Paper money backed by a precious metal is called:

Question

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Paper money backed by a precious metal is called representative full-bodied money. This is because the paper currency represents a specific amount of gold or silver, which can be exchanged for the metal upon demand. This differs from full-bodied money, which is made up entirely of the valuable commodity, and a bimetallic standard, which involves two metals being used as the backing for the currency.

Paper Money Backed by a Precious Metal Is Called