Fungibility is the interchangeable nature of something, like the fungibility of money — you can trade a ten dollar bill for two fives, and you've still got the same amount of cash.

The noun fungibility is most often used in economics, to talk about money, gold, stocks, bonds — any commodity or good whose individual units can be swapped or exchanged evenly. Gold's fungibility means that you can trade a nugget for a gold coin, as long as both contain the same amount of gold. The Latin root is the phrase fungi vice, "serve in place of."

Definitions of fungibility
  1. noun
    the quality of being capable of exchange or interchange
    synonyms: exchangeability, interchangeability, interchangeableness
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    the quality of being incapable of exchange or interchange
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    (geometry) the interchangeability of the roles of points and planes in the theorems of projective geometry
    the quality of being transferable or exchangeable
    the quality of being exchangeable (especially the ability to convert a currency into gold or other currencies without restriction)
    the quality of not being exchangeable
    commutability, replaceability, substitutability
    exchangeability by virtue of being replaceable
    being in cash or easily convertible to cash; debt paying ability
    permutability, permutableness, transposability
    ability to change sequence
    type of:
    changeability, changeableness
    the quality of being changeable; having a marked tendency to change
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