Recent Examples of paper money from the Web
To bypass rising censorship, for example, dissenters have taken to writing words of protest on paper money for all to read.
In a speech Friday, the current San Francisco Fed President John Williams laid out a case for why cryptocurrencies, the most prominent of which is Bitcoin, cannot replace paper money.
As consumers become increasingly accustomed to splitting dinner checks, paying for their morning coffee and hailing an Uber without touching paper money, banks are rushing to stake their claim on the wallet of the future.
As consumers become increasingly accustomed to splitting dinner checks, paying for their coffee and hailing an Uber without touching paper money, banks are rushing to stake their claim on the wallet of the future.
Parliament followed with a series of laws concentrating power in the bank, and one provision barred large competitors from printing paper money.
The British attempted to regulate the increased popularity of paper money in the colonies.
But Veeck would grab a slab of butter, slap it on the paper money, press in a dollar coin.
The receipt of counterfeit money is a problem not uncommon at retail stores, where clerks often use a special pen on paper money to identify fakes from the onset.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'paper money.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
Financial Definition of PAPER MONEY
What It Is
Paper money is a medium of exchange for goods or services within an economy. It is printed on paper, rather than in coin form.
How It Works
Paper notes are the most generally accepted forms of paper money. In most cases, each country in the world has its own paper money, but in many cases several countries use the same money (such as the Euro or the U.S. dollar). A country's government designs and manufactures that country's paper money.
Some paper money is fiat money, meaning that it has no intrinsic value. That is, the paper used to create the money is not worth very much in terms of its value as a raw material. Most paper money is fiat money, and its value comes from what it represents rather than what it is. Before 1971, the U.S. dollar was not fiat money -- it was backed by a corresponding amount of gold held with the Federal Reserve.
Why It Matters
Most paper money only has value because people want it. This idea is what made beaver pelts, shells, peppercorns, tulip bulbs and other things into money at various points in history. However, when the demand (or fashion) faded for some of these goods (or more people found they really needed corn instead of beaver pelts), these systems became cumbersome. Paper money solves this problem because it is exchangeable for any good or service that people want (rather than just beaver pelts).
This isn't to say that paper is the only form of viable money today. Quite often, companies use shares of their own stock as money to acquire other companies, and anybody who has ever watched a crime show knows that cigarettes can buy a lot in prison.
PAPER MONEY Defined for English Language Learners
Definition of paper money for English Language Learners
: money that is made of paper : money in the form of bills instead of coins
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