This paper examines the importance of ‘private cyber coins’ to the growth of efficiency in electronic commerce. ‘Private cyber coins’ such as portal cash, game money, and mileage point are new tokens issued by private companies including Internet portals. It is argued that private cyber coins have encouraged the efficiency in electronic commerce. The paper suggests that monetary freedom theory can be used to inform our understanding of the role of private cyber coins to the growth of efficiency. We suggest that private cyber coins are an essential element to the growth of efficiency through creating value and building relationship between entities.