Definition of 'Lawful Money'
Any form of currency issued by the United States Treasury and not the Federal Reserve System, including gold and silver coins, Treasury notes, and Treasury bonds. Lawful money stands in contrast to fiat money, to which the government assigns value although it has no intrinsic value of its own and is not backed by reserves. Fiat money includes legal tender such as paper money, checks, drafts and bank notes.
Printed copy · Anthology Volume 4, page 576Printed copy from The Tender For Law Anthology, Volume 4, page 576 (printed 13 June 2014). Added by this site; not part of the Facebook export.