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Paper money was called_________money
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GPT-5 mini
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It depends on the context:
- If the paper notes were not backed by a commodity and had value by government order, they were called fiat money.
- If the paper represented and could be exchanged for a commodity (like gold or silver), it was called representative money.
Which context do you mean?
- If the paper notes were not backed by a commodity and had value by government order, they were called fiat money.
- If the paper represented and could be exchanged for a commodity (like gold or silver), it was called representative money.
Which context do you mean?
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