fiat money

paper currency made legal tender by a fiat of the government, but not based on or convertible into coin.

1870–75, Americanism Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
fiat money
chiefly (US) money declared by a government to be legal tender though it is not convertible into standard specie

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Example sentences
It favors fiat money in one place and good money in another.
Maybe this will help make the danger of fiat money clear.
Consider what fiat money, backed by no gold standard or collateral of any kind,
  really means.
Similarly, the solution is not printing fiat money that would merely reduce its
  purchasing power and dilutes its effectiveness.
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