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Why is paper money considered fiat money?
A dollar bill contains only about 3 cents worth of paper, printing inks, and other materials. Also, nowhere on paper is there any promise to redeem it for gold, silver, or anything else.

I am not sure what the latter half of the sentence means, but I think it means:

"People can't exchange paper money for gold, silver, or anything else."

And I guess to here is attached to promise, so it adds information to promise , so it should share the same function as relative clause?

If the above understanding is right, can I rephrase the sentence into:

Nowhere on paper is there any promise which allows user to redeem it for gold, silver, or anything else.

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Your understanding of the sentence is correct as is your reasoning!

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