The elevation of a monetary symbol to a means of payment with compulsory acceptance by means of a legal act by public authority. In the case of coins, this is manifested in the minting (coining, coinage) and the emblem (insignia) contained therein; in the case of banknotes, it is manifested in the corresponding imprint (mark). Through validation, the money is known and recognized in commercial transactions. However, this does not necessarily mean that the money thus legalized (validated by legal act) is necessarily used in commercial transactions. – See banknote, cash, makeshift bill, money, dollarization, cryptocurrency, money ownership law, money reflux, money purpose, guilloche, secondary currency, paper money, parallel currency, regional money, circulation capability, commodity money, currency, money by way of payment, means of payment, central bank money, note, note bank.
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