2 ms·
You're describing fiat currency, a subset of currency. Historically, a nation state is not a prerequisite for currencies to exist.
by programmarchy 10y ago
You're describing fiat currency, a subset of currency. Historically, a nation state is not a prerequisite for currencies to exist.
- dragonwriter 10y agoActually, GP is discussing legal tender, which is not the same thing as fiat currency. Commodity (both specie or representational) currencies have historically been legal tender, in addition to fiat money (which is the modern norm for legal tender.)
- bogomipz 10y agoAgreed, I actually checked investoepdia and a government issue seems to be part of the agreed upon "modern" definition it seems.