Fiduciary Money is a medium of exchange composed of some intrinsically less valuable substance, usually paper (or cotten/linen), which the issuers promise to redeem in commodity money on demand. The fiduciary money is used for exchanges. The actual physical wealth, usually gold or silver bullion or coin, remained in the vault.

Fiduciary money is based on trust and the public's confidence that the issuer can be trusted to honor its promise to pay.

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