Question

how did paper money become the legally accepted money? Explain.​

Answer 1

Answer:

Paper currency became legal tender, which means that you have a right to offer the paper currency as a settlement of your debts and others, including the king, are bound to accept the same. This is what led to the birth of “fiat currency". To print “fiat currency", it is not compulsory to have the backing of gold.

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Answer 2

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Your answer is here

Paper currency became legal tender, which means that you have a right to offer the paper currency as a settlement of your debts and others, including the king, are bound to accept the same. This is what led to the birth of “fiat currency". To print “fiat currency", it is not compulsory to have the backing of gold.

Hope it will help you