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An individual is holding an ancient coin and claims that he got money. Discuss whether his...

An individual is holding an ancient coin and claims that he got money. Discuss whether his claim is true or false? State your justification.

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Answer #1

No, he is not holding money if that is a paper note, as paper in the market has no intrinsic value in the market, even if that ancient paper note is sold it will not fetch any money for it. Second, its a fiat money i.e. it will hold value only untill the Fed declares it to be money because it is old it has lost all it value.

if that is a gold or a siver coin, then the individual is holding money but not as a currency but as a commodity and in exchange of gold or silver the person can get some money in the market.

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