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Money substitutes because they are redeemable at par, on-demand in currency and thus perfect substitutes for currency in one's cash holdings.
When the Panic of 1907 struck San Francisco, the Bank of Italy was able to continue issuing currency and paying gold on demand, surviving while many other banks went under.
Brazil's currency -- the real -- strenghtened on demand for Brazilian bonds, and demand for Brazil as a growth market from big multinationals and investors looking to build the country up not only for the FIFA World Cup in 2014 and the Summer Olympics in 2016, but also the general corporate belief that the BRIC countries will be the world's growth engine sooner rather than later.
An orthodox currency board issues notes and coins convertible on demand into a foreign anchor currency at a fixed rate of exchange.
The value of the currency can vary wildly, depending on demand, just as the value of Impressionist paintings, vintage baseball cards, rare stamps, or other collectibles can vary.
In practice, the requirement to deliver a reliable international reserve currency (such as British pounds) on demand has served much the same purpose, but many think gold bullion redeemability would be much better.
The Federal Reserve, via the largely passive issuance of currency: the issuance of Federal Reserve notes, created when the public chooses to redeem their on-demand bank-issued deposit liabilities for currency.
These notes and coins are backed with a minimum of 100% (up to a maximum of 110%) of foreign reserve currency, and they are fully convertible into the reserve currency at a fixed exchange rate on demand.
De jure convertibility is merely the promise on the part of the issuer to make the trade itself, on demand, of its currency for gold.
