circulating medium

noun
1.
any coin or note passing, without endorsement, as a medium of exchange.
2.
such coins or notes collectively.

Origin:
1790–1800

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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Collins
World English Dictionary
circulating medium
 
n
finance currency serving as a medium of exchange

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Example sentences
Air is used instead of a drilling mud as the circulating medium to cool the bit
  and remove the bit-drilled cuttings from the hole.
If air is the circulating medium to be employed there are additional
  requirements that come into play.
The country must be safeguarded against the overexpansion or unjust contraction
  of either credit or circulating medium.
Make such provisions now, that hereafter there be no diminution of the
  circulating medium of the country.
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