Fungible
The property an item of being exchangeable with other like items. For example, USD and Euros are fungible. The value of USD can be expressed in Euros.
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In economics, fungibility is the property of a good or a commodity whose individual units are essentially interchangeable and each of whose parts is indistinguishable from another part. Fungible tokens are the ones that can be exchanged or replaced; for example, a $100 note can easily be exchanged for twenty $5 bills. In contrast, non-fungible tokens cannot be exchanged in the same manner.
For example, gold is fungible since a specified amount of pure gold is equivalent to that same amount of pure gold, whether in the form of coins, ingots, or in other states, whereas a unique item such as gold fashioned into a statue by a famous artist would not be considered fungible. Other fungible commodities include sweet crude oil, company shares, bonds, other precious metals, and currencies.
Fungibility refers only to the equivalence and indistinguishability of each unit of a commodity with other units of the same commodity, and not to the exchange of one commodity for another.
