Monies meaning4/30/2023 If people were to begin accepting basketballs as payment for most goods and services, basketballs would be money. When people use something as a medium of exchange, it becomes money. Money, ultimately, is defined by people and what they do. In Romania under Communist Party rule in the 1980s, for example, Kent cigarettes served as a medium of exchange the fact that they could be exchanged for other goods and services made them money. A medium of exchange is anything that is widely accepted as a means of payment. If cigarettes and mackerel can be used as money, then just what is money? Money is anything that serves as a medium of exchange. Define what is meant by the money supply and tell what is included in the Federal Reserve System’s two definitions of it (M1 and M2).Distinguish between commodity money and fiat money, giving examples of each.Define money and discuss its three basic functions.“money, moneys or monies, and moneyed or monied,” The Cambridge Guide to English Usage. “moneys monies.” Garner’s Modern American Usage, third edition. “When should ‘moneys’ be used, rather than ‘money’?” AP Stylebook website, Ask the Editor section. (subscription required, accessed August 15, 2014). “money,” Merriam-Webster Dictionary, online edition. Check and see what the convention is for your audience or publication.Ģ) Even though “monies” is the plural, I can’t imagine a sentence in which you’d ever need to talk about “a money,” but if you can prove me wrong, let me know on Twitter or Facebook. If you’re following a general style guide, they still usually recommend the “moneys” spelling, but if you’re a finance or legal writer or if you work for someone with a house style guide, you may want to use the “monies” spelling. So “monies” is here to stay whether you or I like it or not, and maybe it helps to know that it’s actually quite old: The first example of “moneys” in the Oxford English Dictionary is from 1384 in the Wycliffe Bible.ġ) You can spell the plural either way. It’s standard in legal and financial writing to use “monies” to describe “ discrete sums of money.” For example, they use “monies” to describe funds that are coming from multiple sources, so by saying “federal monies” you’re showing that it’s coming from more than one pot of federal money. To me, it seems like “money” would work in every case where I see the word “monies.” For example, one of the examples in Merriam-Webster reads, “Most of the project is being paid for by federal monies.” To my ear, it would work just as well and mean the same thing to say, “The project is being paid for with federal money,” but finance people tell me it actually does have a slightly different meaning. If you’ve listened to this podcast before, you know that most things don’t bother me, but I have to confess “monies” annoys me a bit. 'Monies': I Don’t Like It, but It’s Not Going Away The bigger question is since “money” is already a mass noun, why do we need “monies” no matter how we spell it? Both Garner and The Cambridge Guide to English Usage explain that “monies” is usually used by legal or finance writers to talk about “individual sums” or “discrete sums” of money. Yet general usage in the UK and US is clearly in favor of ‘monies.’” It seems as if dictionaries and style guides are lagging actual usage, and I’m not the only person to notice. The Cambridge Guide to English Usage also notes that “‘Moneys’ is given preference over ‘monies’ in all dictionaries. The frequency of monies and moneys in Google Books over time.ĭictionaries and Style Guide Don’t Match Actual Usage In the early 1800s, the “-ies” spelling was most common, but the “-eys” spelling took over strongly until the mid-1970s. But since then, “monies” has become more popular in both books that Google has scanned and in the “New York Times.” The magazine “The Economist” also appears to favor the “monies” spelling. The most popular spelling of “monies/moneys” has varied dramatically over the last 200 years. Garner’s Modern English Usage and the AP Stylebook both say “moneys” is the better spelling, but it’s not nearly as clear when you go look at what publications are actually using. The “-ies” spelling always looks like it should be pronounced “monies” to me because it looks like “ponies” with an M, and then I think of Billy Idol, but that’s just my problem. You’d never say “a money.” But the word does have two acceptable plurals: “moneys” and “monies.”
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