A banknote is a negotiable promissory note issued by a bank and payable to the bearer on demand. The amount payable is stated on the face of the note. Banknotes are considered legal tender, and, along with coins, make up the bearer forms of all modern money.
Banknotes are called by several names such as commemorative notes, real notes which are legal tenders and fantasy banknotes.
Legal tender notes are the banknotes issued by the government as a legal form of payment. Formally, it is anything which when offered in payment extinguishes the debt.
The commemorative banknotes are the banknotes issued to commemorate some occasion. These banknotes are expected to be printed on either polymer or a composite substrate or high quality paper to distinguish it from regular issue legal tender notes.
Fantasy Banknotes are tend to be created for countries or regions where banknotes are not issued. These notes are not meant for circulation and are neither legal tenders.
Fantasy and commemorative banknotes is another area of collecting that has good number of collectors worldwide.