What does fiat money mean?
Definitions for fiat money
fi·at mon·ey
This dictionary definitions page includes all the possible meanings, example usage and translations of the word fiat money.
Princeton's WordNet
fiat moneynoun
money that the government declares to be legal tender although it cannot be converted into standard specie
Wiktionary
fiat moneynoun
Money that is given legal value or made legal tender for money debts by government fiat.
Wikipedia
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.
ChatGPT
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".
Wikidata
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
Numerology
Chaldean Numerology
The numerical value of fiat money in Chaldean Numerology is: 9
Pythagorean Numerology
The numerical value of fiat money in Pythagorean Numerology is: 9
Translations for fiat money
From our Multilingual Translation Dictionary
- dinero de FíatSpanish
- monnaie fiduciaireFrench
- denaro fiatItalian
- fiat mihi pecuniaLatin
- moeda fiduciáriaPortuguese
- ఫియట్ డబ్బుTelugu
- fiat parasıTurkish
- đồng tiềnVietnamese
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"fiat money." Definitions.net. STANDS4 LLC, 2024. Web. 25 Apr. 2024. <https://www.definitions.net/definition/fiat+money>.
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