dollar billA paper note printed by the Treasury, or by one of the Federal Reserve Banks under authority of the treasury, having the value of one dollar. Also five dollar bill, ten dollar bill, etc.: notes with the value of five, ten, etc. dollars. Prior to 1964 such notes could be redeemed for the equivalent dollar value in silver coins, but in that year the backing of the currency with silver was discontinued. Such notes not convertible into precious metals at a fixed rate are called "fiat money", receiving their value solely from the good faith of the issuing government and the confidence of those using the currency.
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Tue 11th December 2018