A legitimate 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, in poor condition, which may even have missing parts. Most central banks have rules for the exchangeThe Eurosystem comprises the European Central Bank and the national central banks of those countries that have adopted the euro. More of damaged notes.