This chapter investigates the process through which asset prices are determined in monetary economies. Here, fiat money is viewed as an asset when situated within a monetary economy. Though its fundamental value is zero, fiat money appears to have positive value if there is limited enforcement and a lack of record-keeping. The presents study focuses on an environment void of money, but with a fixed supply of assets. It shows that just like fiat money, real assets can be used as a medium of exchange in decentralized trades. Next, the chapter explores how inflation affects the pricing of assets within an environment that has a fixed supply of real assets. It also determines the possible value of assets by analyzing rate-of-return differences across assets as stemming from liquidity differences.