It is true that there are important differences between that money which plays the chief part in domestic trade, is the instrument of most exchanges, predominates in the dealings between consumers and sellers of consumption goods, and in loan transactions, and is recognized by the law as legal tender, and that money which is employed in relatively few transactions, is hardly ever used by consumers in their purchases, does not function as an instrument of loan operations, and is not legal tender. In popular opinion, the former money only is domestic money, the latter foreign money. Although we cannot accept this if we do not want to close the way to an understanding of the problem that occupies us, we must nevertheless emphasize that it has great significance in other connexions. Ludwig Von Mises
About This Quote

Adam Smith was a brilliant economist and a great thinker. He is best known for his book "The Wealth of Nations." This book focused on how people work together to create wealth in the world. He discusses the effects that money has on society and how it affects the economy. In this quote, he speaks about the difference between domestic and foreign money.

Of course, domestic money is money that is used within the country, such as the US dollar. Foreign money is money that is used outside of your home country, such as British Pounds or Canadian Dollars. It’s important to note that foreign money can be used in any country and domestic money can be used only in your home country (not even to another state).

Source: The Theory Of Money And Credit

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