Money which has no intrinsic value but has exchange value because it is generally accepted. Originally money was accepted by users because it consisted of materials which were themselves valuable, such as gold or silver. Rulers originally stamped it into coins merely to certify their contents. Later the contents were decreased in value, and the state required coins to be accepted as worth more than their intrinsic value. Later still, banknotes originally gave the holder the right to receive coin to the same face value on demand. Present-day money consists of paper notes with negligible intrinsic value, or of book or computer entries. Modern money is fiat money.