paper currency made legal tender by a fiat of the government, but not based on or convertible into coin.
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Origin of fiat money
An Americanism dating back to 1870–75
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2019
Examples from the Web for fiat money
It was also, and very logically, the beginning of the fiat-money party.Readings in Money and Banking|Chester Arthur Phillips
British Dictionary definitions for fiat money
mainly US money declared by a government to be legal tender though it is not convertible into standard specie
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012