3 Sentences With "fiduciary currency"

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His decision to issue fiduciary currency without legal support caused an inflation in the prices of basic necessities, worsening the country's dire economic situation.
Finally, the Act forbade private depositors from having their bullion struck into half dime, dime, quarter dollar, and half dollar denominations. In essence, the Act turned silver into a fiduciary currency, transforming the value of silver coins from something goods and services were sold for into a medium by which goods and services were exchanged. The silver dollar, which was left untouched by the alteration, has been theorized as the Senate Finance Committee's way of signaling that Congress still held to a de jure bimetallic standard even as the Act eroded against traditional conceptions of silver as a currency.
By reducing silver, small coinage reached a level where it could once again circulate in private transactions. The net outflow of silver slowed as the new coins were no longer worth their weight in silver, and were worth more for their face value within the United States than as bullion abroad. The Act was the beginning of an economic debate between gold and silver which lasted until the late 19th century, but the fundamental discussion about the role of fiduciary currency in the United States would only truly be resolved in 1970 when the U.S. dollar was removed from its peg to the gold standard.