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Fiat money is a type of government issued currency that is not backed by a precious metal, such as gold or silver, nor by any other tangible asset or commodity.Fiat currency is typically designated by the issuing government to be legal tender, and is authorized by government regulation.
The alternative to a commodity money system is fiat money which is defined by a central bank and government law as legal tender even if it has no intrinsic value. Originally fiat money was paper currency or base metal coinage, but in modern economies it mainly exists as data such as bank balances and records of credit or debit card purchases, [3] and the fraction that exists as notes and coins ...
A currency is a kind of money and medium of exchange.Currency includes paper, cotton, or polymer banknotes and metal coins.States generally have a monopoly on the issuing of currency, although some states share currencies with other states.
The value of Legal Tender Greenbacks swung wildly but trading was from 85 to 33 cents on the gold dollar. [citation needed] This resulted in a situation in which the greenback "Legal Tender" notes of 1862 were fiat, and so gold and silver were held, and paper circulated at a discount because of Gresham's law. The 1861 Demand Notes were a huge ...
A United States Note, also known as a Legal Tender Note, is a type of paper money that was issued from 1862 to 1971 in the United States. Having been current for 109 years, they were issued for longer than any other form of U.S. paper money other than the currently issued Federal Reserve Note .
That manipulation cannot be manufactured in the same way since Bitcoin is limited to only 21 million coins, providing an alternative to the fiat money system.”
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This note is a legal tender for all debts, public and private, except duties on imports and interest on the public debt, and is exchangeable for the U.S. six percent twenty-year bonds, redeemable at the pleasure of the United States after five years.