Editing Banknote (section)

==Issue of banknotes==
[[File:Collage for banknote design, Bank of Manchester, UK, 1833. On display at the British Museum in London.jpg|thumb|Collage for banknote design with annotations and additions to show proposed changes (figure rather higher so as to allow room for the No.), Bank of Manchester, UK, 1833. On display at the British Museum in London]]
Today, a [[central bank]] or treasury is generally solely responsible within a state or [[currency union]] for the issue of banknotes. However, this is not always the case, and historically, private banks frequently handled all of a country's paper currency. Thus, many different banks or institutions may have issued banknotes in a given country. Commercial banks in the United States had legally issued banknotes before there was a national currency; however, these became subject to government authorization from 1863 to 1932. In the last of these series, the issuing bank would stamp its name and promise to pay, along with the signatures of its president and cashier on a preprinted note. By this time, the notes were standardized in appearance and not too different from [[Federal Reserve Note]]s.[[File:Five dollar Banknote of Citizens Bank of Louisiana.jpg|thumb|A $5 note issued by Citizens Bank of Louisiana in the 1850s.]]

In a small number of countries, private banknote issuing continues to this day. For example, by virtue of the complex constitutional setup in the United Kingdom, certain [[commercial bank]]s in two [[Countries of the United Kingdom|countries]] ([[Scotland]] and [[Northern Ireland]]) continue to print their own banknotes for domestic circulation, even though they are not [[fiat money]] or declared in law as [[legal tender]] anywhere. The UK's central bank, the [[Bank of England]], prints notes which are legal tender in [[England and Wales]]; these notes are also usable as money (but not legal tender) in Scotland and Northern Ireland (see [[Banknotes of the pound sterling]]). The [[Bank of Scotland]] was the first bank in [[Europe]] to successfully print its own paper banknotes, and entered circulation in 1696. The Bank of Scotland is currently the longest continuous issuer of banknotes in the world.<ref>{{cite web |title=Lloyds Banking Group - Bank of Scotland |url=https://www.lloydsbankinggroup.com/who-we-are/our-heritage/bank-of-scotland-heritage.html |website=www.lloydsbankinggroup.com |access-date=9 February 2025}}</ref>

In the two [[Special administrative regions of China|Special Administrative Regions of the People's Republic of China]], arrangements are similar to those in the UK; in [[Hong Kong]], three commercial banks are licensed to issue [[Banknotes of the Hong Kong dollar|Hong Kong dollar notes]],<ref name="BIS">{{cite web |url = http://www.bis.org/publ/cpss55.pdf |title = The Role of Central Bank Money in Payment Systems |access-date =14 August 2008 |author=Committee on Payment and Settlement Systems |publisher= Bank for International Settlements |date=August 2003 |page = 96 |quote = Although historically not the case, these days banknotes are usually issued only by the central bank. This is broadly the case in all CPSS economies, except Hong Kong SAR, where banknotes are issued by three commercial banks. Singapore and the United Kingdom are more limited exceptions. Singapore dollar banknotes have been issued by the [[Board of Commissioners of Currency, Singapore|Board of Commissioners of Currency]], a government agency, although following the merger of the Board into the MAS in October 2002 this is no longer the case. In the United Kingdom, Scottish banks retain the right to issue banknotes alongside those of the Bank of England and three banks currently still do so. | archive-url= https://web.archive.org/web/20080909222757/http://www.bis.org/publ/cpss55.pdf| archive-date= 9 September 2008 |url-status = live}}</ref> and in [[Macau]], banknotes of the [[Macanese pataca]] are issued by two different commercial banks. In [[Luxembourg]], the [[Banque Internationale à Luxembourg]] was entitled to issue its own [[Luxembourgish franc]] notes until the introduction of the [[Euro]] in 1999.<ref name=bil>{{cite web |title=BIL's history |url=https://www.bil.com/en/corporate/history/Pages/default.aspx |publisher=Banque Internationale à Luxembourg |access-date=13 December 2013 |archive-date=27 April 2015 |archive-url=https://web.archive.org/web/20150427155937/https://www.bil.com/en/corporate/history/Pages/default.aspx |url-status=live }}</ref>

As well as commercial issuers, other organizations may have note-issuing powers; for example, until 2002, the [[Singapore dollar]] was issued by the [[Board of Commissioners of Currency, Singapore]], a government agency that was later taken over by the [[Monetary Authority of Singapore]].<ref name="BIS"/>

As with any printing, there is also a chance for banknotes to have printing errors. For U.S. banknotes, these errors can include board break errors, butterfly fold errors, cutting errors, dual denomination errors, fold over errors, and misalignment errors.<ref>{{cite web|url=https://www.pmgnotes.com/news/article/4801/Error-Is-Human-Part-I/|title=Error Is Human: Part I – PMG|website=www.pmgnotes.com|access-date=16 April 2018|archive-date=9 May 2018|archive-url=https://web.archive.org/web/20180509153651/https://www.pmgnotes.com/news/article/4801/Error-Is-Human-Part-I/|url-status=live}}</ref>