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| South Western Collectibles Grading Service |
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| South Western Collectibles Grading Service |
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| Obsolete Currency for Sale |
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| Banknote A banknote (more commonly known as a bill in the United States and Canada) is a kind of currency, issued as legal tender. With coins, banknotes make up the cash forms of all modern money. With the exception of non-circulating high-value or precious metal commemorative issues, coins are generally used for lower valued monetary units, while banknotes are utilised for higher values. Banknotes were first issued because carrying around a lot of precious metal was cumbersome and often dangerous. Banknotes were originally a claim to an amount of precious metal stored in a vault somewhere. In this way the stored value (usually in gold or silver coins) backing the banknote could transfer ownership in exchange for goods or services. The ability to exchange a note for some other kind of value is called "convertibility", for example a US silver certificate from the early 20th century was "payable in silver on demand" from the Treasury. If a note is payable in demand for a fixed unit, it is said to be fully convertible to that unit. Limited convertibility occurs when there are restrictions in the time, place, manner or amount of exchange. | |||||||||||||||||
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Over 25 Years of |
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