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Fungibility is the property of a good or a commodity whose individual units are capable of mutual substitution. That is, it is the property of essences or goods which are "capable of being substituted in place of one another." For example, since one ounce of gold is equivalent to any other ounce of gold, gold is fungible. Other fungible commodities include sweet crude oil, company shares, bonds, precious metals, and currencies. Fungibility refers only to the equivalence of each unit of a commodity with other units of the same commodity. Fungibility does not relate to the exchange of one commodity for another different commodity. The word comes from Latin ''fungibilis'' from ''fungī'', meaning "to perform", related to "function" and "defunct". ==Fungibility versus liquidity== Fungibility〔(Understanding Derivatives )〕 is different from liquidity. A good is liquid if it can be easily exchanged for money or another different good. A good is fungible if one unit of the good is substantially equivalent to another unit of the ''same'' good of the same quality at the same time and place. Examples: * Cash is fungible: one US$10 bank note is interchangeable with another. It is also interchangeable with two $5s, ten $1s, and other combinations. * Different issues of a government bond (maybe issued at different times) are fungible with one another if they carry precisely the same rights and any of them is equally acceptable in settlement of a trade. * Diamonds are not perfectly fungible because diamonds' varying cuts, colors, grades, and sizes make it difficult to find many diamonds with the same cut, color, grade, and size. * Packaged products on a retail shelf are fungible if they are of the same type. Customers and clerks can interchange packages freely until purchase, and sometimes afterward. When the customer opens the package and uses the product, however, it is usually considered unique and no longer interchangeable with unopened packages unless there is some customer service issue, such as a return or exchange. Even then, the customer might consider a swap with a trusted friend who also buys the same product. Fungibility does not imply liquidity, and ''vice versa''. Diamonds can be readily bought and sold (the trade is liquid) but individual diamonds, being unique, are not interchangeable (diamonds are not fungible). Indian rupee bank notes are mutually interchangeable in London (they are fungible there) but they are not easily traded there (they cannot be spent in London). In contrast to diamonds, gold coins of the same grade and weight are fungible, as well as liquid. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Fungibility」の詳細全文を読む スポンサード リンク
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