{"id":46,"date":"2018-02-22T08:09:03","date_gmt":"2018-02-22T13:09:03","guid":{"rendered":"http:\/\/blog.richmond.edu\/template-ldst390\/?page_id=46"},"modified":"2018-04-30T11:14:12","modified_gmt":"2018-04-30T15:14:12","slug":"introduction","status":"publish","type":"page","link":"https:\/\/blog.richmond.edu\/ldst390-fiatmoney\/","title":{"rendered":"Introduction"},"content":{"rendered":"

By: Colby Alvino,\u00a0Jacob Salamy, &\u00a0David Brown<\/p>\n

What is fiat money?<\/h1>\n

“Fiat money is paper money that cannot be converted or swapped for its equivalent value in precious metals. It is made legal tender by the government. This means, in short, that a creditor must accept the paper money as a payment of debts.” –\u00a0Joseph Albert Ernst<\/strong><\/em><\/p>\n

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Sorry, Gollum, but your fiat money can’t be swapped for this precious metal.<\/em><\/figcaption><\/figure>\n

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A modern example of fiat money<\/em><\/figcaption><\/figure>\n

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