Social Sciences and the Law

Does America use fiat money?

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In fact, contemporary American money is essentially fiat money. All Federal Reserve notes and most circulating coins are money because the government says they are, not because they are backed by precious metals.

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Get more facts and information about fiat money . Or, view the full encyclopedia entry from The Columbia Encyclopedia, Sixth Edition.

Similar questions: What makes Federal Reserve notes fiat money? Is American money backed by gold? Are Federal Reserve notes fiat money? [ Hide these questions ]

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