"Fiat money" issued in eighteenth-century America was backed by

Name: "Fiat money" issued in eighteenth-century America was backed by
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The fiat money issued in eighteenth-century America was not backed by gold or silver, but rather by the government's promise to accept it in payment of taxes. This means that its value was based on the trust people had in the government's ability to honor its promise. Hard specie and government bonds were not used to back fiat money at this time.

"Fiat Money" Issued in Eighteenth-Century America Was Backed by