Money is a medium of exchange for products and services. There are at least three characteristics of money that must be present in order for money to be used by people in a society. One characteristic is that money must be accepted as a medium of exchange. This may be problematic with the LeBron James jersey. Another consideration with this concept is that a person must have confidence in the value of money. A LeBron James jersey might be valued by a sports fan or by a memorabilia collector. However, a person who isn’t interested in sports may have no interest in his jersey. Therefore, it may not be accepted in exchange for products and services.
The second characteristic of money is that is must be convenient. If something is hard to carry around, it isn’t convenient to use. The LeBron James jersey certainly wouldn’t be convenient to carry and therefore wouldn’t be an acceptable form of money.
The third characteristic of money is that it must be durable. It needs to be able to change hands often without wearing out or falling apart. The jersey might fit this description.
Thus, the jersey fails to be meet all of the characteristics of money. If all of the characteristics aren’t present, then the money won’t be accepted and won't be useful.
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