| 单词 | banknotes |
| 释义 | banknotes Paper currency issued by a central bank. Banknotes developed in England from the receipts issued by London goldsmiths in the 17th century for gold deposited with them for safekeeping. These receipts came to be used as money, which encouraged the goldsmiths to issue their own banknotes, largely to increase their involvement in banking and moneylending. Now only the Bank of England and the Scottish and Irish banks in the UK have the right to issue notes. Originally all banknotes were fully backed by gold and could be exchanged on demand for gold; however, since 1931 the promise on a note to "pay the bearer on demand" simply indicates that the note is legal tender. See also: |
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