Money (e.g., bank notes and coins), that is legal tender by GOVERNMENT DECLARATION, and is not backed by gold or silver. Its intrinsic value is divorced from its monetary face value (i.e., the value stated on it), which rests on public confidence in the issuing authority—usually the central bank.
NOTE: All currency in circulation in Canada is fiat money.
Printed copy · Anthology Volume 5, page 821Printed copy from The Tender For Law Anthology, Volume 5, page 821 (printed 13 June 2014). Added by this site; not part of the Facebook export.