Which of the following is NOT backed by gold but by government securities?

A. Fiduciary note
B. Token money
C. Commodity money
D. Fiat money

Correct Answer: Option A

A. Fiduciary note

Explanation

Fiduciary note: This term refers to that portion of a note issue, whether that of a Government or of a bank, which is not protected by a specific backing of metal or coin or assets capable of being converted into coin or bullion on demand.