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
What Is a Nation? today". At the current time, however, the existence of separate nations serves to guarantee liberty, in a way which would be lost if the whole world served under one law and one master. "Each brings one note to the great concert of humanity..." Renan gives Switzerland as a prime example of a nation established by volition (choice, will): Renan's argument was summarized in the German term "Willensnation" ("nation-by-volition"), used to describe the status of Switzerland as a federal state by choice, and not along ethnic boundaries. The term became popular to describe the Swiss political model after World War I