Representative money

High school (ages 12+)
People & Society

Name:

Date:

Step 1 · Read the article

Open the article and read it at the level above. Then answer the questions below in your own words.

https://smallwhale.org/articles/representative-money

Write what each word means, using the article.

Do not copy the article. Write two things you learned, the way you would explain them to a friend.

Answers below are taken from the article’s stored facts, so they match what the student read.

1. What is representative money?Representative money is a type of paper or certificate that has a written value bigger than the metal inside it. It can be exchanged for real gold or silver that is kept in a safe place.
2. Why did people use representative money instead of gold coins?It was easier to carry and trade because you didn't have to move heavy gold. It also made big trades faster and safer.

Intrinsic Value: The inherent worth of a material or object, independent of its monetary representation.
Commodity Money: Money whose value comes from the commodity out of which it is made, such as gold or silver coins.
Fiat Money: Money that is not backed by a physical commodity but is declared legal tender by a government.
Bullion: Precious metals, typically gold or silver, in bulk form such as bars or ingots, often held as reserves.