As an option's expiration date approaches only its moneyness has value.
(economics, banking) The degree to which an asset approximates cash in its ready liquidity and the low transactions costs in realizing that liquidity.
In good times everything seems to have moneyness; in bad times, some money doesn't have much moneyness.
2004, Peter Joseph Drake, Currency, Credit and Commerce: Early Growth in Southeast Asia, page 98
It is this undiscriminating acceptability which confers 'moneyness' on some things, regardless of the fact that others may also serve such subsidiary money functions as being a store of value or unit of account.