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Simple English definitions for legal terms
paper money
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A quick definition of paper money:
Paper money is a type of currency that is made of paper and is used to buy things. It is authorized by the government and is part of the country's currency. It is also called bills or banknotes. Unlike real money, which has intrinsic value, paper money does not have any value on its own and is only valuable because people agree to use it as a medium of exchange.
A more thorough explanation:
Paper money refers to currency in the form of paper documents that are authorized or adopted by a government as part of its currency. It is a medium of exchange that is widely accepted in a country.
- US dollars
- Euros
- Japanese yen
These examples illustrate paper money because they are all physical currency that can be used to purchase goods and services within their respective countries.
It is important to note that paper money is not backed by gold or silver, unlike hard money which is coined money with intrinsic value. Paper money is also considered lawful money, meaning it is legal tender for the payment of debts.