Definitions for fiat money
fi·at mon·ey

Princeton's WordNetRate this definition:0.0 / 0 votes

1. fiat moneynoun

   money that the government declares to be legal tender although it cannot be converted into standard specie

WiktionaryRate this definition:0.0 / 0 votes

1. fiat moneynoun

   Money that is given legal value or made legal tender for money debts by government fiat.

WikipediaRate this definition:0.0 / 0 votes

1. Fiat money

   Fiat money (from Latin: fiat, "let it be done") is a type of money that is not backed by any commodity such as gold or silver, and typically declared by a decree from the government to be legal tender. Throughout history, fiat money was sometimes issued by local banks and other institutions. In modern times, fiat money is generally established by government regulation. Fiat money does not have intrinsic value and does not have use value. It has value only because the people who use it as a medium of exchange agree on its value. They trust that it will be accepted by merchants and other people. Fiat money is an alternative to commodity money, which is a currency that has intrinsic value because it contains a precious metal such as gold or silver which is embedded in the coin. Fiat also differs from representative money, which is money that has intrinsic value because it is backed by and can be converted into a precious metal or another commodity. Fiat money can look similar to representative money (such as paper bills), but the former has no backing, while the latter represents a claim on a commodity (which can be redeemed to a greater or lesser extent).Government-issued fiat money banknotes were used first during the 11th century in China. Fiat money started to predominate during the 20th century. Since President Richard Nixon's decision to default on the US dollar convertibility to gold in 1971, a system of national fiat currencies has been used globally.

ChatGPTRate this definition:0.0 / 0 votes

1. fiat money

   Fiat money is a type of currency that is issued by a government and is not backed by a physical commodity like gold or silver. Its value is derived entirely from the trust and confidence of the people who use it, and it has value because a government maintains its value or because parties engaging in the exchange agree on its value. The term "fiat" comes from the Latin and means "let it be done" or "it shall be".

WikidataRate this definition:5.0 / 1 vote

1. Fiat money

   Fiat money is money that derives its value from government regulation or law. The term fiat currency is used when the fiat money is used as the main currency of the country. The term derives from the Latin fiat. Fiat money originated in 11th century China, and its use became widespread during the Yuan and Ming dynasties. During the 13th century, Marco Polo described the fiat money of the Yuan Dynasty in his book The Travels of Marco Polo. The Nixon Shock of 1971 ended the direct convertibility of the United States dollar to gold. Since then, all reserve currencies have been fiat currencies, including the U.S. dollar and the Euro.

Matched Categories

1. • Paper Money

How to pronounce fiat money?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say fiat money in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of fiat money in Chaldean Numerology is: 9

2. Pythagorean Numerology

   The numerical value of fiat money in Pythagorean Numerology is: 9

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=fiat money
2. ^ Wiktionary
   https://en.wiktionary.org/wiki/Fiat_Money
3. ^ Wikipedia
   https://en.wikipedia.org/wiki/Fiat_Money
4. ^ ChatGPT
   https://chat.openai.com
5. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=fiat money