The time, on average, between the first issuance of a banknoteA banknote (or ‘bill’ as it is often referred to in the US) is a type of negotiable promissory note, issued by a bank or other licensed authority, payable to the bearer on demand. More and its withdrawal from circulation by the issuing central bank. High-value denominations usually have a longer average life than low-value ones which, due to their more frequent usage, deteriorate faster.