Definition

1. Noun:
   • Currency issued by a government or central bank: "Paper currency" refers to official money in the form of printed paper notes, authorized and regulated by a national authority.
   • A substitute for specie: It is a form of money that represents value and can be used in exchange for goods and services, replacing the use of physical coins made from precious metals (specie).

Usage Examples

• Noun:
  • The country decided to introduce new paper currency to combat counterfeiting.
  • Before the 20th century, many nations used gold coins, but now paper currency is dominant.
  • Travelers often exchange their paper currency for local notes upon arrival.

Advanced Usage

• "Fiat paper currency": Currency that has value because a government declares it as legal tender, not because it is backed by a physical commodity.
  • Most modern economies operate using fiat paper currency.
• "Circulation of paper currency": Refers to the total amount of paper money being used in an economy at a given time.
  • The central bank monitors the circulation of paper currency to manage inflation.

Variants and Related Words

• Banknote (n): A more specific term for a single piece of paper currency.
  • He handed me a crisp new banknote.
• Bill (n): A common term for paper currency, especially in American English.
  • Do you have a five-dollar bill?
• Note (n): A common term for paper currency, especially in British English.
  • I paid with a twenty-pound note.

Synonyms

• Fiat money: Money established as legal tender by government regulation.
• Legal tender: Currency that must be accepted if offered in payment of a debt.

Related Phrases

• Paper money: A common, direct synonym for paper currency.
  • The wallet was stuffed with paper money.
• Currency note: Another term emphasizing the note form of the currency.
  • The design of the new currency note features a national hero.

Related Concepts

• Specie: Money in the form of coins, typically made from gold or silver, which paper currency historically replaced.
• Digital currency: A modern, electronic form of money, often contrasted with physical paper currency.

Noun

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