CFDP Revision Date
Gold and tobacco have both been used as money. One diﬀerence between the two is that gold yields utility, on account of its beauty, without diminishing its quantity. Tobacco yields utility when it is consumed. If this were the only diﬀerence, which would be the better money?
Dubey, Pradeep; Geanakoplos, John; and Shubik, Martin, "Is Gold an Efficient Store of Value?" (1992). Cowles Foundation Discussion Papers. 1274.