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Fungibility (Noun)

The quality of being capable of exchange or interchange.

Nouns denoting attributes of people and objects.

The fungibility of the dollar bill means that one bill is as good as another, regardless of the serial number or condition.
Because of the fungibility of commodities like oil and gold, transactions can be easily settled through various means, such as futures contracts or physical delivery.
In law, fungibility has significant implications, particularly in civil suits, where it may determine whether a damaged or lost asset can be replaced with an identical good.
Cryptocurrencies lack fungibility if they can be traced back to prior transactions, as the history of an asset may affect its value or usability.
Due to the fungibility of debt instruments, an issuer can usually replace a lost, stolen or destroyed security certificate without affecting the terms of the deal.