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Money is coin. That's why it is in circulation. So they can say that there is money in circulation. Notes are not money. They are "notes". Often times it is recorded as a specie of money but they are a debt instrument which makes them a promise which makes them a note. I think the UCC claims the specie thing several times. I don't recall what the constitution says about it. In Australia only Gold and Silver are money and the States can only COIN money although under the constitution of Aus they are barred from "coining money".
There is no real gold or silver in ciruculation here of course but like most places our coins are either gold coloured or silver coloured. That annoys me when people say gold or silver is not money and I say, why do your coins look like their are gold or silver then? |
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