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1. Currency - money.

An object - such as a coin, banknote or digital equivalent - whose validity can be identified.

Invalid tokens include counterfeit physical currency.

Invalid physical tokens are ones that have already been spent.

The alternative to token-based money systems is an account-based system.

2. Authentication.

A physical item held by a user of a security system, as an element of identifying them and confirming their authority to use the system.

See also