Qualities/Characteristics of Money
1. Portability: anything that should be used as money must not be bulky to be carried about.
2. Acceptability: the commodity to be used as money must be generally acceptable to people in a particular state or country.
3. Durability: anything called money must be able to last for a long time without getting spoilt or damaged.
4. Divisibility: Anything to be used as money must be capable to be divided into denominations. It will make it possible for payments to be made in small units.
5. Universality: Money must be unique or special from all other commodities in order for people to differentiate it from other commodities.
6. Recognition: People in a particular community state or country must be able to recognize what money is, so money must be identical in colour, size, etc
7. Scarcity: It must be relatively scarce in order not to lose its value.
8. Homogeneity: Each unit of money must be the same in size, colour, and quality
9. Stability: The value of money must be stable. The stability of its value will help businesses to be predictable and encourage lending and borrowing of money.
10. No Intrinsic Value: The commodity that should serve as money must have little or no value in itself as opposed to its value of exchange.