Fiat Money in Circulation

Fiat Money in Circulation

I wanted to write about our current 'Money in Circulation' as it is a relatively important topic, which is seldom analyzed by citizens.  

'Fiat' money is money/currency in circulation through out the world, without an intrinsic value attached to the money/currency.  

The term originates from Latin Language to mean 'Let it become' or 'Let it be done'.  

What is Money? 

It is a simply what people use as a medium of exchange or a unit of account in a transaction.

The alternative to Fiat money is commodity currency, which is money/currency that has some sort of intrinsic value already.  

Once upon a time all currencies were backed by some kind of a commodity like 'Gold', 'Silver' or another value able item.  

Fiat money is valuable for no other reason than that the Federal Government saying that it is.  Paper money with no 'Commodity Backed' is an example of Fiat Money.  

We currently are using this form of currency in this county.  

Thank you for visiting, 

Ben

$5 Canadian Note

$5 Canadian Note

I wrote about the $20 Canadian Note and included pictures of the new / old currency in circulation today in Canada; please look for this article, in my 'history' list, of this blog, as it is titled '$20 Canadian Currency".  

Today, for the first time, I came by a brand new $5 Canadian Note, and I took pictures of this.  I  would like to write about who and/or what is on the front and back of the currency.  

Front side of the note:

There is a well drawn portrait of Sir Wilfrid Laurier, who was the Prime Minister of Canada from 1896 to 1911. 

Reverse side of the note:

There is a drawing of Mobile Servicing System (MSS), which is a robotic system and equipment on the International Space Station (ISS).  The 'Arm' moves equipment and supplies around the station, supports astronauts working in space, and services instruments. 

The MSS was designed and manufactured by MDA Space Missions for the Canadian Space Agency, and this is Canada's contribution to the space expeditions. 

Also, remember that the old notes will be taken out of circulation, therefore, put a few away for memory sake. 

Gracia for reading, 

Ben