The purpose of this paper is to analyse the economic and legal aspect of money. Money cannot be seen neither as a pure economic or a legal phenomenon, but a common consent is required so that a cultural entity would accept the purpose of money. Though money has always had its legal and economic point of view, initially social and economic aspect of it was more considerable. Looking back in the history, there has been numerous situations where various states interfered in order to preserve the value of their monetary units, which ultimately led to a development of the "grey market" that continued to exist influenced but market's demand and supply and not diminishing the importance of the legal money aspect. Since the importance of money in modern economy and society is not only economic, there comes a need to regulate the monetary system by legal acts and regulations, in order to fulfil the sovereignty of the state. Actually, it is about adapting to the needs of society and the economy for the purpose of its better efficiency. Money provides the opportunity for participants who cannot provide other goods with their appearance on the market, and as the most important function of money, we can identify considerable time and cost saving of the exchange itself.