Fiat money

Fiat money is a currency (a medium of exchange) made as money, often by government laws. Fiat money does not have value. It has value only because a government gives its value, or because parties are taking part in exchange agree on its value.^[1] It was used as an alternative to commodity money.^[2]

Fiat Money Media

Song dynasty Jiaozi, the world's earliest paper money.

References

↑ Goldberg, Dror. Famous Myths of "Fiat Money". Journal of Money, Credit and Banking 37 (5) (2005). p. 957–967. doi:10.1353/mcb.2005.0052.
↑ Walsh, Carl E.. Monetary Theory and Policy (2003)The MIT Press. ISBN 978-0-262-23231-9.

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[1] Goldberg, Dror. Famous Myths of "Fiat Money". Journal of Money, Credit and Banking 37 (5) (2005). p. 957–967. doi:10.1353/mcb.2005.0052.

[Walsh_2003-2] Walsh, Carl E.. Monetary Theory and Policy (2003)The MIT Press. ISBN 978-0-262-23231-9.

[1]

[2]