secured Money: First Banknotes
The first Stockholm banknotes
The idea of \u200b\u200bexchanging symbolic signs instead of real objects appeared long before the appearance of coins. In Ancient Sumer, figurines of sheep and goats from burnt clay were used for payment. These figures could be exchanged for live sheep and goats.
In ancient Egypt and Mesopotamia, a developed system of grain banks was established that carried out non-cash payments - removing from current accounts and crediting virtual grain to them. They were both private and public. People gave their crops for storage to royal palaces and temples and in return received receipts on clay tablets, which began to serve as an object of exchange. It was expected that a fee would be paid for temporary use, and sometimes the rate reached 20%. The laws governing the activities of such banks are included in the famous code of laws of Hammurabi. In Alexandria, a kind of grain central bank was created, which registered payments and performed regulatory functions.
Even after the appearance of metal money in Egypt, grain banks were used for a long time for domestic payments, and coins mainly for foreign trade operations. These were the first secured money.
It resembles the principle of modern banknotes (eng. bank note - bank account). Like a clay tablet, a banknote is a documented promise of payment in a certain equivalent. The first paper banknotes in the world appeared in the 7th century in China, however, they became widespread at the beginning of the 9th century, when trade between separate regions of China intensified. It was difficult for merchants to transport tons of copper coins throughout the country: it was inconvenient and very dangerous. In addition, copper was needed in other industries. Therefore, merchants handed over copper for storage to regional authorities or private offices, and in return received a certificate that allowed them to get copper money in almost any region of China. The government noticed the economic benefits of printing paper money and granted several offices a monopoly on the issuance of these certificates, and in 1120 state paper money appeared.
With the development of the banking system, banknotes appeared in other countries of the world: Sweden, Great Britain, Holland. Europe learned about paper money back in the 13th century thanks to the traveler Marco Polo. But for almost four centuries, no one dared to use them. The first paper money in Europe was not banknotes in the full sense of the word: they were “coins” of paper that did not have gold weight. They were released in the Dutch Leiden during the Spanish siege in 1574. Hunger reigned in the city: more than a third of the inhabitants of the city died. Even the reserves of skin that emaciated people were boiling and eating were exhausted. Then, to create a currency, the townspeople cut the pages of the psalms and stamped the money with the help of cliches, which had previously been used to mint metal coins.
The first real banknotes were created in Stockholm only in 1661. Monetary authorities issued banknotes with no less than 16 certification approvals from eminent and trustworthy officials - all of them were individually signed manually. The first experiment was unsuccessful: Johan Palmstruk, the founder of the bank, issued too many credit notes, and their value was equal to the value of the paper on which they were printed. The office quickly went bankrupt. The same mistakes were repeated in other countries: France, USA and China. Best of all banknotes took root in England. In 1821, Great Britain established gold standard : The currency was firmly tied to the precious metal at a fixed price.
At first, the banknotes merely personified the value of the gold stored in the bank. The owner of gold at any time could exchange this certificate for a certain amount of metal. But during the development of the banking system and the evolution of the world economy, the gold standard system has exhausted itself, and the true essence of money has come to the fore - not the quantity of values, but the relationship between the borrower and the lender. About it - in the following material.