Does commodity money eliminate the indeterminacy of equilibrium?

Previous studies have shown that a random-matching model with divisible at money and without constraint on agents' money inventories possesses a continuum of stationary single-price equilibria. Wallace [10] conjectures that the indeterminacy can be eliminated by the use of commodity money. Instead, I nd that in a similar random-matching model with dividend-yielding commodity money, a continuum of stationary single-price equilibria exists when the utility of dividend is not too high. This result casts doubt on the conventional belief that the indeterminacy of monetary equilibrium is caused only by the nominal nature of money.