Banknote: A type of currency that is issued by a national bank or central authority and is legal tender in its country of origin.
BEP (Bureau of Engraving and Printing): The U.S. government agency responsible for printing paper currency, as well as other security documents.
Crisp Uncirculated (CU): A grade for paper money indicating that it has no signs of handling, folds, or creases, and retains its original crispness.
Denomination: The face value of a banknote.
Error Note: A banknote with printing mistakes, such as misalignments, incorrect inking, or missing elements, which can often be highly collectible.
Face Value: The nominal value of a banknote as printed on its surface, used for commerce and trading.
Fancy Serial Number: Banknotes with unique or interesting serial numbers that are sought after by collectors, such as ladder numbers (e.g., 12345678) or solid numbers (e.g., 11111111).
Federal Reserve Note: The official paper money of the United States, issued by the Federal Reserve and backed by the government.
Fiat Money: Currency that a government has declared to be legal tender, but it is not backed by a physical commodity.
Grade: The condition of a banknote, assessed based on its level of preservation and the presence of any wear, folds, or tears.
Legal Tender: Currency that must be accepted if offered in payment of a debt.
Mutilated Currency: Currency that has been damaged to the extent that it is no longer recognizable as legal tender, often replaced or redeemed by the issuing authority.
Obverse: The front side of a banknote, typically featuring prominent designs, portraits, or national symbols.
Overprint: Additional printing on a banknote’s surface after the initial printing process, often used for changes in denomination or for special issues.
Paper Money: Currency made from paper or a paper-like material, used as a medium of exchange.
Polymer Note: A type of banknote made from a synthetic polymer, such as biaxially-oriented polypropylene (BOPP), which is more durable and secure than traditional paper notes.
Portrait: The depiction of a notable person, usually found on the obverse of a banknote.
Redeemable Currency: Currency that can be exchanged for a certain amount of another commodity, typically gold or silver, under certain conditions.
Reverse: The back side of a banknote, often featuring cultural, historical, or geographical themes.
Security Features: Elements incorporated into the design of banknotes to help prevent counterfeiting, such as watermarks, security threads, holograms, and color-shifting ink.
Serial Number: A unique identifier printed on each banknote, used for tracking and inventory purposes.
Specimen Note: A sample banknote typically used for educational purposes, marketing, or for records by issuing agencies, marked with the word ‘Specimen’ and usually not legal tender.
Star Note: A replacement note issued when a defective note is detected during the printing process; it is identified by a star symbol next to the serial number.
Uncirculated: A banknote that has never been used in public circulation, thus retaining its original condition and quality.
Watermark: A security feature in the form of a pattern or image embedded into the paper of a banknote, which is visible when held up to light.