Currency money or book money, which are fiat money. Currency money Currency money is money in full circulation that takes its value from the precious metal it contains, that is, its market value is (almost) the value of the metal it contains (apart from the Seigniorage or the minters' profit), though this is always overcompensated for in coins and banknotes from a country undergoing debasement. Currency money is usually made of silver or gold, but in very rare cases plated metal and even copper may be used. Currency money is commodity money, as opposed to coins whose metal value is less than
Shadi A. Karam reasons for this are "principally the lack of extensive distribution networks, the absence of comprehensive trade agreements that go beyond the existing accords and the fact that transactions have to go through the US dollar." As such, Karam has become one of the leading voices in the Arab Middle East calling for a common currency. "The pegging to the US dollar of most of the major currencies in the region will facilitate the technical engineering of the process," he says. "This currency could be named the Umma, with reference to the unattainable dream of a unified Arab nation." Admitting that