Which of the following is NOT backed by gold but by government securites?
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Correct Answer: Option A
Explanation:
Fiduciary note; This term refers to that portion of a note issue, whether that of a Government or of a bank, which is not protected by a specific backing of metal or coin or assets capable of being converted into coin or bullion on demand.
Fiduciary note; This term refers to that portion of a note issue, whether that of a Government or of a bank, which is not protected by a specific backing of metal or coin or assets capable of being converted into coin or bullion on demand.