The function performed by money when it acts as a means of exchange in the circulation of commodities. The function of money as a measure of value is the precondition for its function as a means of circulation, while its function as a means of circulation is a development of its function as a measure of value. As a measure of value, money gives a uniform money expression to the value of a commodity. As a means of circulation, money allows the producer of commodities to first appear as a seller, realize the value of his commodities, and complete the first metamorphosis in the circulation of commodities, i.e., the commodity–money transformation (C–M). He then appears as a buyer, buys the commodities it needs with money, and accomplishes the second metamorphosis in the circulation of commodities, i.e., the money–commodity transformation (M–C). The entire change of form in the circulation of commodities, i.e., Commodity–Money–Commodity (C–M–C), is accomplished by relying on the mediating role of money, i.e., its function as a means of circulation…
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