But as a temporary token of value, it has its benefits.

FORBES: Magazine Article

The moral claim real money places on society on behalf of its bearer comes not from the intrinsic value of the token but from the fact that the bearer had previously produced some good or service deemed valuable by others.

FORBES: Will Western Civilization Rediscover The Moral Foundations Of Sound Money?

Abandoning the link to gold meant that it was entirely up to governments to ensure that their token-based currencies kept their value.

ECONOMIST: The lessons of sound money from 1,000 years' experience

By the late 19th century, most other leading countries had token currencies, mostly pegged to the value of gold.

ECONOMIST: The lessons of sound money from 1,000 years' experience

During Teacher Appreciation Week, the people who value teachers often take time to send them a note of thanks or a token of appreciation.

WHITEHOUSE: Celebrating and Listening to Our Nation��s Teachers

Does history teach that a token-based currency works only if it is anchored to some unambiguous real store of value that a government cannot inflate away?

ECONOMIST: The lessons of sound money from 1,000 years' experience