What is the difference between a fiat currency and a gold-backed currency?
Fiat currency is based on faith that it is worth something, much like an IOU. If the authority printing that currency has good credit, the currency will be worth more, and the opposite is true, as well. Gold-backed currency is just that: currency which represents the exact value of gold printed on it. So, a $1 treasury note = $1 in gold. Traditionally, with a gold-backed currency, you, the holder of that note, would be able to go down to your...
Asked in Business & Finance
What are the forms of money before paper was chosen?
Coins were a major form of currency before paper was used. Gold was a big form of currency. ...
What phyical properties must metal have to be chosen as a currency?
Today, it's mainly about the durability of the metal, using alloys that hold up to wear and tear. ...
Asked in Colleges and Universities
What is the eligibility of gold metal in Anna university?
Sorry, your question, as phrased, makes no sense. "Eligibility" means - Qualified or entitled to be chosen. ...
Asked in Acids and Bases, Alkaline Earths
Is gold an alkaline earth metal or transition metal?
Gold (Au) is a transition metal