How does a government declaration make paper or metal count as money in John Searle’s account?

In John Searle’s philosophy, social reality is constructed through collective intentions, often expressed by the formula "X counts as Y in context C." According to this account, money is an objective social fact created when individuals collectively intend to treat certain physical objects—such as pieces of paper or metal—as having the status of money.1

This process relies on a declaration by an appropriate governmental authority. By issuing these items and establishing the context in which they are used, the government facilitates the collective agreement that these specific materials "count as" currency. This is a form of a speech act, specifically a declaration, which functions to create a new social status for the physical objects involved. Through this shared "we-intention," the paper or metal transcends its physical properties to become a functional part of the economic institution of money.123