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Fiatmoney
FromWikipedia,thefreeencyclopedia

Fiatmoneyiscurrencywhichderivesitsvaluefromgovernment
regulationorlaw.ThetermderivesfromtheLatinfiat("letitbe
done","itshallbe").[1]Itdiffersfromcommoditymoneyand
representativemoney.Commoditymoneyiscreatedfromagood,
oftenapreciousmetalsuchasgoldorsilver,whichhasuses
otherthanasamediumofexchange(suchagoodiscalleda
commodity),whilerepresentativemoneysimplyrepresentsa
claimonsuchagood.[2][3][4]
ThefirstuseoffiatmoneywasrecordedinChinaaround1000
AD.Sincethen,ithasbeenusedcontinuouslybyvarious
countries,concurrentlywithcommoditycurrencies.

Yuandynastybanknotesarethe
earliestknownfiatmoney.

Contents
1 Definition
2 Treatmentineconomics
3 Preciousmetals
4 History
4.1 China
4.2 Europe
4.3 NewFrance16851770
4.4 18thand19thcentury
4.5 20thcentury
5 Moneycreationandregulation
6 Inflation
7 Lossofbacking
8 Seealso
9 References

Definition
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Fiatmoneyhasbeendefinedvariouslyas:
Anymoneydeclaredbyagovernmenttobelegaltender.[5]
Stateissuedmoneywhichisneitherconvertiblebylawtoanyotherthing,norfixedinvaluein
termsofanyobjectivestandard.[6]
Intrinsicallyvaluelessmoneyusedasmoneybecauseofgovernmentdecree.[2]
Whilegoldorsilverbackedrepresentativemoneyentailsthelegalrequirementthatthebankofissue
redeemitinfixedweightsofgoldorsilver,fiatmoney'svalueisunrelatedtothevalueofanyphysical
quantity.Acoinisfiatcurrencytotheextentitsfacevalue,valuedefinedinlaw,isgreaterthanits
marketvalueasmetal.[3]

Treatmentineconomics
Inmonetaryeconomics,fiatmoneyisanintrinsicallyuselessobjectorrecordthatiswidelyacceptedas
ameansofpayment.[3]Insomemicrofoundedmodelsofmoney,fiatmoneyiscreatedinternallyina
communitymakingfeasibletradesthatwouldnototherwisebepossible,eitherbecauseproducersand
consumersmaynotanonymouslywriteIOUs,orbecauseofphysicalconstraints.[7][8]

Preciousmetals
Circulatingsilvercoinsinthe1960sceasedtobeproducedcontainingthepreciousmetalwhentheface
valueofthecoinwasbelowthecostoftheelementalmetal.TheCoinageActof1965eliminatedsilver
fromthecirculatingdimesandquarterdollarsoftheUnitedStates,andmostothercountriesdidthe
samewiththeircoins.
TheCanadianpennywasmostlycopperuntil1996andwasremovedfromcirculationinthefall2012
duetothecostofproductionrelativetofacevalue.[9]
In2007theRoyalCanadianMintproducedamilliondollargoldbullioncoinandsoldfiveofthem.
Todayin2015,thegoldinthecoinsisworthmorethan3.5timesthefacevalue.[10]

History
China
Fiatmoneyoriginatedin11thcenturyChina,[11]anditsusebecamewidespreadduringtheYuanand
Mingdynasties.[12]
TheSongDynastyinChinawasthefirsttoissuepapermoney,jiaozi,aroundthe10thcenturyAD.
Althoughthenoteswerevaluedatacertainexchangerateforgold,silver,orsilk,conversionwasnever
allowedinpractice.Thenoteswereinitiallytoberedeemedafterthreeyears'service,tobereplacedby
newnotesfora3%servicecharge,but,asmoreofthemwereprintedwithoutnotesbeingretired,
inflationbecameevident.Thegovernmentmadeseveralattemptstosupportthepaperbydemanding
taxespartlyincurrencyandmakingotherlaws,butthedamagehadbeendone,andthenotesfelloutof
favor.[13]

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ThesuccessiveYuanDynastywasthefirstdynastyinChinatousepapercurrencyasthepredominant
circulatingmedium.ThefounderoftheYuanDynasty,KublaiKhan,issuedpapermoneyknownas
Chaoinhisreign.TheoriginalnotesduringtheYuanDynastywererestrictedinareaanddurationasin
theSongDynasty.
Duringthe13thcentury,MarcoPolodescribedthefiatmoneyoftheYuanDynastyinhisbookThe
TravelsofMarcoPolo.[14][15]

SongDynastyJiaozi,the
world'searliestpapermoney.

Allthesepiecesofpaperareissuedwithasmuchsolemnityandauthorityasiftheywereof
puregoldorsilver...andindeedeverybodytakesthemreadily,forwheresoeveraperson
maygothroughouttheGreatKaan'sdominionsheshallfindthesepiecesofpapercurrent,
andshallbeabletotransactallsalesandpurchasesofgoodsbymeansofthemjustaswell
asiftheywerecoinsofpuregold.
MarcoPolo,TheTravelsofMarcoPolo

Europe
TallystickswereemployedasfiatcurrencyinmedievalEnglandwhen,duetogoldshortage,HenryI
initiatedtheirusebytheExchequerinoraround1100royaltaxeshadtobepaidintallysticks.
WashingtonIrvingrecordsanemergencyuseofpapermoneybytheSpanishinasiegeduringthe
ConquestofGranada(14821492).In1661,JohanPalmstruchissuedthefirstregularpapermoneyinthe
West,underroyalcharterfromtheKingdomofSweden,throughanewinstitution,theBankof
Stockholm.Whilethisprivatepapercurrencywaslargelyafailure,theSwedishparliamenteventually
tookovertheissueofpapermoneyinthatcountry.By1745,itspapermoneywasinconvertibleto
specie,butacceptancewasmandatedbythegovernment.[16]Thisfiatcurrencydepreciatedsorapidly
thatby1776itreturnedtoasilverstandard.Fiatmoneyalsohasotherrootsin17thcenturyEurope,
havingbeenintroducedbytheBankofAmsterdamin1683.[17]
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NewFrance16851770
Mainarticle:CardMoneyinNewFrance
Seealso:HistoryoftheCanadadollar
In17thcenturyNewFrance,nowpartofCanada,theuniversallyacceptedmediumofexchangewasthe
beaverpelt.Asthecolonyexpanded,coinsfromFrancecametobewidelyused,buttherewasusuallya
shortageofFrenchcoins.In1685,thecolonialauthoritiesinNewFrancefoundthemselvesseriously
shortofmoney.AmilitaryexpeditionagainsttheIroquoishadgonebadlyandtaxrevenuesweredown,
reducinggovernmentmoneyreserves.Typically,whenshortoffunds,thegovernmentwouldsimply
delaypayingmerchantsforpurchases,butitwasnotsafetodelaythepaymentofsoldiersduetotherisk
ofmutiny.
JacquesdeMeulles,theIntendantofFinance,cameupwithaningeniousadhocsolutionthe
temporaryissuanceofpapermoneytopaythesoldiers,intheformofplayingcards.Heconfiscatedall
theplayingcardsinthecolony,cutthemupintopieces,wrotedenominationsonthepieces,signed
them,andissuedthemtothesoldiersaspayinlieuofgoldandsilver.Becauseofthechronicshortages
ofmoneyofalltypesinthecolonies,thesecardswerereadilyacceptedbymerchantsandthepublicand
circulatedfreelyatfacevalue.Itwasintendedtobepurelyatemporaryexpedient,anditwasnotuntil
yearslaterthatitsroleasamediumofexchangewasrecognized.Thefirstissueofplayingcardmoney
occurredinJune1685andwasredeemedthreemonthslater.However,theshortagesofcoinage
reoccurredandmoreissuesofcardmoneyweremadeinsubsequentyears.Becauseoftheirwide
acceptanceasmoneyandthegeneralshortageofmoneyinthecolony,manyoftheplayingcardswere
notredeemedbutcontinuedtocirculate,actingasausefulsubstituteforscarcegoldandsilvercoins
fromFrance.Eventually,theGovernorofNewFranceacknowledgedtheirusefulroleasacirculating
mediumofexchange.[18]
AsthefinancesoftheFrenchgovernmentdeterioratedbecauseofEuropeanwars,itreduceditsfinancial
supportforitscolonies,sothecolonialauthoritiesinCanadareliedmoreandmoreoncardmoney.By
1757,thegovernmenthaddiscontinuedallpaymentsincoinandpaymentsweremadeinpaperinstead.
InanapplicationofGreshamsLawbadmoneydrivesoutgoodpeoplehoardedgoldandsilver,
andusedpapermoneyinstead.ThecostsofthewarwiththeBritishledtorapidinflationinNewFrance.
FollowingtheBritishconquestin1760,thepapermoneybecamealmostworthless,butbusinessdidnot
cometoahaltbecausegoldandsilverthathadbeenhoardedcamebackintocirculation.Underthe
TreatyofParis(1763),theFrenchgovernmentagreedtoconverttheoutstandingcardmoneyinto
debentures,butwiththeFrenchgovernmentessentiallybankrupt,thesebondsfellintodefaultandby
1771theywereworthless.
TheRoyalCanadianMintstillissuesPlayingCardMoneyincommemorationofitshistory,butnowin
92.5%silverformwithgoldplateontheedge.Itthereforehasanintrinsicvaluewhichconsiderably
exceedsitsfiatvalue.[19]TheBankofCanadaandCanadianeconomistsoftenusethisearlyformof
papercurrencytoillustratethetruenatureofmoneyforCanadians.[18]

18thand19thcentury
AnearlyformoffiatcurrencyintheAmericanColonieswere"billsofcredit."[20]Provincial
governmentsproducednoteswhichwerefiatcurrency,withthepromisetoallowholderstopaytaxesin
thosenotes.Thenoteswereissuedtopaycurrentobligationsandcouldbecalledbylevyingtaxesata
latertime.[20]

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Adoptionof'GoldStandard'
(Papercurrencyconvertibleintogold)[21]
Country

Year

Britain

1821

Germany

1871

Sweden

1873

France

1874

Belgium

1874

Italy

1874

Switzerland

1874

Netherlands

1875

AustriaHungary

1892

Japan

1897

Russia

1898

USA(defacto)

1873

USA(dejure)

1900

Sincethenotesweredenominatedinthelocalunitofaccount,theywerecirculatedfrompersonto
personinnontaxtransactions.ThesetypesofnoteswereissuedparticularlyinPennsylvania,Virginia
andMassachusetts.Suchmoneywassoldatadiscountofsilver,whichthegovernmentwouldthen
spend,andwouldexpireatafixedpointintimelater.[20]
Billsofcredithavegeneratedsomecontroversyfromtheirinception.Thosewhohavewantedto
highlightthedangersofinflationhavefocusedonthecolonieswherethebillsofcreditdepreciatedmost
dramaticallyNewEnglandandtheCarolinas.[20]Thosewhohavewantedtodefendtheuseofbillsof
creditinthecolonieshavefocusedonthemiddlecolonies,whereinflationwaspractically
nonexistent.[20]
Colonialpowersconsciouslyintroducedfiatcurrenciesbackedbytaxes,e.g.huttaxesorpolltaxes,to
mobiliseeconomicresourcesintheirnewpossessions,atleastasatransitionalarrangement.The
purposeofsuchtaxeswaslaterservedbypropertytax.Therepeatedcycleofdeflationaryhardmoney,
followedbyinflationarypapermoneycontinuedthroughmuchofthe18thand19thcenturies.Often
nationswouldhavedualcurrencies,withpapertradingatsomediscounttospeciebackedmoney.
ExamplesincludetheContinentalissuedbytheU.S.CongressbeforetheConstitutionpaperversus
goldducatsinNapoleoniceraVienna,wherepaperoftentradedat100:1againstgoldtheSouthSea
Bubble,whichproducedbanknotesnotbackedbysufficientreservesandtheMississippiCompany
schemeofJohnLaw.
DuringtheAmericanCivilWar,theFederalGovernmentissuedUnitedStatesNotes,aformofpaper
fiatcurrencypopularlyknownas'greenbacks'.TheirissuewaslimitedbyCongressjustslightlyover
$340million.Duringthe1870s,withdrawalofthenotesfromcirculationwasopposedbytheUnited
StatesGreenbackParty.Theterm'fiatmoney'wasusedintheresolutionsofan1878party
convention.[22]
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20thcentury
AfterWorldWarI,governmentsandbanksgenerallystillpromisedtoconvertnotesandcoinsintotheir
underlyingnominalcommodity(redemptioninspecie)ondemand.However,thecostsofthewarand
therequiredrepairsandeconomicgrowthbasedongovernmentborrowingafterwardmadegovernments
suspendredemptioninspecie.Somegovernmentswerecarefulofavoidingsovereigndefaultbutnot
waryoftheconsequencesofpayingdebtsbyconsigningnewlyprintedcashwhichhadnometalbacked
standardtotheircreditors,whichledtohyperinflationforexamplethehyperinflationintheWeimar
Republic.
From1944to1971,theBrettonWoodsagreementfixedthevalueof35UnitedStatesdollarstoonetroy
ounceofgold.[23]OthercurrencieswerepeggedtotheU.S.dollaratfixedrates.TheU.S.promisedto
redeemdollarsingoldtoothercentralbanks.Tradeimbalanceswerecorrectedbygoldreserve
exchangesorbyloansfromtheInternationalMonetaryFund.
TheBrettonWoodssystemcollapsedinwhatbecameknownastheNixonShock.Thiswasaseriesof
economicmeasurestakenbyUnitedStatesPresidentRichardNixonin1971,includingunilaterally
cancelingthedirectconvertibilityoftheUnitedStatesdollartogold.Sincethen,asystemofnational
fiatmonieshasbeenusedglobally,withfreelyfloatingexchangeratesbetweenthemajorcurrencies.[24]

Moneycreationandregulation
Mainarticles:MoneycreationandMonetarypolicy
Acentralbankintroducesnewmoneyintotheeconomybypurchasingfinancialassetsorlendingmoney
tofinancialinstitutions.Commercialbanksthenmultiplythisbasemoneybycreditcreationthrough
fractionalreservebanking,whichexpandsthetotalsupplyofbroadmoney(cashplusdemanddeposits).
Inmoderneconomies,relativelylittleofthesupplyofbroadmoneyisinphysicalcurrency.For
example,inDecember2010intheU.S.,ofthe$8853.4billioninbroadmoneysupply(M2),only$915.7
billion(about10%)consistedofphysicalcoinsandpapermoney.[25]Themanufacturingofnewphysical
moneyisusuallytheresponsibilityofthecentralbank,orsometimes,thegovernment'streasury.

Inflation
Mainarticle:Inflation
Theadoptionoffiatcurrencybymanycountries,fromthe18thcenturyonwards,mademuchlarger
variationsinthesupplyofmoneypossible.Sincethen,hugeincreasesinthesupplyofpapermoney
havetakenplaceinanumberofcountries,producinghyperinflationsepisodesofextremeinflation
ratesmuchhigherthanthoseobservedinearlierperiodsofcommoditymoney.Thehyperinflationinthe
WeimarRepublicofGermanyisanotableexample.
Economistsgenerallybelievethathighratesofinflationandhyperinflationarecausedbyanexcessive
growthofthemoneysupply.[26]Today,mosteconomistsfavoralowandsteadyrateofinflation.[27]
Low(asopposedtozeroornegative)inflationreducestheseverityofeconomicrecessionsbyenabling
thelabormarkettoadjustmorequicklyinadownturn,andreducestheriskthataliquiditytrapprevents
monetarypolicyfromstabilizingtheeconomy.[28]However,moneysupplygrowthdoesnotalways

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causenominalpriceincreases.Moneysupplygrowthmayinsteadleadtostablepricesatatimeinwhich
theywouldotherwisebefalling.Someeconomistsmaintainthatundertheconditionsofaliquiditytrap,
largemonetaryinjectionsarelike"pushingonastring."[29][30]
Thetaskofkeepingtherateofinflationlowandstableisusuallygiventomonetaryauthorities.
Generally,thesemonetaryauthoritiesarethecentralbanksthatcontrolmonetarypolicythroughthe
settingofinterestrates,throughopenmarketoperations,andthroughthesettingofbankingreserve
requirements.[31]

Lossofbacking
Afiatmoneycurrencygreatlylosesitsvalueshouldtheissuinggovernmentorcentralbankeitherlose
theabilityto,orrefuseto,furtherguaranteeitsvalue.TheusualconsequenceisHyperinflation.Some
exampleswherethishasoccurredaretheZimbabweandollar,Chinain1945andtheMarkinthe
WeimarRepublicin1923.
Butthisneednotnecessarilyoccurforexample,thesocalledSwissdinarcontinuedtoretainvaluein
KurdishIraqevenafteritslegaltenderstatuswaswithdrawnbytheIraqicentralgovernmentwhich
issuedthenotes.[32][33]

Seealso
Centralbank
Debasement
Fractionalreservebanking
Hardcurrency
Moneycreation
Moneysupply
Seigniorage
Silvercoin
Silverstandard

References
1. Fiatisthethirdpersonsingularpresentactivesubjunctiveoffi("Ibecome","Iammade").
2. N.GregoryMankiw(2014).PrinciplesofEconomics.p.220.ISBN9781285165929."fiatmoney:money
withoutintrinsicvaluethatisusedasmoneybecauseofgovernmentdecree"
3. Walsh,CarlE.(2003).MonetaryTheoryandPolicy.TheMITPress.ISBN9780262232319.
4. SeeMonetaryeconomicsforfurtherdiscussion.
5. MontgomeryRollins(1917).MoneyandInvestments.GeorgeRoutledge&Sons."FiatMoney.Moneywhich
agovernmentdeclaresshallbeacceptedaslegaltenderatitsfacevalue"
6. JohnMaynardKeynes(1965)[1930]."1.TheClassificationofMoney".ATreatiseonMoney1.Macmillan
&CoLtd.p.7."FiatMoneyisRepresentative(ortoken)Money(i.esomethingtheintrinsicvalueofthe
materialsubstanceofwhichisdivorcedfromitsmonetaryfacevalue)nowgenerallymadeofpaperexcept
inthecaseofsmalldenominationswhichiscreatedandissuedbytheState,butisnotconvertiblebylaw
intoanythingotherthanitself,andhasnofixedvalueintermsofanobjectivestandard."
7. Kiyotaki,Nobuhiro&Wright,Randall(1989)."OnMoneyasaMediumofExchange".JournalofPolitical
Economy97(4):927954.doi:10.1086/261634..
8. Lagos,Ricardo&Wright,Randall(2005)."AUnifiedFrameworkforMonetaryTheoryandPolicy
Analysis".JournalofPoliticalEconomy113(3):463484.doi:10.1086/429804..
9. "EliminatingthepennyfromCanada'scoinagesystem"CanadaRevenueAgency.(http://www.cra
arc.gc.ca/gncy/bdgt/2012/cngsystmeng.html)
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10. "TheMillionDollarCoinatruemilestoneinminting"(http://www.mint.ca/store/mint/aboutthe
mint/milliondollarcoin1600006#)
11. Selgin,George(2003),"AdaptiveLearningandtheTransitiontoFiatMoney",TheEconomicJournal113
(484):14765,doi:10.1111/14680297.00094.
12. VonGlahn,Richard(1996),FountainofFortune:MoneyandMonetaryPolicyinChina,10001700,
Berkeley:UniversityofCaliforniaPress.
13. Ramsden,Dave(2004)."AVeryShortHistoryofChinesePaperMoney".JamesJ.PuplavaFinancialSense.
14. DavidMilesAndrewScott(January14,2005).Macroeconomics:UnderstandingtheWealthofNations.John
Wiley&Sons.p.273.ISBN9780470012437.
15. MarcoPolo(1818).TheTravelsofMarcoPolo,aVenetian,intheThirteenthCentury:BeingaDescription,
bythatEarlyTraveller,ofRemarkablePlacesandThings,intheEasternPartsoftheWorld.pp.353355.
RetrievedSeptember19,2012.
16. Foster,RalphT.(2010).FiatPaperMoneyTheHistoryandEvolutionofOurCurrency.Berkeley,
California:FosterPublishing.pp.5960.ISBN9780964306615.
17. FederalReserveBankofAtlanta,HowAmsterdamGotFiatMoney,December2010
(http://www.frbatlanta.org/pubs/wp/working_paper_201017.cfm)
18. BankofCanada(2010)."NewFrance(ca.16001770)"(PDF).AHistoryoftheCanadianDollar.Bankof
Canada.RetrievedFebruary12,2014.
19. .RoyalCanadianMint.2014http://www.mint.ca/store/coin/playingcardmoneyset
prod220020#.UvvzS_ldV8F.RetrievedFebruary12,2014.Missingorempty|title=(help)
20. Michener,Ron(2003)."MoneyintheAmericanColonies(http://eh.net/encyclopedia/moneyintheamerican
colonies/)."EH.NetEncyclopedia,editedbyRobertWhaples.
21. RiseandfalloftheGoldStandard(http://www.news24.com/MyNews24/RiseandfalloftheGoldStandard
20140530)
22. "FiatMoney".ChicagoDailyTribune.May24,1878.
23. " "BrettonWoods"FederalResearchDivisionCountryStudies(Austria)".LibraryofCongress.
24. JeffreyD.Sachs,FelipeLarrain(1992).MacroeconomicsforGlobalEconomies.PrenticeHall.
ISBN0745006086."TheBrettonWoodsarrangementcollapsedin1971whenU.S.PresidentRichardNixon
suspendedtheconvertibilityofthedollarintogold.Sincethen,theworldhaslivedinasystemofnationalfiat
monies,withflexibleexchangeratesbetweenthemajorcurrencies"
25. FederalReserveStatisticFebruary17,2011(http://www.federalreserve.gov/releases/h6/20110127/)
26. RobertBarroandVittorioGrilli(1994),EuropeanMacroeconomics,Ch.8,p.139,Fig.8.1.Macmillan,
ISBN0333577647.
27. Hummel,JeffreyRogers."DeathandTaxes,IncludingInflation:thePublicversusEconomists"(January
2007).[1](http://econjwatch.org/articles/deathandtaxesincludinginflationthepublicversuseconomists)
p.56
28. "EscapingfromaLiquidityTrapandDeflation:TheFoolproofWayandOthers
(http://www.aeaweb.org/articles.php?doi=10.1257/089533003772034934)"LarsE.O.Svensson,Journalof
EconomicPerspectives,Volume17,Issue4Fall2003,pp.145166
29. JohnMakin(November2010)."BernankeBattlesU.S.DeflationThreat"(PDF).AEI.
30. PaulKrugmanGautiEggertsson."Debt,Deleveraging,andtheliquiditytrap:AFisherMinskyKooapproach"
(PDF).
31. Taylor,Timothy(2008).PrinciplesofEconomics.FreeloadPress.ISBN193078905X.
32. Foote,ChristopherBlock,WilliamCrane,Keith&Gray,Simon(2004)."EconomicPolicyandProspectsin
Iraq".TheJournalofEconomicPerspectives18(3):4770.doi:10.1257/0895330042162395..
33. BudgetandFinance(2003)."IraqCurrencyExchange".TheCoalitionProvisionalAuthority.

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