Tell about Paper Money ?

Money, a commodity accepted by general consent as a medium of economic exchange.

It started with the Tang Dynasty (618 A.D. - 907 A.D.) The papper currency was known as flying money.

It is the medium in which prices and values are expressed; as currency, it circulates anonymously from person to person and country to country, thus facilitating trade, and it is the principal measure of wealth.

Whereas only two languages for the denomination(Hindi and English) in case of coin. 3.

The difference is, coins are made of metals which has some inherent value,

The subject of money has fascinated people from the time of Aristotle to the present day.

notes are just receipts issued by central banks backed by governments and has no inherent value in them.

The piece of paper labeled 1 dollar, 10 euros, 100 yuan, or 1,000 yen is little different, as paper, from a piece of the same size torn from a newspaper or magazine, yet it will enable its bearer to command some measure of food, drink, clothing, and the remaining goods of life while the other is fit only to light the fire.

6 Characteristics of Money for Business Success. The characteristics of money are durability, portability, divisibility, uniformity, limited supply, and acceptability.

The value of any good is determined by its supply and demand and the supply and demand for other goods in the economy.

. Whence the difference? The easy answer, and the right one, is that modern money is a social contrivance.

Inflation occurs when the price of goods increases

People accept money as such because they know that others will.

in other words when money becomes less valuable relative to those other goods.

That's an important fact in the development of paper money,

The strength of the convention is, of course, what enables governments to profit by inflating (increasing the quantity of) the currency. But it is not indestructible.

Whereas only two languages for the denomination(Hindi and English) in case of coin. 3.

When great increases occur in the quantity of these pieces of paper—as they have during and after wars—money may be seen to be, after all, no more than pieces of paper.

usually metallic and in the shape of a disc, but sometimes polygonal, or with a hole in the middle.

If the social arrangement that sustains money as a medium of exchange breaks down, people will then seek substitutes—like the cigarettes and cognac that for a time served as the medium of exchange in Germany after World War II.

Although they are still technically legal tender in the United States,

New money may substitute for old under less extreme conditions. In many countries with a history of high inflation, such as Argentina, Israel, or Russia, prices may be quoted in a different currency, such as the U.S. dollar, because the dollar has more stable value than the local currency.

high-denomination bills were last printed on December 27, 1945,

Furthermore, the country’s residents accept the dollar as a medium of exchange because it is well-known and offers more stable purchasing power than local money....,

high-denomination bills were last printed on December