(C) Colonists preferred to use bills issued by the Massachusetts Bay Colony. Your payee should Please explain, as I cant find a good answer anywhere online. So I don't understand how currency works and why we can't just print more money since it really isn't representative of anything of value. Representative money led to the use of fiat money-the type used in modern economies today. When this happens, it is particularly important for the representative payee to make plans to spend the money wisely. The difference between representative money and fiat money is that. Its value comes from being declared "legal tender"-an acceptable ⦠A risk because David Jolly has pledged to stop personally asking donors for money. In fact, the share small donors contribute relative to big money is declining . Why did American colonists have trouble redeeming Continentals, representative money backed by the Second Continental Congress? And that's not all. (A) There was a shortage of gold and silver. But it seems the American dollar is not a paper representation of the "money in the vault" no one goes to cash in their money in America. Many payees are unsure about how to use a large sum of money. Money takes various forms, such as coins, banknotes and the money that is held in savings and checking accounts. Instead, challengers likely chose to not invest much money because they already knew they would lose. Convertible Paper Money: It refers to the currency notes which are freely convertible into full-bodied money (gold or silver) at any time at the option of the holder. why Social Security has selected a representative payee to help you manage your money and how that affects you. Your representative payee may use the money to pay bills, buy food and clothing, save for your future, pay for your entertainment, or in any other manner that is in your best interest and for your benefit. Keep in mind, your obligation is that you use the money in the best interests of the beneficiary. Thatâs why politicians spend so much of their time not just trying to woo voters, but also raising money. Money and wealth are not synonymous because money refers to currency, which may not be an individualâs sole source of assets or wealth. A representative payee must use your payments for your support and care only. Although there could be other reasons, we usually decide you need a payee because we have information that indicates you need help in managing your money. Small donors are not yet giving enough to counter big money. Why Did the SSA Decide I Needed a Representative Payee? He sent a letter to Gov. Wolf asking why Congress steered over $300 million to Pennsylvania in April for COVID-response, while the state has only spent $2.5 million of ⦠Two units of the same type of money must be the same in terms of what they will buy, which is the principle of. In politics, money matters. representative money can be converted into silver or gold; fiat money cannot. 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