'Fiat money' definitions:
Definition of 'fiat money'
(from WordNet)
noun
Money that the government declares to be legal tender although it cannot be converted into standard specie
Definition of 'Fiat money'
From: GCIDE
- Fiat \Fi"at\, n. [L., let it be done, 3d pers. sing., subj. pres., fr. fieri, used as pass. of facere to make. Cf. Be.]
- 1. An authoritative command or order to do something; an effectual decree. [1913 Webster]
- His fiat laid the corner stone. --Willis. [1913 Webster]
- 2. (Eng. Law) (a) A warrant of a judge for certain processes. (b) An authority for certain proceedings given by the Lord Chancellor's signature. [1913 Webster]
- Fiat money, irredeemable paper currency, not resting on a specie basis, but deriving its purchasing power from the declaratory fiat of the government issuing it. [1913 Webster]