medium of exchange

noun phrase

Definition of medium of exchange

: something commonly accepted in exchange for goods and services and recognized as representing a standard of value

First Known Use of medium of exchange

1714, in the meaning defined above

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The first known use of medium of exchange was in 1714

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Cite this Entry

“Medium of exchange.” The Merriam-Webster.com Dictionary, Merriam-Webster Inc., https://www.merriam-webster.com/dictionary/medium%20of%20exchange. Accessed 7 December 2019.

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