Definition of Banknote
Banknote is mainly issued by a commercial bank, payable to the bearer on demand. A Banknote is categorized as a negotiable instrument recognized as a promissory note. At the beginning of the introduction of the banknote, it issued as a promise of payment to bearer in the form of coins either gold or silver, but with the time they became a substitute of coins and became a form of money in their right.
The payable amount is always mentioned on the face of the banknotes, which is used as legal tender, which means the transactions of banknotes is recognized by law a legal system to be valid for meeting a financial obligation alongside with the coins, makeup the bearer form of all modern money. Since the general acceptance of as a medium of exchange, most countries have rested the responsibility to their central bank for issuing banknotes.
Books on Banknotes-
Banknote descriptive list By Thompson Brothers (published by D. Hawes, 1871)
The story of American Bank Note Company By William H. Griffiths (published by American Bank Note Company, 1959)
How Banknote works?
Here are examples of development of banknotes, from the beginning, how it came into our hands.
- The first paper currency came into existence during 7th Century in the Tang Dynasty, but it is discovered that the real utilization of banknotes is seen in 11th Century. Later in 13th Century the Chinese paper money came into Europe trough the accounts of travelers.
- In mid-17th century, the goldsmith-bankers of London started to issue receipt as payable to the bearer of the document rather than the original depositor. The first experiment of issuing banknotes happened in the central bank of Sweden in the year of 1661 by Stockholm Banco, a predecessor of the Bank of Sweden as a replacement of copper plates. The permanent issuing of banknotes took place is initiated by the first bank named as Bank of England in order to raise money to back up the funding of the war against France. The first banknote is issued as handwritten the amount on it.
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