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Economists differentiate among three different types of money: commodity money, fiat money, and bank money. Commodity money is a good whose value serves as the value of money. Gold coins are an example of commodity money. In most countries, commodity money has been replaced with fiat money.

While there are some situations where it may make sense to use DCCs, it's usually better to pay in the local currency – especially if you use a credit card that doesn't charge foreign transaction fees.

The authorization currency is the native currency of a transaction and is directly related to the currency in use at the location where the transaction takes place. Conversion between currencies may take place later to properly fulfill the requirements of the transaction.

One can classify currencies into three monetary systems: fiat money, commodity money, and representative money, depending on what guarantees a currency's value (the economy at large vs. the government's physical metal reserves).

To summarize, money has taken many forms through the ages, but money consistently has three functions: store of value, unit of account, and medium of exchange. Modern economies use fiat money-money that is neither a commodity nor represented or "backed" by a commodity.

1a(7). (m) Currency. The coin and paper money of the United States or of any other country that is designated as legal tender and that circulates and is customarily used and accepted as a medium of exchange in the country of issuance. Currency includes U.S. silver certificates, U.S. notes and Federal Reserve notes.

Currency: the type of currency used in the reservation. All the prices for this hotel will use this currency; reservations will be displayed and made using this currency. Currency can be added by using the available Manage Currency option.

Currency types specify what the currency is being used for. The currency key (e.g., EUR, USD, etc.) that is assigned to a currency type is configured in different ways, depending on the function of the currency type.