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Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money.Fiat money, like any check or note of debt, is without intrinsic use value as a physical commodity. It derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and privateer laws in practice cause fiat money to acquire the value of any of the goods and services that it may be traded for within the nation that issues it.
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