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 which is either missing a part or is the result of pasting or combining together different pieces from one or more banknotes. Most central banks have a process for the exchangeThe Eurosystem comprises the European Central Bank and the national central banks of those countries that have adopted the euro. More of these banknotes after they have been authenticated.