What is money? Americans handle money every day of their lives, but few have any understanding of what money actually is or where it comes from. Money can be defined as a unit of account, a medium of exchange or a store of value, but this gives little idea of what the green stuff is or where it comes from.

Two Forms of Money: Currency and Demand Deposits

The first form of money is currency, more technically known as “Federal Reserve Notes.” A dollar bill actually is a note saying the Federal Reserve owes you one dollar. The dollar bill is also legal tender, which means it must be accepted as payment for goods or services.

The other form of money is demand deposits, which is sometimes called “checkbook money.” This is money that has been deposited in commercial banks and makes up the majority of all US money.

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