subway token

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Words related to subway token

a token that is used to pay for entry to the subway system

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References in periodicals archive ?
The costs of producing token coins added to the necessity of keeping 100 percent reserves would be too high and cumbersome for a growing economy.
This leads to the third section, where the Misesian typology of money is further examined with particular attention to issues relating to the classification and definition of token coins. The last section of the paper brings the analysis together and concludes.
12) own definition of token coins provided at the beginning of the book.
Mises (1980) classifies token coins as money substitutes but also declares that there is "no such thing as an economic concept of token coinage.
Basically, it requires issuing token coins that can be readily exchanged at par with the monetary authority for full-bodied coins.
These token coins were not commonly minted in Potosi, probably because of their high minting costs and an alleged (yet, somewhat surprising) reluctance of the general population to accept them in exchange.
Token coins are subsidiary coins that have lower intrinsic value than the value at which they can be exchanged with the monetary authority for full-bodied coins.
(28) Token coins are usually circulated at a value greater than their intrinsic value.
He considers token coins (1) to be the preferable solution among the many possible solutions.
Selgin argues that the use of token coins for small change would require that mints hold 100 percent reserves against the coins they issue.
Also, when discussing token coins, Selgin refers to "free convertibility," implying that those who possess inferior coins can forcibly exchange them for preferred coins.
The reason Selgin's challenge fails is that token coins would not have legal tender status and there would be no free convertibility.
(In some markets, the usual assumption might be that payment be made with banknotes or token coins whose denominated values add up to the quoted amount.)
Since any such currency would take the form of banknotes and token coins and not serve as base money, it would be of little consequence.
Children love exchanging modern money in the town's bank for pre-decimal token coins, and spending it on penny sweets in one of the authentic shops.