What is fiat money?
AnswerCurrency that has value because a government declares it legal tender
Fiat money isn't backed by a physical commodity.
Money · Facts & stats
Fiat facts & stats
7 fact-checked facts about fiat money, currency and monetary history, each with the reason behind it. 5 more are in today's round and join this page after it closes.
The basics
What is inflation?
AnswerA general rise in prices over time
Inflation means each unit of money buys less.
Going deeper
In what year did President Nixon end the US dollar's convertibility into gold?
Answer1971
The 1971 'Nixon shock' ended the Bretton Woods gold link.
Which country was the first to use paper money?
AnswerChina
Paper money developed in China, with government-issued notes under the Song dynasty.
What is legal tender?
AnswerMoney that must be accepted to settle debts
Laws define which money counts as legal tender.
Expert level
What were the early Song dynasty paper notes called?
AnswerJiaozi
Jiaozi, first used in Sichuan, were among the earliest paper money.
In what year did the United Kingdom leave the gold standard?
Answer1931
Britain suspended the gold standard in September 1931.
Know these cold?Today's round is five questions like these, 20 seconds each. Your streak and level follow you to every arena.Play today's round