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Full-bodied
>Full-bodied is money whose value as a commodity for non-monetary purposes is a great as its value as money.
>The principal full bodied money in modern monetary system have been coins of the standard metal when a country is on a metallic standard: A gold standard , a silver standard ,or a bimetallic standard using gold and silver.
Representative Full-bodied Money
>Which is usually made of paper, is in effect a circulating warehouse receipt for full-bodied coins or their equivalent in bullion.
>The representative full-bodied money itself has no significant value as a commodity, but it "represents in circulation an amount of metal with a commodity value equal to the value of the money.
Credit Money
>By credit money, or debt money, we mean any money, except representative full-bodied money, that circulates at a value greater than the commodity value of the material from which it is made. In some cases, the market value of the money materials is insignificant, as in the case of most paper money.
>Credit or debt money can also result as the issuing authority buys all the money material offered to it, but at a price significantly below the monetary or face value of the money into which it is transformed.
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