Extrinsic value is value which arises because of an agreement: Although the intrinsic value

Value (economics)

An economic value is the worth of a good or service as determined by the market.The economic value of a good or service has puzzled economists since the beginning of the discipline. First, economists tried to estimate the value of a good to an individual alone, and extend that definition to goods...

 of a €100 note

Currency

In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...

 is not much more than the value of any similar piece of paper with a comparable graphic on it, it has a practical value (an extrinsic value) of €100. This type of value is regularly associated with Representative money

Representative money

The term representative money has been used variously to mean:*a claim on a commodity, for example gold certificates or silver certificates. In this sense it may be called 'commodity-backed money'....

. If its issuing authority were to fail to honor the note's value, it would soon become nearly worthless.