Negotiable Instrument - Order or Bearer Paper. Back to basics. Beyond underlying asset value, liquidity and safety premiums there is the fungibility premium...all effect the value of a 'paper' instrument. This is why the 'War on Terror', for example, was a triple whammy for the US dollar - it combined nonproductive deficit expenditures (impairing the underlying asset), sanctions (impairing safety) and FATCA and similar measures (impairing safety, liquidity and fungibility).

Negotiable Instrument - Order or Bearer Paper. Back to basics. Beyond underlying asset value, liquidity and safety premiums there is the fungibility premium...all effect the value of a 'paper' instrument. This is why the 'War on Terror', for example, was a triple whammy for the US dollar - it combined nonproductive deficit expenditures (impairing the underlying asset), sanctions (impairing safety) and FATCA and similar measures (impairing safety, liquidity and fungibility).