Banknote
Banknote
A Banknote (pronounced: /ˈbaŋknoʊt/), also known as a bill, paper money, or simply a note, is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand.
Etymology
The term "banknote" originates from the notes of the bank, and the word "note" comes from the use of written notes for exchange of goods and services.
History
Banknotes were first issued in the 7th century, with the earliest evidence being from China during the Tang Dynasty. They were initially used as promissory notes issued by merchants, but were later adopted by the government as a form of currency.
Types of Banknotes
There are several types of banknotes, including:
- Legal tender: These are banknotes that are recognized by the law of the land as a medium of financial exchange.
- Commemorative banknotes: These are banknotes that are issued to commemorate certain events or individuals.
- Gold certificates: These are banknotes that are backed by a corresponding amount of gold.
Production and Security Features
Banknotes are typically printed by a national bank or a licensed printing company. They often feature complex designs to prevent counterfeiting, including watermarks, security threads, and holograms.
Related Terms
External links
- Medical encyclopedia article on Banknote
- Wikipedia's article - Banknote
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