A 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. that is not Money that is legally valid for the payment of debts and must be accepted for that purpose when offered. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered (“tendered”) in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt. and printed during the testing of a new Banknotes form a family when they maintain traits that identify them as members of the same group (unity of design, uniformity of structure, etc.), while they may be of different size.. It is subject to special security measures even though it is designed not to be confused with a legitimate banknote. Dummy banknote can also be produced for special training purposes e.g. for the blind and partially sighted people.