Knapp's State Theory of Money quick summary (leaving aside exchange section): 1-There are /= payment systems ("pay-society") that may or may not use the same unit of account (UA) & means of payments (MP). Banks & state are two main ones.The state has"the oldest society of payers"
2-"Money always signifies a Chartal means of payment", Charta = token/ticket defined by law. Banks issue private chartal means of payment, the state issues its own. They circulate by tale ("chartality") instead of weight ("pensatory")
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