A currency that is not backed by gold, silver, or any other precious commodity equal to the face value of the money is known as

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Token money is a currency that is not backed by gold, silver, or any other precious commodity equal to the face value of the money. It is valued based on the trust and confidence in the government that issues it. Fake money is not issued by a legitimate authority and is therefore illegal. Weak money and commodity money refer to currencies that are backed by a weak or specific commodity, respectively.

A Currency That Is Not Backed by Gold, Silver, or Any