Learn everything you need to know about fiat money, including its definition, history, how it works, expert insight, and common questions.

Debate over whether to define the dollar in gold or silver consumed the 19th century. It climaxed in the election of 1896, when voters rejected William Jennings Bryan’s inflationary platform of Free ...

The use of the gold standard was completely discarded in 1971, when the fiat currency replaced it. “After the gold standard was abandoned, the dollar became both money and currency.

The term "fiat currency" refers to money like the US dollar, euro, or yen, which aren't backed by a physical asset like gold but instead rely on governmental trust and authority. With Musk's brief ...