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Showing posts from November, 2022

Closet Currency: Let's Keep It Real

Today, I learned a new term from an Instagram post by @ebaywatches. That term is "closet currency." No, this doesn't refer to someone stacking bills in some dark corner of their wardrobe. Instead, closet currency is the value that is stored in items that you put in your closet. At least, that's what I think it means. I arrived at this conclusion since eBay's post featured YouTuber Jose Zeniga describing the monetary value of different luxury watches. Zeniga also described a "luxury exchange" that eBay set up in NYC. In essence, you could take something out of your closet, go to the exchange, get an appraisal value, and then use your item and its appraisal to purchase another item that was available on the exchange. The formal definition of money is anything that is generally accepted as payment. In essense, eBay set up a NYC micro-economy in which almost any closet item could be used as money. Money is actually a pretty complex topic. It took a lo