adjective Law.
(especially of goods) being of such nature or kind as to be freely exchangeable or replaceable, in whole or in part, for another of like nature or kind.

1755–65; < Medieval Latin fungibilis, equivalent to Latin fung(ī) to perform the office of + -ibilis -ible

fungibility, noun
nonfungible, adjective
unfungible, adjective

frangible, fungible. Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
fungible (ˈfʌndʒɪbəl)
1.  (often plural) moveable perishable goods of a sort that may be estimated by number or weight, such as grain, wine, etc
2.  having the nature or quality of fungibles
[C18: from Medieval Latin fungibilis, from Latin fungī to perform; see function]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Word Origin & History

1765 (n.), 1818 (adj.), a word in law originally, from M.L. fungibilis, from fungi "perform," as in fungi vice "to take the place" (see function).
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
It works because all of the input factors necessary to innovation are here, and
  fully fungible.
But other less fungible or reproducible aspects of content cannot easily be
  instantiated or transferred.
Gold is portable, fungible, can be a unit of currency and of storage of wealth.
The industry's heavyweights, too, are working to make computing more fungible.
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