Hard Money (redirected from hard)

Hard Money

A currency backed by a tangible commodity such as gold, silver, or platinum. Hard money has an intrinsic value, but is more susceptible to deflation than fiat money. Many countries used hard money throughout most of their histories; indeed, in the United States there was a significant debate in the late 19th century about whether the dollar should be based on gold or silver. However, most countries today use fiat money and have since the United States left the Bretton Woods System in the 1970s.