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promise

約束　—　Institutions

Settling to make good later.

Zhongtong Yuanbao Jiaochao note Zhongtong Yuanbao Jiaochao noteYuan, Zhongtong era (from 1260) Banknote of the Banque Royale Banknote of the Banque Royale1720 25 Ruble Assignat (1769) 25 Ruble Assignat (1769)1769
A photograph of the real thing this term names.

⚠ A banknote, ultimately, is a promise written on paper. As long as the promise continues to be fulfilled, the paper functions as currency. The moment it becomes clear it will not be fulfilled, it reverts to being just paper.