{
  "title": "The Value of Paper Money Around the World - Currency Notes - IMF F&D Magazine - June 2018 | Volume 55 | Number 2",
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  "summary": "With digital currencies and online payments gaining steam, the future of paper money may be in jeopardy. What was once valued precisely because of its physicality is giving way to a new global, digital economy.",
  "sections": [
    {
      "heading": "Publication and authors",
      "content": "- F&D Magazine, Striking the Right Note\n- TADEUSZ GALEZA, JAMES CHAN\n- June 2018\n- TADEUSZ GALEZA is a research officer in the IMF’s Monetary and Capital Markets Department.\n- JAMES CHAN is a senior information management assistant in the IMF’s Statistics Department."
    },
    {
      "heading": "Historical and cultural role of paper money",
      "content": "- Money has taken many forms throughout history: strings of shells in the Solomon Islands, large stone disks on Yap, wheels of Parmigiano-Reggiano cheese in Italy.\n- Modern banknotes serve as an artistic expression of national sovereignty, often immortalizing famous authors, activists, local wildlife, and iconic national landmarks.\n- Banknotes represent the essence, history, beauty, and ideals to which each country aspires."
    },
    {
      "heading": "Global currency landscape and physical characteristics",
      "content": "- The IMF’s 189 member countries issue 136 unique national currencies and form four currency unions.\n- Banknote physical-size examples:\n  - Malawian kwacha: the smallest banknote in the study at about 87 percent the size of the US dollar bill.\n  - Brunei dollar and Singapore dollar: the largest banknotes in circulation in the study, each with a total area of more than 150 percent of the US dollar bill.\n  - Swiss francs: tend to be very slender.\n  - British pounds and Kenyan shillings: tend to be more square.\n- Most banknotes are rectangular and wider rather than tall."
    },
    {
      "heading": "Functional properties of currency",
      "content": "- Banknotes fulfill the same defining properties worldwide: they are a unit of measure, a store of value, and a medium of exchange.\n- Paper bills, or “fiat” money, have no intrinsic value; their worth is determined solely through supply and demand and they are declared legal tender by government decree."
    },
    {
      "heading": "Nominal vs. real value and notable denominations",
      "content": "- Central banks decide largest notes in circulation; nominal value is indicated by the number of zeros.\n- Current largest bills in circulation range from 20 Bahrain dinars to 500,000 Vietnamese dong.\n- Historical hyperinflation examples:\n  - Yugoslavia issued a 500 billion dinar bill in 1991.\n  - Zimbabwe issued a 100 trillion dollar bill in 2009.\n- Common practice: a hundred units of currency (for example, 100 US dollars) is most commonly the highest available banknote in each country.\n- Real-value highlights:\n  - On average, the largest banknote in circulation across countries is equivalent to 33 US dollars.\n  - It takes three 100 South Sudanese pound notes (their largest in circulation) to purchase a medium coffee at Starbucks.\n  - It takes two of Brunei’s largest bills—10,000 dollar notes—to buy a 2018 Toyota Yaris sedan."
    },
    {
      "heading": "Future outlook",
      "content": "- Digital currencies and online transactions are gaining steam worldwide, putting the future of paper money potentially in jeopardy.\n- The physicality that once defined value is giving way to a new global, digital economy where more transactions—big and small—are processed electronically.\n- Possible evolution: countries may one day design and issue virtual banknotes, embedded with richer features to celebrate national heritage.\n- Short-term outlook: paper banknotes continue to retain an undeniable appeal.\n\nContent based solely on \"The Value of Paper Money Around the World - Currency Notes - IMF F&D Magazine - June 2018 | Volume 55 | Number 2.\"\n\n---\n\n Content in this bundle\n\n- اختيار الورقة الصحيحة\n  - اختيار الورقة الصحيحة (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - اختيار الورقة الصحيحة (PDF){rel=\"external\" type=\"application/pdf\"}\n- The Value of Paper Money Around the World - Currency Notes - IMF F&D Magazine - June 2018\n  - The Value of Paper Money Around the World - Currency Notes - IMF F&D Magazine - June 2018 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - The Value of Paper Money Around the World - Currency Notes - IMF F&D Magazine - June 2018 (PDF){rel=\"external\" type=\"application/pdf\"}\n- El equilibrio correcto ● El dinero se transforma ● Finanzas y Desarrollo ● Junio de 2018\n  - El equilibrio correcto ● El dinero se transforma ● Finanzas y Desarrollo ● Junio de 2018 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - El equilibrio correcto ● El dinero se transforma ● Finanzas y Desarrollo ● Junio de 2018 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Histoires d’argent : Tirer le bon billet\n  - Histoires d’argent : Tirer le bon billet (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Histoires d’argent : Tirer le bon billet (PDF){rel=\"external\" type=\"application/pdf\"}\n- Денежные знаки. Подобрать подходящую банкноту – Финансы и развитие – июнь 2018 года\n  - Денежные знаки. Подобрать подходящую банкноту – Финансы и развитие – июнь 2018 года (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Денежные знаки. Подобрать подходящую банкноту – Финансы и развитие – июнь 2018 года (PDF){rel=\"external\" type=\"application/pdf\"}\n- 纸币遭受打击 - 货币 - 金融与发展\n  - 纸币遭受打击 - 货币 - 金融与发展 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 纸币遭受打击 - 货币 - 金融与发展 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/fandd/issues/2018/06/value-of-paper-money-around-the-world-currency"
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    "Authors: TADEUSZ GALEZA, JAMES CHAN",
    "Published: June 1, 2018",
    "Volume: 55",
    "F&D Magazine, Striking the Right Note",
    "TADEUSZ GALEZA, JAMES CHAN",
    "June 2018",
    "TADEUSZ GALEZA is a research officer in the IMF’s Monetary and Capital Markets Department.",
    "JAMES CHAN is a senior information management assistant in the IMF’s Statistics Department.",
    "Money has taken many forms throughout history: strings of shells in the Solomon Islands, large stone disks on Yap, wheels of Parmigiano-Reggiano cheese in Italy.",
    "Modern banknotes serve as an artistic expression of national sovereignty, often immortalizing famous authors, activists, local wildlife, and iconic national landmarks.",
    "Banknotes represent the essence, history, beauty, and ideals to which each country aspires.",
    "The IMF’s 189 member countries issue 136 unique national currencies and form four currency unions.",
    "Banknote physical-size examples:",
    "Most banknotes are rectangular and wider rather than tall.",
    "Banknotes fulfill the same defining properties worldwide: they are a unit of measure, a store of value, and a medium of exchange.",
    "Paper bills, or “fiat” money, have no intrinsic value; their worth is determined solely through supply and demand and they are declared legal tender by government decree.",
    "Central banks decide largest notes in circulation; nominal value is indicated by the number of zeros.",
    "Current largest bills in circulation range from 20 Bahrain dinars to 500,000 Vietnamese dong.",
    "Historical hyperinflation examples:",
    "Common practice: a hundred units of currency (for example, 100 US dollars) is most commonly the highest available banknote in each country.",
    "Real-value highlights:",
    "Digital currencies and online transactions are gaining steam worldwide, putting the future of paper money potentially in jeopardy.",
    "The physicality that once defined value is giving way to a new global, digital economy where more transactions—big and small—are processed electronically.",
    "Possible evolution: countries may one day design and issue virtual banknotes, embedded with richer features to celebrate national heritage.",
    "Short-term outlook: paper banknotes continue to retain an undeniable appeal.",
    "**اختيار الورقة الصحيحة**",
    "**The Value of Paper Money Around the World - Currency Notes - IMF F&D Magazine - June 2018**",
    "**El equilibrio correcto ● El dinero se transforma ● Finanzas y Desarrollo ● Junio de 2018**",
    "**Histoires d’argent : Tirer le bon billet**",
    "**Денежные знаки. Подобрать подходящую банкноту – Финансы и развитие – июнь 2018 года**",
    "**纸币遭受打击 - 货币 - 金融与发展**"
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