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As a society, we have become used to seeing and using money. It is hard to imagine a time when products were solely bartered for other goods or actual gold or silver was used as payment. Fiat money, that is, money that has no physical value, was a controversial issue when it was first circulated in the late 19th century. Governments needed fiat money (as both an idea and a system) to work so it was important that they create a single, national currency that everyone could recognize and understand. |
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