The wealth in the money supply is virtual wealth

As a store of value, the value of token money corresponds to the value of real assets people are willing not to hold as a ratio of the supply of token money. Token money is a measure of the willingness not to hold real assets because real assets have carrying (storage) costs while token money pays interest. 

Wt = Wr + Wf – total wealth equals the aggregate of real assets plus the aggregate of the money supply. 

The wealth that is stored in the money supply is virtual wealth. From a national perspective, it is unearned because it can be generated at will by the seignior, the privilege of the national authority.