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The Federal Reserve Act of 1913, in addition to creating the Federal Reserve System, made it illegal for banks to issue private banknotes as they had done previously. As a result, banks shifted to the creation of negotiable draft accounts that could be issued in any amount by the account holder. This is an example of what kind of money?


Commodity money.


Convertible paper money.


Fiat money.


Checkable deposit money.

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