In commodity theories of money that shape the prevalent view of money among users, the latter is a stock of limited quantity. In this view, money is a pure asset issued by the state, where credit involves transfer of cash from the lender to the borrower, and wealth consists in ownership of money. Supporters of Sovereign Money (also known as „Positive Money“ in the UK, and as „Vollgeld“ in Germany), take issue with the fact that the credit-based nature of the current monetary system is at odds with this view. They see a number of problems resulting from this state of affairs, ranging from financial instability to lack of state control over inflation and investment. A reform towards Sovereign Money is envisaged in order to bring the monetary system in line with a commodity view of money. The chapter points out a number of theoretical flaws in the underlying concept and points towards significant problems of such a reform in achieving legitimacy.