Fiduciary money is a medium of exchange composed usually of some intrinsically valueless substance, typically paper, which the issuer promises to redeem on demand in commodity money, such as gold or silver coin, or gold and silver bullion.
Fiduciary money is a medium of exchange composed usually of some intrinsically valueless substance, typically paper, which the issuer promises to redeem on demand in commodity money, such as gold or silver coin, or gold and silver bullion.