section_path: Types/Representative
section_name: Representative
paragraph_text: Representative
  
  In 1875, the British economist William Stanley Jevons described the money used at the time as " representative money ". Representative money is money that consists of token coins, paper money or other physical tokens such as certificates, that can be reliably exchanged for a fixed quantity of a commodity such as gold or silver. The value of representative money stands in direct and fixed relation to the commodity that backs it, while not itself being composed of that commodity.