Money can take many forms. For a particular good to become accepted as money, it must have certain attributes, all of which are logically related to its origins and function as just described:

• Initially, at least, a money must have universal or widespread value. In the last example, Item M cannot evolve into a general medium of exchange (that is, a money) unless traders in the market know that many other market participants are likely to accept it in exchange for another valuable item.

• A money must be portable. If Item M is to function well as a general medium of exchange, traders must be able to carry it conveniently from exchange to exchange.

• A money must be durable. Item M will not serve its function properly if it spoils or deteriorates between exchanges.

• A money must be divisible. For Item M to be exchanged effectively against a variety of goods, whose units may have either very great or relatively little value, it must itself be divisible into small, easily measurable units.     

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