These have contributed to my own comprehension of the role of various authorities. Ross House Books. Sechrest, p. 73. Selgin, p. 106.
Fiat money is anything declared to be money by the issuing state.
Today it may be observed in the pockets of many Americans as pieces of rectangular reinforced paper with complex engravings in green and black ink. It is considered by many to be quite attractively designed, and indeed, similarly engraved pieces of paper in other nations have been used as wallpaper when the actual purchasing power has dropped to nearly nothing. A.D. White, pp. L. White, Competition and Currency , p. 72. See L. White, Competition and Currency , p. 72-73.