Fungible Goods

Summary of Fungible Goods

Goods of a given type or class, any unit of which is interchangeable with any other unit and would be equally acceptable in settling obligations denominated in terms of the commodity. For example, corn is fungible in that one bushel of corn of a given grade is interchangeable on an equal footing with any other bushel of corn of a like grade.

(Main Author: William J. Miller)