Fiat money does not have any intrinsic value. What value it has depends on public confidence in the currency's issuer. Legal tender is any currency declared legal by a government. Many governments issue a fiat currency and then make it legal tender by setting it as the standard for repaying debt. – “Investopedia”
Take a look at the picture below...
The value of the Federal Reserve Note above, can be seen in the upper left hand portion of the note which states: "THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE".
Creating a hedge of protection against a currency collapse is a good reason to purchase precious metals in physical form.
"A good man leaves an inheritance for his children's children..."
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