Which of the following is NOT a commodity money? 

The correct answer is Utensils.

Key Points

• Commodity money: 
  • Commodity money is money whose value comes from a commodity of which it is made.
  • Commodity money consists of objects having value or use in themselves as well as their value in buying goods.
• Debasing the currency refers to the process of lowering a currency’s actual value. 
• This phrase commonly came to be associated with commodity money made principally from either silver or gold. 
• A currency is debased when the coins are made with a mix of precious metals and base metals as opposed to purely precious metals.
• The more base metals are added to a coin compared to precious metals, the further a currency is debased.

Additional Information

Money is defined as a thing that is commonly accepted as a medium of exchange. It is an intermediate good that is acceptable to both parties i.e. buyer and seller. It is divided into the following types:

• Fiat Money - The money issued by the legal authority of an economy, such as coins and currency notes is termed as fiat money.
• Fiduciary money - The money which is backed by the trust between the two parties i.e. payer and payee, is termed as fiduciary money e.g. cheques issued by one party to another, promissory notes, etc.
• Plastic money - It is the term used for the plastic cards that were used in day-to-day life in place of the banknotes that are debit cards, credit cards, etc.
• Hard money - It is the form of currency that has more demand in the market and is termed as the hard currency like the dollar.
• Soft money - It is the form of currency that has less demand in the market and is termed as the soft currency.
• Commodity money- It is the form of money that was used as a medium of exchange between buyer and seller as a commodity like agriculture products etc.
• Reserve money - It is the type of money that was maintained by the central banks of the country for foreign exchange and investments in the nation, it also covers the money of the government of the country maintained and reserved under the central banks of the country. It is called high-powered money.
• Representative money - It is the form of money that is saved in the form of certificates and bonds that can be redeemed after a duration of time at a fixed amount or quantity.