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What is Monopoly money?

What is Monopoly money? Here are some definitions.

Noun
  1. Play money printed on paper, especially differently colored denominations used in the board game Monopoly.
  2. (slang, US) Bills of foreign currency which are brightly colored or printed on flimsy paper.
  3. Money, especially paper money, that is perceived to have little or no value, or to be distributed freely.
  4. (idiomatic) Money that doesn't really exist, referring to fraudulent record keeping.
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