BANKING AFFAIRS

Detailed explanation-1: -Uniformity. Every bill and coin of the same value needs to look the same. Money must be uniform in that one $20.00 bill and another $20.00 bill must be able to buy the same thing.

Detailed explanation-2: -Using a variety of items as money would be confusing. Thus, societies develop a uniform money system to measure the value of goods and services. For money to be acceptable, it must function as a medium of exchange, as a standard of value, and as a store of value.

Detailed explanation-3: -The characteristics of money are durability, portability, divisibility, uniformity, limited supply, and acceptability.

Detailed explanation-4: -Uniformity of money Uniformity means that all versions of the same denomination of currency must have the same purchasing power. For example, an old $2 bill will still buy $2 worth of goods or services nowadays.