Depends what is meant by being "fiat". Most people consider fiat to be government/state created money rather than just having no intrinsic value. 3 definitions

Depends what is meant by being "fiat". Most people consider fiat to be government/state created money rather than just having no intrinsic value. 3 definitions listed here: http://en.wikipedia.org/wiki/Fiat_money http://en.wikipedia.org/wiki/Fiat_money I think the intrinsic value argument is pointless. Gold for example, has some value outside of it being a medium of exchange, but the price of gold is very divorced from its usefulness in industry or its attractiveness so the fact that it has "intrinsic" value doesn't mean much.