 Favourite examples of collective acceptance theorists are money, political authorities, and, most importantly for our concerns here, so-called status roles. Thus Tuomela says (2007: 183): “‘performative’ collective acceptance must have been in place for squirrel pelt to become money.” And Searle says (2010: 101): “But when we count pieces of paper of a particular sort as twenty-dollar bills we are making them twenty dollar bills by Declaration. The Declaration makes something the case by counting it as, that, by declaring it to be, the case.” The problem with this view of money (in its role purely as a medium of exchange) is that Tuomela’s invocation of performatives and Searle’s invocation of declaratives seem unnecessary. The fact that squirrel pelts, shells or bit of inked paper are used as mediums of exchange is sufficient for them to be money. For a squirrel pelt to count as money or to be treated as money or to be collectively accepted as money is just for it to be used as a medium of exchange. The notion of collective acceptance either collapses into regular, interdependent, use or it is superfluous. Nor do such informal exchange systems necessarily generate deontic properties; if your squirrel pelt is refused as a medium of exchange by someone then your expectation (in the sense of belief with respect to the future) has been dashed, but no institutional right has been violated (given the informal character of the arrangement). Of course it would add greatly to the stability of this arrangement if these pelts (or, more likely, bits of inked paper) were somehow authorised as an official medium of exchange, and if a (rule constituted) system of institutional rights and duties in relation to the exchange of these shells was introduced and enforced. However, such a deontological structure does not seem to be a necessary feature of the system of exchange (Miller 2001: 182; Guala 2016: 40). Naturally, it could be replied to this that, nevertheless, institutional rights and duties, as opposed to the underlying functionality of the arrangement, requires performatives and, specifically, declaratives. 