Banknote

A banknote is a form of paper money issued by a bank and payable to whoever holds it on demand. Banknotes were historically issued by individual commercial banks and could be redeemed for gold or silver, and they could often be spent at face value only near the issuing bank's own region; today central banks issue most national currency instead. Modern banknotes are usually declared legal tender by their governments and, unlike their historical predecessors, are generally fiat money with no metal backing, their value resting on government decree and on security features developed over centuries to resist counterfeiting.