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Types of Mediums of Exchange
What are the different types of mediums of exchange and what are the rules for their trade?
There are two types of mediums of exchange: natural mediums of exchange (ie. gold and silver) and legal tender (ie. paper currency).

In the exchange between two natural mediums (ie. gold for gold, silver for silver, or gold for silver), it is necessary that they be equal in value and delivered at spot. In an exchange involving legal tender or currency, both currencies must be of equal value and their payment may be either deferred or at spot.

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