What is banknote?

Banknote

A banknote (often known as a bill, paper money or simply a note) is a type of negotiable instrument known as a promissory note, made by a bank, payable to the bearer on demand. When banknotes were first introduced, they were, in effect, a promise to pay the bearer in coins, but gradually became a substitute for the coins and a form of money in their own right. Banknotes were originally issued by commercial banks, but since their general acceptance as a form of money, most countries have assigned the responsibility for issuing national banknotes to a central bank. National banknotes are legal tender, meaning that medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Historically, banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment. This practice of "backing" notes with something of substance is the basis for the history of central banks backing their currencies in gold or silver. Today, most national currencies have no backing in precious metals or commodities and have value only by fiat. With the exception of non-circulating high-value or precious metal issues, coins are used for lower valued monetary units, while banknotes are used for higher values.

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Some articles on banknote:

Saimir Strati - Guinness World Record - 2010 - Artists Banknote
... Day in November, Saimir Strati finished The Largest Screw Mosaic of a banknote and dedicated the piece to artists all over the world ... He chose the subject of a banknote as he felt that artists are poor and yet, for true artists, they are blind to it as the money is not so important ...
Two Hundred Lei
... The two hundred lei banknote is one of the circulating denomination of the Romanian leu ... The main color of the banknote is orange ... The two hundred lei banknote is the only banknote that does not share size with any of the Euro banknotes ...
Ten Lei
... The ten lei banknote is one of the circulating denomination of the Romanian leu ... It is the same size as the 20 Euro banknote ... The main color of the banknote is pink ...
Leather Currency - Intelligent Banknote Neutralisation System (IBNS)
... Intelligent Banknote Neutralisation System (IBNS) is a security system which renders banknotes unusable by marking them permanently as stolen with a degradation agent ... Marked (stained) banknotes cannot be brought back into circulation easily and can be linked to the crime scene ... Today's most used degradation agent is a special security ink which cannot be removed from the banknote easily and not without destroying the banknote itself, but other agents also exist ...
Banknote - Paper Money Collecting As A Hobby - Trades
... For years, the mode of collecting banknotes was through a handful of mail order dealers who issued price lists and catalogs ... has surpassed auctions in terms of highest volume of sales of banknotes although the risk of counterfeit is extremely high ... However, rare banknotes still sell for much less than comparable rare coins ...