Commodity value its commodity value. A commodity value expressed as a price is determined by historical, social and cultural aspects of production and distribution. Karl Marx described price as the money-name for the labour realised in a commodity. A commodity value is dependent on its utility. Commodity value is of particular significance in the study of currency. For example, the commodity value of a coin is the value of the metal of which it is made. Gold and silver coins have a high commodity value, whereas fiat coins such as modern day quarters have a low commodity value. This is of particular
Commodity (Marxism) of value, product-values in an open market are regulated by the average socially necessary labour time required to produce them, and price relativities of products are ultimately governed by the law of value. Commodity-trade, Marx argues, historically begins at the boundaries of separate economic communities based otherwise on a "non-commercial" form of production. Thus, producers trade in those goods of which those producers, have episodic or permanent surpluses to their own requirements, and they aim to obtain different goods with an equal value in return. Marx refers to this as "simple exchange" which implies what Frederick Engels calls "simple commodity