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Per Rev. Rul. 74-218, the word "currency" simply refers to the medium of exchange. It...

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Accounting

Per Rev. Rul. 74-218, the word "currency" simply refers to the medium of exchange. It can be, and generally is, an asset or property. In general practice, the terms "money," "currency," and "cash," are interchangeable. The underlying concept behind all of those terms is that the item that represents the money or currency--that is, the piece of paper or the coin--does not have value other than purely as a medium of exchange. If a coin begins to take on value other than as a medium of exchange, it is no longer generally regarded only as currency or money.

Assume that you work for the U.S. House Ways and Means Committee, and the Committee wants to create a new codified definition of currency. The Committee wants ideas for a new such definition. Please come up with a new definition and explain why your new definition would be better.

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