medium of exchange

noun
anything generally accepted as representing a standard of value and exchangeable for goods or services.

Origin:
1730–40

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
medium of exchange
 
n
anything acceptable as a measure of value and a standard of exchange for goods and services in a particular country, region, etc

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Example sentences
We have the technology to move to a more efficient, convenient, freely flowing
  medium of exchange.
As a medium of exchange, it functions as a public utility, similar to public
  roads.
And since the yuan is already a good store of value, it will soon also become a
  medium of exchange.
Money can only be used as an accepted medium of exchange or an instrument of
  calculation.
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