The Best Film Archives's video: What Is Money How It Works Educational Film 1947

● Please SUPPORT my work on Patreon: https://bit.ly/2LT6opZ ● Visit my 2ND CHANNEL: https://bit.ly/2ILbyX8 ►Facebook: https://bit.ly/2INA7yt ►Twitter: https://bit.ly/2Lz57nY ►Google+: https://bit.ly/2IPz7dl ✚ Watch my "Old America" PLAYLIST: https://bit.ly/2rOHzmy This 1947 video – originally titled as "What Is Money" – is a classic educational film produced by Coronet Instructional Films. Following the journey of a five-dollar bill through many transactions, the film shows how money functions as a standard of value and future payment, a storehouse of value and a convenient medium of exchange for goods or services in the days when the United States was still on the Gold Standard. Though it is a little hokey and some of the practices in it are out of date, this film is very informative on how money works since the definitions of money it gives are still valid today. It could be shown in an economics class without hesitation. The film also subtly extols the virtues of capitalism. Coronet Films (also Coronet Instructional Films.) was a leading producer and distributor of many American documentary shorts shown in public schools from the 1940s through the 1980s. The company covered a wide range of subjects in zoology, science, geography, history and math, but is mostly remembered today for its post-World War 2 social guidance films featuring topics such as dating, family life, courtesy and citizenship. HISTORICAL BACKGROUND / CONTEXT Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, sometimes, a standard of deferred payment. Any item or verifiable record that fulfills these functions can be considered as money. Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money. Fiat money, like any check or note of debt, is without use value as a physical commodity. It derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private". The money supply of a country consists of currency (banknotes and coins) and, depending on the particular definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). Bank money, which consists only of records (mostly computerized in modern banking), forms by far the largest part of broad money in developed countries. About the gold standard: The gold standard, a monetary system where the medium of exchange are paper notes that are convertible into pre-set, fixed quantities of gold, replaced the use of gold coins as currency in the 17th-19th centuries in Europe. These gold standard notes were made legal tender, and redemption into gold coins was discouraged. By the beginning of the 20th century almost all countries had adopted the gold standard, backing their legal tender notes with fixed amounts of gold. After World War 2 and the Bretton Woods Conference, most countries adopted fiat currencies that were fixed to the U.S. dollar. The U.S. dollar was in turn fixed to gold. In 1971 the U.S. government unilaterally terminated the direct international convertibility of the U.S. dollar to gold (it was called as the Nixon shock). After this many countries de-pegged their currencies from the U.S. dollar, and most of the world's currencies became unbacked by anything except the governments' fiat of legal tender and the ability to convert the money into goods via payment. According to proponents of modern money theory, fiat money is also backed by taxes. By imposing taxes, states create demand for the currency they issue. About the gold certificate in the US: A gold certificate in general is a certificate of ownership that gold owners hold instead of storing the actual gold. The gold certificate was used from 1882 to 1933 in the United States as a form of paper currency. Each certificate gave its holder title to its corresponding amount of gold coin. Therefore, this type of paper currency was intended to represent actual gold coinage. In 1933 the practice of redeeming these notes for gold coins was ended by the U.S. government. What Is Money, How It Works | Educational Film | 1947 TBFA_0166 NOTE: THE VIDEO REPRESENTS HISTORY. SINCE IT WAS PRODUCED DECADES AGO, IT HAS HISTORICAL VALUES AND CAN BE CONSIDERED AS A VALUABLE HISTORICAL DOCUMENT. THE VIDEO HAS BEEN UPLOADED WITH EDUCATIONAL PURPOSES. ITS TOPIC IS REPRESENTED WITHIN HISTORICAL CONTEXT.