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Bank Note

   Also found in: Dictionary/thesaurus, Legal, Acronyms, Encyclopedia, Wikipedia 0.01 sec.
Bank note
A term used synonymously with paper money or currency issued by a bank. Notes are, in effect, a promise to pay the bearer on demand the amount stated on the face of the note. Today, only the Federal Reserve Banks are authorized to issue bank notes, i.e. Federal Reserve notes, in the United States.

Bank Note
A note issued by a bank and accepted as money. In a fiat money system (that is, in all modern monetary systems), a bank note is the same as cash. In general, bank notes are issued by the central bank (or by a bank authorized by the central bank to print money) and are legal tender. It is also called paper money.

bank note
Currency issued and guaranteed by a bank. The sole issuer of bank notes in the United States is the Federal Reserve Bank.


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