Roberston defined money as “anything which is widely accepted in payment for goods, or in discharge of other kinds of business obligations.”

Money is any object or reward that is generally accepted as payment for goods and services and repayment of debts in a given socio-economic context. The evolution of money has proved to be an unending and continuous process which can be seen from the fact that apart from the commodity money and metallic money, lately there is an emergence of paper money and a variety of other financial instruments. Money was brought into existence to over come the difficulties of barter, but in the process it has helped Economy in such a manner that its use has become indispensable. It has helped the economy in acquiring those complex features without which the latter could not develop.

Money perform its role as a:

1. Medium of Exchange: This medium of exchange function is one of the most important and oldest functions of money. Money works as a medium of exchange. Money has a generalized purchasing power. Money is used as medium of exchange; where it is earned by selling ones goods and services and used to buy another set of goods and services. 

2. Store of Value: Money serves as a store of value because it is easy to spend and easy to store. By performing the function of store of value, the money provides security to individuals to meet unpredictable contingencies and to pay debt that are in terms of money. Money has a unique nature of durability and stability in value; thus it can be stored for a long time. This has introduced in people, a trend of making savings from the incomes for future purposes.