Banknote Glossary
The World Banknotes Glossary is a curated system dedicated to the language of paper money. Here, the subtle elements that define a banknote — from watermark and security thread to printing techniques, materials, and design structures — are revealed with clarity and precision.
Each term opens a deeper understanding of how banknotes are created, protected, and interpreted. What may first appear as a simple detail often carries a precise function, a technical purpose, or a cultural meaning embedded within the note itself.
This glossary is designed to refine the collector’s eye — transforming observation into recognition, and recognition into knowledge. It invites you to read banknotes not only as objects of exchange, but as carefully constructed compositions shaped by history, craftsmanship, and national identity.
A
About Good (AG)
About Good (AG) is a banknote condition grade describing an extremely worn and heavily damaged note that remains barely intact but still identifiable.
About Uncirculated (AU)
About Uncirculated, written AU or aUNC, describes a nearly uncirculated banknote with limited handling. Learn how folds, counting marks, originality and numerical grades define...
Archival Storage
Archival storage for banknotes is a preservation standard based on chemically inert materials and controlled environmental conditions, designed to protect notes from long-term physical...
B
Banknote Issue
A banknote issue is a particular release of banknotes, which may comprise one denomination or a group. Its scope depends on the issuer’s or...
Banknote Paper
Banknote paper is specialised security paper manufactured for use as the substrate of paper banknotes. It is engineered for durability, print quality and the...
Banknote Preservation
Banknote preservation refers to the principles and practices used to maintain a banknote’s physical condition, structural integrity, and long-term stability.
Banknote Storage
Banknote storage refers to the methods, materials, and systems used to safely hold, organize, and physically protect banknotes from damage.
C
Central Banking Authority
A central banking authority is the institutional framework that defines a country’s monetary control and guarantees the credibility of its currency.
Circulation Banknote
A circulation banknote is an official note released into the ordinary cash system. Learn how circulation differs from legal tender, commemorative purpose, collector distribution...
Coat of Arms
A coat of arms on a banknote is an official state symbol that represents national identity, authority, and continuity.
Commemorative Issue
A commemorative issue is an official banknote created to mark a defined event or subject. Learn how purpose, circulation model, dates, design form and...
Condition Grading
Condition grading is the standardized system used to evaluate the physical state of a banknote and define its position within the global collector market.
Currency Board
A currency board is a monetary arrangement in which domestic currency is issued under a rule that links it to an anchor currency at...
Cutting Error
A cutting error is a manufacturing fault that leaves a banknote’s cut boundaries incorrectly positioned relative to its intended design. Uneven margins or an...
D
Demonetized Note
A demonetized note is a banknote affected by a formal measure ending one or more of its official monetary functions or rights. Depending on...
Denomination
Denomination on a banknote is the value assigned to it, expressed through numbers, words, or symbols that define its place within a currency system.
Double Print
A double print is a banknote printing error where part of the design is printed twice, creating a duplicated image within the same layer.
E
Emblem
An emblem on a banknote is a symbolic graphic element used to represent a nation, institution, or issuing authority.
Emergency Money (Notgeld)
Emergency money (Notgeld) refers to banknotes issued outside the official monetary system during periods of economic disruption, when standard currency was unavailable or insufficient.
Essay
An essay is a proposed banknote design submitted for consideration that was not approved for production or circulation.
Extremely Fine (XF)
Extremely Fine (XF) is a banknote condition grade describing a note that has seen light circulation yet remains structurally strong and visually sharp.
F
Face Value
Face value is the denomination assigned to a banknote by its issuer and stated on the note in the currency in which it was...
Fancy Serial Number
A fancy serial number is a banknote serial number distinguished by a recognizable and collectible pattern.
Fine (F)
Fine (F) is a banknote condition grade describing a note that has been in circulation for an extended period and shows clear, heavy signs...
Fluorescent Fibers
Fluorescent fibers are small security fibres that emit visible light under suitable UV illumination. Usually incorporated into banknote paper, they may be visible or...
Fold-over Error
A fold-over error is a banknote printing mistake in which part of the note is physically folded during production, causing sections of the design...
Foreign Exchange Certificate
A Foreign Exchange Certificate (FEC) is an official payment certificate issued against approved foreign currency for use within restricted channels. Learn how it differs...
G
Good (G)
Good (G) is a banknote condition grade for a heavily circulated note that remains complete but shows major wear and structural weakness.
Guilloche Pattern
Guilloche pattern is a banknote design element composed of finely engraved, interwoven lines forming complex geometric structures that are extremely difficult to replicate.
Gutter Fold Error
A gutter fold error is a banknote printing mistake caused by a crease or fold in the paper sheet during production, resulting in a...
H
Hologram
Hologram is an optical security feature applied to a banknote that uses light diffraction to produce controlled changes in image, colour, and spatial depth...
Hybrid Substrate
A hybrid substrate is a composite banknote material that combines traditional paper fibers with polymer elements, forming a multi-layer structure designed to enhance durability,...
Hyperinflation Issue
A hyperinflation issue refers to banknotes produced during a period of extreme monetary collapse, when currency rapidly loses value and ever-higher denominations are introduced...
I
Intaglio Printing
Intaglio printing transfers ink from engraved recesses under high pressure, producing raised print on banknotes. It is used on both paper and polymer, alongside...
Inverted Overprint
An inverted overprint is a banknote error where an additional printed element applied after the original design appears upside down relative to the base...
Issuing Authority
Issuing authority is the institution legally empowered to produce and release a banknote into circulation within a defined monetary system.
K
L
Legal Tender
Legal tender is a legal status defined by each jurisdiction. It does not necessarily require shops or other private parties to accept a particular...
Letterpress Printing
Letterpress printing is a relief process in which ink is carried on raised printing elements and pressed onto the banknote substrate. In banknote production...
Low Serial Number
A low serial number has a small numerical value within a banknote’s numbering range. What counts as low depends on the collecting convention; it...
M
Microprinting
Microprinting is a high-precision security feature on a banknote consisting of extremely small text or patterned elements that remain sharp and legible only under...
Military Issue
A military issue is a banknote or monetary instrument created specifically for use by armed forces within controlled environments, often outside the standard civilian...
Mismatch Serial Numbers
Mismatch serial numbers are a numbering error in which corresponding characters that should repeat on the same banknote disagree. Legitimate partial repetitions and later...
Missing Print
A missing print is a banknote error where part of the design is absent due to a failure in one stage of the printing...
N
O
Obverse
The obverse is the primary side of a banknote that presents the official identity of the issuing authority within the legal tender framework.
Occupation Issue
An occupation issue is a banknote introduced by a foreign power to replace or control the local currency within a territory under military or...
Offset Printing
Offset printing, also called offset lithography, is an indirect printing process commonly used in banknote production to apply flat areas of colour, intricate background...
Optically Variable Device (OVD)
An optically variable device (OVD) is a security feature on a banknote that changes appearance when viewed from different angles, using light interference, diffraction,...
Optically Variable Ink (OVI)
Optically variable ink is a banknote security ink whose visible colour changes with the viewing angle. Its location, colours and expected response depend on...
Overprint
Overprint is an additional layer of text, symbols, or markings printed onto an existing banknote after its original production.
P
Paper Money
Paper money is a broad collecting term for currency issued in note form rather than as coin. In modern banknote collecting it is often...
PCGS Banknote Grading
PCGS Banknote Grading is a professional third-party certification system that evaluates the authenticity, condition, and overall quality of banknotes.
Pick Number
A Pick Number is the catalogue reference assigned to a banknote listing in the Standard Catalog of World Paper Money. It identifies a type...
Pinholes
Pinholes are small perforations in a banknote caused by physical puncturing, typically from pins or needles used during handling or storage.
PMG Banknote Grading
PMG Banknote Grading is a professional third-party certification system that evaluates the authenticity, condition, and overall quality of banknotes.
Polymer
Polymer is a modern banknote substrate made from durable plastic film, most commonly biaxially oriented polypropylene (BOPP), used to enhance durability, security, and resistance...
Poor (PR)
Poor (PR 1 on the 1–70 grading scale) is the lowest possible banknote condition grade, describing a note that is severely damaged, structurally compromised,...
Portrait
Portrait on a banknote is a visual representation of a person, typically a historical figure, national leader, or cultural icon, used to establish identity,...
Prefix
A prefix is the opening component of a banknote’s serial number. It may contain letters, digits or both, with its boundaries and meaning defined...
Pressed Note
A pressed note is a banknote that has been mechanically flattened to reduce or hide folds, creases, and handling marks.
Printing Errors
A banknote printing error is an unintended production deviation on a genuine note that must be distinguished from later damage or deliberate alteration.
Proof Note
A proof note is a banknote produced during the design and approval stage to test engraving, layout, and printing quality before full production.
R
Remainder Note
A remainder note is unused banknote stock left after an issue, an issuance plan or an issuing institution ended. It may belong to either...
Replacement Prefix
A replacement prefix is a reserved letter or letter combination used in a particular banknote issue to identify a substitute for a rejected note...
Reverse
The reverse is the secondary side of a banknote that presents the cultural, historical, or thematic narrative within the monetary system.
S
Scrip
Scrip is a substitute for official money that is issued for use within a limited system, locality, organisation or period rather than as general...
SCWPM
SCWPM is the Standard Catalog of World Paper Money, the catalogue series associated with the Pick numbering system used to identify and reference world...
Seal
A seal on a banknote is an official emblem of the issuing authority that serves both as a mark of institutional identity and a...
Security Fibers
Security fibers are microscopic or short colored threads embedded directly into the substrate of a banknote during papermaking, forming an internal anti-counterfeiting feature that...
Security Thread
A security thread is a narrow banknote security feature, typically a strip incorporated into paper. Embedded, windowed and polymer-note features need different checks; a...
See-through Register
A see-through register is a banknote security feature made from complementary printed elements on the front and back of a note. When the note...
Serial Number
A serial number is a sequence of digits, sometimes combined with letters or symbols, used to identify a banknote within its numbering system. It...
Series
A banknote series is a family of notes sharing one design programme or issue era, usually covering several denominations. Its denominations may be introduced,...
Signature
A signature on a banknote is a printed, facsimile or handwritten signature mark associated with an identified official or office. Its institutional and legal...
Sleeves
Sleeves are transparent protective holders used to store and handle banknotes without direct contact, preserving their surface, structure, and original condition.
Specimen Note
A specimen note is an example of a banknote design prepared for reference, presentation or collection rather than for use as circulating money.
Star Note
A star note is a replacement banknote identified by a star in its serial-number system. Its position and exact meaning depend on the issuer...
Substrate
Substrate on a banknote refers to the base material from which the note is made, forming the physical foundation for all printed designs and...
Suffix
A suffix is the ending component of a banknote’s serial number. It may consist of letters, digits or a symbol, with its boundaries and...
T
TBB Number
A TBB Number is the catalogue reference used in The Banknote Book. References such as B101a identify a type and variety within a particular...
Transparent Window
A transparent window (also known as a clear window) is a security feature in a banknote where part of the substrate remains fully transparent,...
U
Ultraviolet (UV) Features
Ultraviolet (UV) features are banknote security elements examined through their response under specified UV illumination. They may be hidden in ordinary light or add...
Uncirculated (UNC)
Uncirculated (UNC) describes a banknote with no circulation wear or structural handling. Learn how originality, substrate, production imperfections and numerical grades shape a true...
Underprint
Underprint on a banknote is the foundational background layer of printed patterns, colors, and fine structures applied before the main design elements.
Unissued Banknote
An unissued banknote was prepared for a proposed monetary release but never officially entered circulation. Learn how essays, proofs, specimens, remainders and completed unissued...
V
Variety
A variety refers to a distinct variation within the same banknote type, where the core design remains unchanged but specific details differ between printings.
Very Fine (VF)
Very Fine (VF) is a banknote condition grade describing a note that has seen clear and repeated circulation, yet remains complete, stable, and fully...
Very Good (VG)
Very Good (VG) is a banknote condition grade describing a heavily circulated note with substantial wear, softened structure, and clear signs of long-term use,...
Vignette
Vignette on a banknote is a detailed illustrative scene or compositional image depicting landscapes, architecture, historical events, or symbolic narratives.
W
Washed Note
A washed note is a banknote that has been chemically or mechanically cleaned to remove dirt, stains, or signs of circulation.
Watermark
Watermark is one of the most trusted and enduring security features in banknotes, embedded directly within the paper and revealed only when held against...
Wrong Back
A wrong back (also known as a mismatched back or double denomination note) is a banknote printing error in which the obverse and reverse...