fiat money

1. 1.

   money that the government declares to be legal tender although it cannot be converted into standard specie

   Broaderpaper money

Questions about fiat money

What does fiat money mean?

fiat money means "money that the government declares to be legal tender although it cannot be converted into standard specie".

Is fiat money a common word?

fiat money is banded "Rare" — specialist or archaic — most readers will not have met it. The band comes from how often the word appears in a large corpus of everyday English, not from an editor's impression.