- Apr 30, 2013
- GIM2 server bay #5
I think fiat money is easily understood. Lawful money is more difficult since it isn't defined anywhere. However, it clear that it is not just gold and silver coin or US Treasury notes redeemable in the same. It is a class of money broader than legal tender. Milam v. U.S in 1974 ruled that Federal Reserve Notes were lawful money.