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How Liquidity Flows From Asset Markets Into The Re.Chapter 2.2 – Medium of Exchange, b) The Circulati.Conversely, if not enough is in circulation, more is minted. As will be seen, if gold, as money, exists in excess it is removed from circulation, converted into bullion, and exported or melted down, and becomes commodity. Its use value, as money, is solely to act as universal equivalent, exchange-value. It must disown all other use value, in order to represent all other use values. Money is only that gold which represents the equivalent form of value of all other commodities, and it is only that gold, coined and thrown into circulation, that acts as money in circulation, currency. Gold exists still as commodity, used in jewellery and so on, but, insofar as it does, this gold is not money. Its use value is only to act as money, to be measure of value/unit of account, as well as medium of exchange. For gold as money – distinguished, here, from gold as commodity (jewellery, etc.) - it not only has exchange-value, but is exchange-value incarnate. The commodity is a use value that also has exchange-value, but this exchange-value is only real if it is actually exchanged for gold.
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