That "backing" is nonsensical. A currency is a proxy for the wealth in an economy. All that using gold or silver to "back" it does is cause the price of that co

That "backing" is nonsensical. A currency is a proxy for the wealth in an economy. All that using gold or silver to "back" it does is cause the price of that commodity to rise to reflect the size of the entire economy. As such, the "intrinsic" value of the commodity is irrelevant - it may as well be paper. Which is why that's what it now is.