The individual series pages go into more detail on block ending numbers, gaps in the numbering, and star note serial ranges.
The money made of paper is called paper money. It consists of currency notes issued by the government or the central bank of a country. In India, one rupee notes are issued by the Ministry of Finance of the Government of India, and all other currency notes of higher denominations are issued by the Reserve Bank of India.
Paper money is of four types: Representative paper money is fully backed by gold and silver reserves. Under the monetary system of representative money, gold and silver equal to the value of paper currency issued are kept hi the reserves by the monetary authority.
The main advantages of representative paper money are: These metals are kept hi the reserves, b There is no fear of over- issue of representative money since paper money is fully backed by metallic reserves, c It inspires public confidence because the public can get the paper money converted into gold as and when needed.
However, the representative paper money has certain disadvantages: The main characteristics of convertible paper money are: But, on the assumption that all the currency notes are not simultaneously presented by the public for encashment, the value of metallic reserves is less than the value of the notes issued, c The reserves comprise of i metallic portion containing gold, silver and standard coins, and ii fiduciary portion containing approved securities.
The main advantages of the convertible paper money are: The disadvantages of the convertible paper money are: The paper money which is not convertible into standard coins or valuable metals is called inconvertible paper money. Under the system of inconvertible paper money, the monetary authority maintains no metallic reserves against paper currency.
It also gives no guarantee to convert the paper currency into gold and silver. The merits of inconvertible paper money are as follows: The in-convertible paper money also has the following demerits: Fiat money Fiat money is only a variety of inconvertible paper money.
Fiat money is backed neither by the metallic nor the fiduciary reserves. In other words, the monetary authority gives no guarantee to convert fiat money into valuable metals.
Initially, fiat money was used during the period of war or emergency.
But, now, it has become a common phenomenon in most of the countries of the world. Fiat money is particularly useful for underdeveloped countries which generally lack financial resources for economic development. Fiat money removes this deficiency and promotes economic development by providing sufficient resources to the government.
However, fiat money also has certain demerits: Credit Money In modem economies, with the development of banking activity, credit money is being widely used.Archie's buys and sells gold bullion coins, gold bars, and we buy and sell All US collectible gold and silver coins- Junk 90% silver coins before dimes, quarters, half dollars, 40% silver half dollars from to , collectible US paper money, and even US proof sets & mint sets.
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