Which of the following is an example of representative money rather than commodity money?

Introduction / Context:
This question is from the basics of money and banking in economics. It distinguishes between commodity money, which has intrinsic value, and representative money, which represents a claim on some commodity or deposit but does not have high intrinsic value itself. Understanding this difference is important to grasp how modern money and banking systems evolved.

Given Data / Assumptions:

• The task is to identify which item listed is representative money.
• Options include salt, land, gold, a check, and silver coins.
• Representative money should stand for a claim on value rather than be valuable mainly as a physical commodity.

Concept / Approach:
Commodity money is money whose value comes from the material it is made of, such as gold or silver coins, cattle, or salt. Representative money, by contrast, consists of tokens, paper notes, or documents that can be exchanged for a fixed quantity of a commodity or for bank deposits. A check is a written order directing a bank to pay a specified amount from the drawer's account to a specified person. The check itself has no intrinsic value, but it represents a claim on deposited money, so it is a classic example of representative money.

Step-by-Step Solution:
Step 1: Identify which options are commodities with intrinsic value. Salt, land, gold, and silver coins all have inherent value or direct use.Step 2: Recognise that a check is a piece of paper with almost no intrinsic value.Step 3: Understand that the value of a check comes from what it represents, namely a claim on the drawer's bank account.Step 4: Representative money is defined as something that represents a claim to money or commodities rather than being inherently valuable.Step 5: Therefore, the item that best fits representative money is a check.

Verification / Alternative Check:
If you think about how you would pay using each item, gold and silver coins can directly be melted or used as jewellery, and land has direct productive use, which are features of commodities. A check, however, needs to be presented at a bank in order to be converted into currency or deposited, and on its own it cannot be consumed or used in production. This confirms that it functions as a representation of underlying value, consistent with representative money.

Why Other Options Are Wrong:
Salt has historically been used as commodity money in some societies because it can be consumed and has direct value. A tract of land has intrinsic value as a productive asset and is not merely a representation of money. Gold and silver coins are classic examples of commodity money because their value is tied to the precious metal content. They are not representative money, even though modern paper money may once have been convertible into such metals.

Common Pitfalls:
Students sometimes confuse paper currency, which is fiat money, with representative money, and then incorrectly try to place metal coins in the same category. Another common error is to think that anything written on paper, including government bonds or checks, is simply \"paper money\" and not understand that a check is a claim on bank deposits. Clarity about definitions of commodity, representative, fiat, and credit money helps avoid such mistakes.

Final Answer:
The correct example of representative money among the given options is a check, because it represents a claim on deposited funds rather than having significant intrinsic value itself.