 FIAT Money is a currency without intrinsic value that has been established as money, often by government regulation. FIAT Money does not have youth's value, and has value only because the government maintains its value, or because parties engaging in exchange agree on its value. It was introduced as an alternative to commodity money and representative money. Commodity money is created from a good, often a precious metal such as gold or silver, which has uses other than as a medium to exchange such a good is called a commodity. Representative money is similar to FIAT Money, but it represents a claim on a commodity which can be redeemed to a greater or lesser extent. The first use of FIAT Money was recorded in China around 1080. Since then, it has been used by various countries, usually concurrently with commodity currencies. FIAT Money started to dominate in the 20th century. Since the decoupling of the US dollar from Gold, I Richard Nixon in 1971, the system of national FIAT currencies has been used globally. FIAT Money has been defined variously as any money declared by a government to be legal tender. State issued money which is neither convertible by law to any other thing, nor fixed in value in terms of any objective standard. Intrinsically valueless money used as money because of government decree. An intrinsically useless object that serves as a medium to exchange also known as fiduciary money. The term FIAT derives from the Latin FIAT let it be done used in the sense of an order, decree or resolution.