Fiat currency is legal tender whose value is backed by the government that issued it. The U.S. dollar is fiat money, as are the euro and many other major world currencies. This approach differs from money whose value is underpinned by some physical good such as gold or silver, called commodity money...which we would just term here as PM or Precious Metal.
Definition by @CadmiumGreen
Edited by ChrisSIlver
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