Because of its universal acceptability gold is often mistakenly spoken of as free capital. Such is not the case, however, in the sense in which we have just used the word "free." Aside from its utilization in jewelry and watch cases and in dentistry we seldom in our everyday experiences see gold used as a capital good; compared with iron or copper the number of ways in which it can be utilized is small. For that reason it is specialized rather than free. It has, however, a high degree of exchangeability, since, as we have seen, it flows freely from hand to hand because it is universally desired.