Abstract: This chapter provides details about various aspects and factors related to standard of value. Standard of value is a common denominator or unit of account in terms of which the prices of goods and services are regularly measured and expressed. Magnitudes of value can be compared by expressing them as a fraction or a multiple of the units concerned. A standard of value is a unit in which prices are apt to be quoted also independently of any actual exchange transaction. According to the metalist theory a standard of value must have an intrinsic value of its own. In modern monetary experience inconvertible paper money is used in almost every country as a standard of value, even though it has no intrinsic value. Barter may be conducted with or without the aid of a standard of value. Many communities continued, however, to barter on the basis of their standard of value not by necessity but by choice. In primitive communities the employment of a standard of value, as that of a medium of exchange, is not necessarily universal.