4 ms·

Gold and silver coins are not fiat though.

• majormajor 5y ago
  How much actual gold has to be in your gold coin before it crosses from "gold" to "fiat"? You had "debased" coinage in Roman times, if not earlier.
  • Hendrikto 5y ago
    Does not matter as long as it‘s a fixed minimum.
• quickthrowman 5y ago
  Right, and basing the supply of currency on the amount of two metal elements we can mine out of the ground is insane.
  • Melio 5y ago
    It's part of history and not the only part of it. From Wikipedia: "Government-issued fiat money banknotes were used first during the 11th century in China"