Banknotes from around the world vol.1

A banknote (often known as a bill, paper money or simply a note) is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money. Traditional banknotes have largely been replaced with national banknotes issued by governments or central banks. National banknotes usually have legal tender status and are accepted at face value without discounting. National banknotes of Western countries have a history of backing in gold or silver and sometimes both; however, most of today’s national banknotes 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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