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Extrinsic value is value which arises because of an agreement: Although the intrinsic value of a €100 note is not much more than the value of any similar piece of paper with a comparable graphic on it, it has a practical value (an extrinsic value) of €100. This type of value is regularly associated with Representative money. If its issuing authority were to fail to honor the note's value, it would soon become nearly worthless.
Such value as is placed in such items may be viewed as essentially a psychological event which can be affected by phenomena of interest to psychologists, such as conformity, fads and fashion, group processes and mass media etc