![]() Some have suggested that such coins not be considered to be “true coins” (see below). ![]() This causes such coins to be monetary tokens in the same sense that paper currency is, when the paper currency is not backed directly by metal, but rather by a government guarantee of international exchange of goods or services. This means that the value of the coin is decreed by government fiat (law), and thus is determined by the free market only as national currencies are subjected to arbitrage in international trade. ![]() Most coins presently are made of a base metal, and their value comes from their status as fiat money.
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