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{{a|glossary|}}Entirely interchangeable. In the context of [[securities]], being of the same issue, and having the same securities identification number. The same, but not, if you see, the ''same''. | {{a|glossary|}}Entirely interchangeable. In the context of [[securities]], being of the same issue, and having the same securities identification number. The same, but not, if you see, the ''same''. | ||
*'''Fungible''': Individual securities comprising part of a single series (and having a the same [[ISIN]] ''are'' fungible with each other. | *'''Fungible''': Individual securities comprising part of a single series (and having a the same [[ISIN]] ''are'' fungible with each other. | ||
There is a great divide in the bedeviling pedantry of law, the between things that are the ''same'' but somehow, over a period of time, ''different'', and things that are ''different'' but nonetheless at a given point in time, precisely the same. [[Amend]]ment describes that first class; [[fungibility]] the second. | There is a great divide in the bedeviling pedantry of law, the between things that are the ''same'' but somehow, over a period of time, ''different'', and things that are ''different'' but nonetheless at a given point in time, precisely the same. [[Amend]]ment describes that first class; [[fungibility]] the second. | ||
*'''''Not'' fungible''': Securities from different series, even if issued by the same issuer, are ''not'' fungible with each other. | |||
*'''[[Non-fungible|''Non''-fungible]]''': Tokenised representations of meritless gobbets of intellectual property (Banksy prints, memes, tweets etc.) that are created on a [[blockchain]] and sold to stupids are unique, by design, representations of the empty set. ''This'' picture with the lens cap on is different from ''that'' picture with the lens cap on. | |||
===Definition=== | ===Definition=== | ||
Assets are fungible where their nature allows them to be replaced in whole or in part with other assets of a like nature. However, it applies only to the equivalence of each unit of a commodity with other units of the same commodity. Fungibility does not describe or relate to any exchange of one commodity for some other, different commodity. | Assets are fungible where their nature allows them to be replaced in whole or in part with other assets of a like nature. However, it applies only to the equivalence of each unit of a commodity with other units of the same commodity. Fungibility does not describe or relate to any exchange of one commodity for some other, different commodity. | ||