A banknote (often known as bill , banknote , or just note ) is a negotiated type of mail promissory notes, made by the bank, are paid to the carrier upon request. Banknotes originally issued by commercial banks, which are legally required to exchange records for valid payment instruments (usually gold or silver coins) when handed over to the primary cashier of the originating bank. This commercial banknote is only traded at face value in the market served by the issuing bank. Commercial banknotes have been replaced by national banknotes issued by the central bank.
The national banknotes are generally the legal means of payment, which means that payments are made by law or recognized by the legal system in order to be legitimate to meet financial obligations. Historically, banks are trying to ensure that they can always pay customers with coins when they present banknotes for payment. The practice of "backing" this record with something fundamental is the basis for the history of central banks that support their currency in gold or silver. Today, most of the national currency has no support in precious metals or commodities and only has value by fiat. With the exception of non-circulating high value precious metal issues, coins are used for lower-value monetary units, while paper money is used for higher values.
The idea of ​​using lightweight substance durable as proof of promise to pay carrier on request came from China during Han Dynasty in 118 BC, and made of leather. However, Carthage is said to have issued a paper bill on parchment or leather, at least before the destruction of the city in 146 BC, making Carthage the oldest known user of light promise notes. The first known banknotes were first developed in China during the Tang and Song dynasties, beginning in the 7th century. Its roots are in traders' receipts receipts during the Tang Dynasty (618-907), as traders and wholesalers want to avoid most of the copper currency in large commercial transactions. During the Yuan Dynasty, paper money was adopted by the Mongol Empire. In Europe, the concept of banknotes was first introduced in the 13th century by travelers such as Marco Polo, with European banknotes that appeared in 1661 in Sweden.
Counterfeiting, counterfeiting banknotes, is an inherent challenge in issuing currency. This is offset by anticounterfeiting measures in banknote printing. Combating counterfeit banknotes and checks has been a key driver of the development of security printing methods in the last few centuries.
Video Banknote
History
Paper currency was first developed in Tang Dynasty China during the 7th century, although the actual banknotes did not appear until the 11th century, during the Song Dynasty. The use of paper currency then spread throughout the Mongol Empire. European explorers like Marco Polo introduced the concept in Europe during the 13th century. Napoleon took out paper money in the early 1800s. Money banknotes originated as receipts for the value deposited on the "value received" account, and may not be combined with promissory "invoice bills" issued with the promise to convert at a later date.
Perception of banknotes has evolved over time. Initially, money is based on precious metals. Banknotes are seen by some as I.O.U. or promissory note: a promise to pay someone in precious metals at a presentation (see representative money), but easily accepted - for convenience and security - in London City for example from the late 1600s onwards. With the removal of precious metals from the monetary system, paper money developed into pure paper money.
Notes or bills are often mentioned in 18th-century novels and often become an important part of the plot such as "the record drawn by Lord X for Ã, Â £ 100 which becomes due within 3 months".
Early Chinese banknote
The development of banknotes began in the Tang Dynasty during the 7th century, with local issues of paper currency, although the actual banknotes did not appear until the 11th century, during the Song Dynasty. Its roots are in traders' receipts receipts during the Tang Dynasty (618-907), as traders and wholesalers want to avoid most of the copper currency in large commercial transactions.
Before using paper, China uses a round coin, with a square hole in the middle. Some coins can be strung together on a rope. Traders in China, if they become wealthy enough, find that their coin straps are too heavy to carry around with ease. To solve this problem, coins are often left behind with people who can be trusted, and traders are given a piece of paper that records how much money they have with that person. If they show the paper to that person, they can get their money back. Finally, the Song Song dynasty called "jiaozi" came from this promissory note.
In 960 the Song Dynasty, in short copper for striking coins, issued the first commonly circulated note. Note is an appointment to be redeemed later for some other value object, usually specie. The credit memorandum issue is often for a limited period of time, and at some discounts to the amount promised later. But jiaozi did not replace coins during the Song Dynasty; paper money used with coins.
The central government immediately observed the economic benefits of printing paper money, issuing monopoly rights from several deposit shops to the issuance of this deposit certificate. At the beginning of the 12th century, the amount of banknotes issued in one year amounted to an annual rate of 26 million coins in cash. In the 1120s the central government officially stepped in and produced their own state-issued paper money (using wooden blocking).
Even before this point, Song's government garnered numerous paper awards. It is noted that every year before 1101 AD, the Xin'an prefecture (modern Shexian, Anhui) alone will send 1,500,000 sheets of paper in seven different varieties to the capital in Kaifeng. In 1101, Emperor Huizong of Song decided to reduce the amount of paper taken in the tribute quota, because it caused a destructive effect and created a heavy burden on people in the region. However, the government still needs a mass of paper products for the certificate of exchange and issuance of the country's new banknotes. For printing banknotes only, Song Court established several government-run factories in Huizhou, Chengdu, Hangzhou, and Anqi cities.
The size of the labor used in these banknote factories is quite large, as noted in 1175 AD, that the factory in Hangzhou alone employs more than a thousand workers every day. However, the issue of government banknotes has not become the national currency standard at the time; the issue of banknotes is limited to the imperial regional zone, and only applies to the prescribed and temporary limits for three years.
Geographical limitations changed between 1265 and 1274, when the late Southern Song government eventually produced the standard currency of the national banknotes, after widespread circulation was supported by gold or silver. The range of values ​​that vary for this banknote may be from one string of cash to one hundred at most. Since 1107, the government prints money in no fewer than six ink colors and molds with intricate designs and sometimes even with a unique fiber blend on paper to avoid counterfeiting.
The founder of Yuan Dynasty, Kublai Khan, issued a banknote known as Chao in his reign. The original records during the Yuan Dynasty were restricted in the area and the duration as in the Song Dynasty, but in later dynasties, faced with a massive shortage of speculators to fund their decisions in China, they began printing paper bills with no duration restrictions. The Venetian merchants were impressed by the fact that Chinese banknotes are guaranteed by the State.
European explorers and merchants
According to the travel record of a visit to Prague in 960 by Ibrahim ibn Yaqub, small pieces of cloth were used as a means of trade, with these fabrics having a set exchange rate versus silver.
In the 13th century, the Chinese Mongol Yuan banknotes became known in Europe through travelers' accounts, such as Marco Polo and William of Rubruck. Marco Polo's story of paper money during the Yuan Dynasty was the subject of the chapter of his book, The Travels of Marco Polo, entitled "How the Great Kaan Causes Tree Skin, Made To Be Something Like Paper, to Deliver Money Throughout the Country. "
All these pieces of paper, issued with much sincerity and authority as if they were of pure gold or silver... with these pieces of paper, made as I have described, Kublai Khan caused all payments on his own account to be made; and he made them to pass the present universally over all the kingdoms and provinces and territories, and wherever its power and sovereignty extends... and indeed everyone takes them easily, because wherever one can go to all the power of the Great Kaan he will find these pieces from the current paper, and should be able to transact all sales and purchases of goods by using them just as if they were pure gold coins
In medieval Italy and Flanders, due to the insecurity and ineffectiveness of transporting large amounts of money in long distances, money traders began using promissory notes. At first these were privately registered, but they soon became written orders to pay the amount to whoever had it. These records are seen as the predecessor of the common banknotes by some people but are primarily regarded as a proto and check bill. The term "banknotes" is derived from bank notes ("note on banco") and dates from the 14th century; initially recognized the rights of record holders to collect precious metals (usually gold or silver) deposited with bankers (via currency accounts). In the 14th century, it was used in every part of Europe and in the colonies of Italian city-state merchants outside Europe. For international payments, a more efficient and sophisticated bill of exchange ("lettera di cambio"), ie, promissory notes based on virtual currency accounts (usually coins no longer physically present), are used more often. All physical currencies are physically related to this virtual currency; This instrument also serves as a credit.
Birth of a European banknote
The shift toward the use of this receipt as a means of payment occurred in the mid-17th century, when the price revolution, when relatively quick gold inflation, led to a reassessment of how money works. Goldsmith-London bankers began to provide receipts as debt to the carriers of documents than the original depositors. This means that the note can be used as a currency based on the security of the goldsmith, not the account holder of the goldsmith-banker. The bankers also began to spend more than their total physical reserves in the form of loans, assuming that they did not have to exchange all the banknotes issued at the same time. This important change transforms simple promissory notes into agents for the expansion of the monetary supply itself. As these receipts are increasingly used in the money circulation system, depositors began asking for multiple receipts to be made in smaller fixed denominations for use as money. The receipt immediately becomes a written order to pay the amount to whoever has the note. This note is credited as the first modern banknote.
The first brief attempt at issuing bank notes by the central bank was in 1661 by Stockholms Banco, the predecessor of the Bank of Sweden. It replaces the copper plates used as a means of payment. The issue of paper money is due to the special circumstances of Swedish coin supply. The cheap foreign imports of copper have forced the Crown to continue increasing the size of the copper currency to retain its value relative to silver. The heavy weight of the new coins encourages the merchant to keep it in place of the receipt. This becomes a banknote when the Bank manager separates the problem level records from the bank's reserve currency. Three years later, the bank went bankrupt, after rapidly increasing the money supply artificially through the printing of large-scale banknotes. A new bank, Riksens StÃÆ'¤nders Bank was founded in 1668, but did not issue any banknotes until the 19th century.
Permanent banknote issue
The modern banknote rests on the assumption that money is determined by social consensus and the law. The value of gold coins is only a reflection of the supply and demand mechanisms of a society exchanging goods on the free market, as opposed to deriving from any intrinsic property of metal. At the end of the 17th century, this new conceptual outlook helped stimulate the issue of paper money. Economist Nicholas Barbon writes that money "is an imaginary value created by law for the convenience of exchange." Trial while the paper money was done by Sir William Phips as Governor of the Massachusetts Bay Province in 1690 to help fund the war effort against the French.
The first bank to start the issuance of a permanent banknote is the Bank of England. Founded in 1694 to raise money for funding the war against France, the bank began issuing records in 1695 with the promise to pay the value of the memorandum on request. They were originally handwritten with the right amount and issued on deposit or as a loan. There were gradual steps leading to the issuance of a permanent denomination record, and in 1745, standard print records ranging from Ã, Â £ 20 to Ã, Â £ 1,000 were being printed. Complete records that do not require the payee name and the cash register signature first appeared in 1855.
The Scottish economist, John Law, helped shape paper money as the official currency in France, after the war launched by Louis XIV left the country with a precious metal shortage for coins.
In the United States there were early attempts to establish a central bank in 1791 and 1816, but it was not until 1862 that the US federal government began printing paper money.
Issuing legal central bank
Initially, the paper money was only a promise to the carrier that they could exchange it for value in coins, but in 1833, the second in a series of Acts Bank Charter stipulated that paper money would be considered as a legitimate means of payment during peacetime.
Until the mid-nineteenth century, commercial banks were able to issue their own banknotes, and records issued by provincial banking companies were a common form of currency across the UK, outside London. The Bank Charter Act of 1844, which established the modern central bank, limited permission to issue new banknotes to the Bank of England, which would then have a sole control of the money supply in 1921. At the same time, the Bank of England is restricted to issuing New banknotes only if they are 100% backed by gold or up to  £ 14 million in government debt. The Act grants the Bank of England an effective monopoly on the Notes issue of 1928.
Maps Banknote
Debt issues
Generally, the central bank or treasury is entirely responsible in the state union or currency for the issue of banknotes. However, this is not always the case, and historically the country's paper currency is often handled entirely by private banks. Thus, many different banks or institutions may have issued banknotes in a country. Commercial banks in the United States have officially issued banknotes before there is a national currency; However, this became subject to government authorization from 1863 to 1932. In the last part of this series, the issuing bank will stamp its name and promise to pay, along with the president's signature and his cashier on a precast note. At the moment, the records are standardized in appearance and not too different from Federal Reserve Records.
In a small number of countries, personal banknote issues continue to this day. For example, under complex constitutional arrangements in the UK, certain commercial banks in two of the country's four constituent states (Scotland and Northern Ireland) continue to print their own banknotes for domestic circulation, even though they are not banknotes or banknotes. stated in law as a legitimate means of payment on the go. The British Central Bank, the Bank of England, prints records that are the legal means of payment in England and Wales; this note can also be used as money (but not a valid payment instrument) in other parts of the UK (see Pound Sterling Notes).
In the two Special Administrative Regions of the People's Republic of China, the arrangements are similar to those in England; in Hong Kong, three commercial banks were licensed to issue Hong Kong dollar records, and in Macau, Macau's pataka notes were issued by two different commercial banks. In Luxembourg, Banque Internationale ÃÆ' Luxemburg was entitled to spend its own Luxembourg francs until the introduction of the Euro in 1999.
In addition to commercial publishers, other organizations may have the power of issuing records; for example, up to 2002 Singapore dollars were issued by the Singapore Currency Board of Commissioners, a government agency that was later taken over by the Monetary Authority of Singapore.
As with printing, there are also opportunities for paper money to have printing errors. For U.S. banknotes, these errors may include board failure errors, butterfly folding errors, cutting errors, double denomination errors, folding errors, and misalignment errors.
Advantages and disadvantages
Prior to the introduction of banknotes, precious or semi-precious metals were coined to state that their substance was widely used as a medium of exchange. The value associated with a coin is initially based on a metal value unless they are token problems or have been degraded. The banknote was originally a claim for coins held by banks, but because of the ease with which it can be transferred and the belief that people have the capacity of banks to settle the notes in coins when presented, they become a popular means of exchange in their own right. They are now forming a very small portion of the "money" that people think they have as a bank account and electronic payments have negated the need to carry notes and coins.
Paper money has a natural advantage over coins because coins are lighter to carry but also less durable. Banknotes issued by commercial banks have counterparty risks, which means that banks may not be able to make payments when the records are presented. The records published by the central bank have theoretical risks when they are backed by gold and silver. Both paper money and coins are subject to inflation. The coin's durability means that even if metal coins melt in flames or are submerged under the sea for hundreds of years they still have value when they recover. Gold coins taken from shipwrecks hold almost all of their original look, but silver coins slowly corrode.
Other costs for using carrier money include:
- Discounts to face value: Before the national currency and efficient clearing house, paper money can only be redeemed at face value in the issuing bank. Even branch banks can reduce records from other branches of the same bank. Discounts usually increase with distance from the issuing bank. Discounts also depend on the perceived security of the bank. When a bank fails, records are usually partially redeemed from the reserve, but sometimes it becomes worthless. The issue of discount in a country does not exist in the national currency; however, under a floating exchange rate, the currency is valued relative to each other on the foreign exchange market.
- Falsifying paper records has always been a problem, especially since the introduction of color photocopiers and computer image scanners. Many banks and countries have incorporated many types of countermeasures to safeguard the security of money. However, a very sophisticated fake record known as superdollar has been detected in recent years.
- Produces or incurs costs. Coins are produced by industrial manufacturing methods that process precious or semi-precious metals, and require the addition of alloys for hardness and wear resistance. In contrast, bank records are printed (or polymer) paper, and typically have higher problem costs, especially in larger denominations, compared to coins of the same value.
- Wearing fees. Paper money loses its economic value by using, because, even if they are in bad shape, they are still a legally valid claim to the issuing bank. However, the problem banks have to pay the cost of replacing the banknotes in poor condition and the paper notes record faster than the coins.
- Transportation costs. Coins can be expensive to transport for high-value transactions, but banknotes can be issued in large denominations that are lighter than equivalent in coins.
- The admission fee. Coins can be checked for authenticity by weighing and other forms of examination and testing. These costs can be significant, but the design and manufacturing of good quality coins can help reduce these costs. The banknotes also have a receipt fee, a fee checking the banknote security feature and confirm the receipt of the issuing bank.
Different losses between coins and banknotes imply that there may be an ongoing role for both carriers' money forms, each of which is used where the profits outweigh the losses.
Materials used for paper money
Banknote paper
Most of the notes are made of cotton paper weighing 80 to 90 grams per square meter. Cotton is sometimes mixed with linen, abaca, or other textile fibers. Generally, the paper used is different from ordinary paper: much more durable, wear-resistant and torn (average life of banknotes is two years), and also contains no ordinary agents that make ordinary light light a little under ultraviolet light. Unlike most printed and written papers, banknote paper is impregnated with polyvinyl alcohol or gelatin, not water, to provide extra strength. The earliest Chinese banknotes were printed on paper made of mulberry bark. Mitsumata (Edgeworthia chrysantha) and other fibers are used in Japanese paper money (a type of Washi).
Most banknotes are made using a mold process in which a watermark and thread are inserted during the paper forming process. The thread is a simple security component found in most paper money. However, this rather complex construction in the form of construction consists of fluorescent, magnetic, metallic and micro fluorescent elements. By combining it with watermarking technology, the yarn can be made to the surface periodically on one side only. This is known as a windowed yarn and increasingly increases the counterfeit resistance of paper money. The process was discovered by Portal, part of the De La Rue group in England. Other related methods include watermarking to reduce the number of angle creases by reinforcing this section of the note, the coating to reduce the accumulation of dirt on the record, and the plastic windows on the paper that make it very difficult to copy.
Forgery and security measures
When paper money was first introduced in England in the 1790s, they produced a dramatic increase in counterfeiting. Attempts by the Bank of England and the Royal Mint to eradicate currency crime led to new police strategies, including increased use of traps. The ease with which banknotes can be created, both by legitimate authorities and counterfeiters, has led both to temptations in times of crisis such as wars or revolutions to produce banknotes not supported by precious metals or other goods, leading to hyperinflation and loss of trust in the value of banknotes, such as Continental Currencies produced by the Continental Congress during the American Revolution, the Assignats produced during the French Revolution, the paper currency produced by the Confederate States of America and the respective states of the Confederate States of America, financing World War I by the Power Central (in 1922 1 Austria-Hungary krone in 1914 was worth 14,400 Kronen paper), devaluation of the Yugoslav dinar in the 1990s, etc. The banknotes can also be overprinted to reflect the political changes that occur faster than the new currency can be printed.
In 1988, Austria earned 5000 Schilling (Mozart) paper money, which was the first frozen application (Kinegram) to banknotes in the history of banknote printing. Application of optical features is now commonly used worldwide. Banknotes of many countries have now embedded holograms.
Polymer banknote
In 1983, Costa Rica and Haiti issued the first Tyvek and the Isle of Man issued the first Bruggek (or plastic) polymer banknote; It is printed by American Banknote Company and developed by DuPont. This initial plastic note was overwhelmed with problems like ink that had faded and stopped. In 1988, after significant research and development in Australia by the Commonwealth Scientific and Industrial Research Organization (CSIRO) and the Reserve Bank of Australia, Australia produced the first polymeric paper money made from goal-oriented polypropylene (plastic), and in 1996, it became the first country to have a full set of circulating polymer banknotes of all denominations completely replacing its paper money. Since then, other countries to adopt the outstanding polymer banknotes include Bangladesh, Brazil, Brunei, Canada, Chile, Guatemala, Dominican Republic, Indonesia, Israel, Malaysia, Mexico, Nepal, New Zealand, Papua New Guinea, Paraguay, Romania, Samoa, Singapore, Solomon Islands, Thailand, Britain, Vietnam and Zambia, with other countries issuing warning polymer notes, including China, Kuwait, Northern Bank of Northern Ireland, Taiwan and Hong Kong. Another country that plans to issue polymer notes is Nigeria. In 2005, Bulgaria issued the world's first hybrid paper polymer paper bill.
Polymer banknotes are developed to enhance durability and prevent counterfeiting through integrated security features, such as optical variable devices that are very difficult to reproduce.
Other materials
Over the years, a number of materials other than paper have been used to print paper money. These include a variety of textiles, including silk, and leather-like materials.
Silk and other fibers have been commonly used in the manufacture of various banknotes, intended to provide extra durability and security. Crane and Banknote paper company patented with silk threads embedded in 1844 and has supplied papers to the US Treasury since 1879. Banknotes are printed on pure silk "paper" including "emergency money" Notgeld problems from a number of German cities in 1923 during periods of fiscal crisis and hyperinflation. Most notably, Bielefeld produces a number of silk, leather, velvet, linen and wooden problems. These problems are produced primarily for collectors, not for distribution. They are in demand by collectors. Banknotes printed on cloth include a number of Communist Revolutionary issues in China from areas such as Xinjiang, or Sinkiang, in the Islamic Republic of East Turkestan in 1933. Emergency money was also printed in 1902 on khaki shirts during the Boer War.
Cotton is the material of banknotes in the United States. Banknotes (or coins) are issued in a number of siege, as well as in other emergency situations. During the Russian government in Alaska, banknotes were printed on the skin of seals. A number of 19th century problems are known in the German and Baltic states, including places Dorpat, Pernau, Reval, Werro and Woiseck. In addition to the Bielefeld problem, other German Notgeld skins from 1923 are known from Borna, Osterwieck, Paderborn and PÃÆ'¶ÃÆ'Ÿneck.
Other problems from 1923 were printed on wood, which was also used in Canada from 1763-1764 during the Pontiac Uprising, and by the Hudson Bay Company. In 1848, in Bohemia, chunks of wooden planks were used as money.
Even playing cards were used for currency in France in the early 19th century, and in French Canada from 1685 to 1757, the Louisiana Colony, Dutch Guiana, and the Isle of Man in the early 19th century, and again in Germany. after World War I.
Recently, Bisphenol S (BPS), has been frequently used in the production of paper money worldwide. BPS is an endocrine disrupter subject to human skin absorption through handling of banknotes.
Vertical orientation
Vertical currency is a type of currency in which the orientation has been changed from the conventional horizontal orientation to the vertical orientation. Dowling Duncan, a self-touted multidisciplinary design studio, conducts research in which they decide people tend to handle and handle money vertically rather than horizontally, especially when currency is processed through ATMs and other cash machines. They also note how money transactions are done vertically not horizontally. Bermuda, Brazil, Cape Verde, Israel, Switzerland, and Venezuela have adopted a vertically oriented currency, although Israel is now back to horizontal orientation.
The earliest Chinese banknotes were also vertical, due to the Chinese writing direction.
The $ 10 Canadian Canadian bill featuring Canadian civil rights pioneer portrait Viola Desmond will be presented in a vertical format. The Northern Irish Ã, Â £ 5 and Ã, Â £ 10 notes issued by Ulster Bank for 2019 will also be presented this way.
Vending machines and banknotes
People are not the only economic actors who are required to receive paper money. By the end of the 20th century, vending machines were designed to recognize banknotes of smaller values ​​long after they were designed to recognize different coins from slugs. This capability has become unavoidable in an economy where inflation has not been followed by the introduction of ever larger denominations of coins (such as the United States, where some attempts to make popular dollar coins in general circulation have largely failed). The existing infrastructure of these machines presents one of the difficulties in changing the design of this banknote to make it less fake, by adding additional features so easily seen by people that they will quickly reject low-quality paper money, for every machine in the country should be updated.
Destruction
In the United States, paper money lasts an average of three years until they are no longer eligible for distribution, after which they are collected to be destroyed, usually recycled or dismembered. Banknotes are removed from the money supply by banks or other financial institutions due to the daily use and damage from handling. Bundles of paper money are passed through a sorting machine that determines whether certain records need to be shredded, or removed from the supply chain by human inspectors if deemed unfit for continued use - for example, if they are mutilated or torn. Counterfeit banknotes are destroyed unless necessary for evidentiary or forensic purposes.
Contaminated banknotes are also disabled. The Canadian government report shows:
The types of contaminants include: records found on corpses, stagnant water, contaminated by human or animal body fluids such as urine, feces, vomit, infectious blood, harmful powders either from explosive explosives, dye packs and/or drugs..
This is removed from the circulation especially to prevent the spread of the disease.
When removed from the circulation, the Australian plastic/polymer banknotes are melted and mixed together to form a plastic trash can.
In the US, the nickname "The Fed Shreds" refers to the shredded paper money after it becomes unfit for distribution. Although these shredded notes are generally stockpiled, they are sometimes sold in small bags as souvenirs.
Intelligent banknote neutralization system
The intelligent banknote neutralization system (IBNS) is a security system that makes paper money unusable by marking them permanently as being stolen with a degradation agent. Banknotes marked (stained) can not be brought back to circulation easily and can be tied to a crime scene. The most commonly used degradation agent today is a special security ink that can not be removed from paper money easily and not without damaging the paper money itself, but other agents also exist. Today IBNS is used to protect paper money in automated teller machines, retail machines, and during cash-in-transit operations.
Dynamic Dynamic Currency Encryption
Dynamic Intelligent Currency Encryption (DICE) is a security technology introduced in 2014 by the UK company EDAQS, which devalues ​​illegal or stolen illegal banknotes. This technology is based on identifiable banknotes - which can be either RFID or barcode chips - and connect to digital security systems to verify the validity of banknotes. The company claims that paper money can not be defeated and contribute to solving problems related to cash as well as fighting crime and terrorism. In another note, the benefits of DICE include and solve almost all cash-related issues seen by the government to be a motivation for progressive cash removal.
Denial and asset seizures
In the United States there are many laws that allow for the seizure of money and other assets from the carrier if there is any suspicion that the money came from illegal activities. Because large amounts of US currency contain the remnants of cocaine and other illegal drugs, it is not uncommon for innocent people to search at airports or stop because of traffic violations to have cash in possession of those sniffed by dogs because of drugs and then have money cash confiscated for dogs smells medicine on money. It then depends on the money owner to prove where the money came from at his own expense. Many people lose money. In 1994, the United States Court of Appeals, the Ninth Circuit, was held in the case of United States States v. US CURRENCY, $ 30,060.00 <39 (39 F.3d 1039 63 USLW 2351, No. 92-55919) that the presence of widespread illegal substances in paper currency in the Los Angeles area creates a situation where the reaction of a drug-sucking dog would not create a possible cause for civilian seizure.
Switching by electronic currency
More and more banknotes are being replaced by credit and debit cards and electronic money transfers. Some governments, such as Canada, are considering replacing paper and coins with digital currencies. Sweden has begun applying a digital currency.
Collection of banknotes as a hobby
The collection of banknotes, or Notaphily, is a slow-growing numismatic field. Although generally not as widespread as collecting coins and stamps, this hobby is slowly growing. Before the 1990s, currency collection was a relatively small addition to collecting coins, but currency auctions and greater public awareness of paper money had caused more interest in rare paper money and consequently their value increased.
Since 2007 Sanjay Relan, Hong Kong, has held the Guinness world record to collect 221 banknotes representing 221 different countries. For a brief period in 2007, he also holds the Guinness world record to collect 235 coins representing 235 different countries.
Trading
Over the years, how to collect banknotes was made through a handful of postal merchants issuing price lists and catalogs. In the early 1990s, it became more common for rare records to be sold on various coin and currency events through auctions. The illustrated catalog and the "nature of events" of the auction practice seem to drive a sharp increase in the awareness of the whole banknotes in the numismatic community. The advent of currency third-party currency valuation services (similar to classroom services and "slabs", or encapsulation, coins) may also increase investor collectors and interest in records. The entire collection is often sold simultaneously, and to this day a single auction can generate millions in gross sales. Today, eBay has surpassed the auction in terms of the highest sales volumes of paper money. However, rare banknotes are still sold for less than rare coins that are comparable. This gap is diminishing as the price of paper money continues to rise. Some rare and historic paper money has sold for over a million dollars.
There are many different organizations and communities around the world for hobbies, including the International Bank Note Society (IBNS), which currently claims to have about 2,000 members in 90 countries.
Novelty
The universal appeal and instant recognition of bank records has resulted in a number of new merchandise designed to have the appearance of paper currency. These items cover almost every product class. Fabrics printed with bank note patterns are used for clothing, bed sheets, curtains, upholstery and more. Acrylic paper weights and even toilet seats with embedded bank notes are also common. Items that resemble piles of banknotes and can be used as chairs or benches are also available.
Manufacturers of these items should consider when making these products whether the product can be interpreted as counterfeiting. Overlapping drawings and/or changing reproduction dimensions to be at least 50% smaller or 50% larger than the original are some ways to avoid the risk of being considered a clone. But in cases where realism is a goal, another step may be necessary. For example, in the pile of previously mentioned banknotes, the stickers used to make the product will be considered counterfeit. However, once the sticker is affixed to the resin pile shell and can not be peeled, the final product is no longer at risk of being classified as counterfeit, even if the display is realistic.
See also
Notes and references
Further reading
- Bowman, John S. (2000). Chronology of History Chronology and Asian Cultures . New York: Columbia University Press. ISBN: 0231110049
- Ebrey, Walthall, Palais, (2006). East Asia: Cultural, Social, and Political History . Boston: Houghton Mifflin Company. ISBN: 0618133844
- Gernet, Jacques (1962). Everyday Life in China on Eve Invasion of Mongol, 1250-1276 . Stanford: Stanford University Press. ISBNÃ, 0-8047-0720-0
- Needham, Joseph (1986). Science and Civilization in China: Volume 5, Part 1 . Cambridge University Press. ISBN: 0521875668
External links
Media related to Banknotes on Wikimedia Commons
- Counterfeit money was a big problem in the 1850s - Pantagraph (Bloomington, Illinois newspaper)
Source of the article : Wikipedia
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