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TeachMeFinance.com - explain Fiat money historic definition... Fiat money -- Fiat money is paper money issued by a government against which neither gold nor silver is held in the treasury. It is money by fiat (decree) of the government. United States notes (greenbacks) were fiat money, but they are now redeemed in gold by the Treasury. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.