Which of the following is NOT typically found in M1?

The concept of M1 refers to the most liquid forms of money in the economy. This includes cash, checking account deposits, traveler's checks, and other forms of money that can be quickly converted into cash or used for payment.

Currency in circulation is a vital part of M1 as it includes all paper currency and coins in the hands of the public, making it directly accessible for transactions. Checking account balances are also included in M1 since these funds can be easily accessed for spending through checks or debit cards. Traveler’s checks, while less popular today, also qualify as part of M1 because they can be used directly for transactions without needing to be converted to cash first.

Savings accounts, on the other hand, are not considered part of M1. Instead, they fall into broader measures of money supply such as M2, which includes M1 as well as savings deposits and other types of time deposits. This categorization distinguishes between money that is readily available for day-to-day transactions and money that might require some time or effort to convert to cash for immediate use.