Token money
Token money is money whose face value exceeds its cost of production. Most modern coins used in circulation are token money, as are paper notes.
Value
Token money is also money whose face value exceeds its cost of production, i.e. the intrinsic value is lower than the extrinsic value. This means that the actual worth of a note or coin is much less than what we use it for. See fiat money and bullion. The cost of production of token money is less than its actual value.
See also
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