paper money

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paper money

A woman pays for groceries with paper money at the market.

Definition

Noun: 1. Currency in the form of printed paper: Paper money is official currency issued by a government or central bank, consisting of printed paper notes that represent value and are used as a medium of exchange, circulating as a substitute for metallic coins (specie).

Usage

Paper money is used as a physical medium for transactions, representing a promise to pay the bearer a specific value. It is distinct from coins (made of metal) and digital forms of money. - It functions as legal tender, meaning it must be accepted for settling debts. - Its value is typically backed by the authority and credit of the issuing government or bank, not by the intrinsic value of the paper itself.

Examples
Advanced Usage
  • "Fiat paper money": Refers to currency that has value because a government declares it to be legal tender, not because it is backed by a physical commodity like gold.
    • Today, most paper money is fiat money.
  • In economic contexts, "paper money" can be discussed in contrast to "commodity money" or "representative money."
Variants and Related Words
  • Banknote (n): A more specific term for a single piece of paper money issued by a bank. Often used synonymously.
    • He handed me a fifty-dollar banknote.
  • Bill (n): Common in American English for a piece of paper money.
    • Do you have a five-dollar bill?
  • Note (n): Common in British English for a piece of paper money.
    • I paid with a twenty-pound note.
Synonyms
  • Currency: The system of money in general use in a particular country.
  • Banknotes: A synonym emphasizing the form.
  • Bills: (US English)
  • Notes: (UK English)
  • Cash: Money in the physical form of currency, which can include both paper and coin.
Related Phrases
  • "To print money": The action of a government or central bank producing new paper currency.
    • The central bank decided to print more money to stimulate the economy.
  • "Paper money system": Refers to an economic system based primarily on paper currency.
    • The country transitioned to a paper money system in the 19th century.
paper money

A woman pays for groceries with paper money at the market.

Noun
  1. currency issued by a government or central bank and consisting of printed paper that can circulate as a substitute for specie

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