紙幣には三つの種類があり、次のとおりです。

Paper money consists of three types, these are:

1. 内在的価値を持つ紙幣：これは、特定の場所に預けられた一定量の金と銀（硬貨または地金）を表す銀行券であり、その金属としての価値は、これらの紙幣が示す額面価値と等しく、請求に応じて交換することができるものです。この場合、実質的な流通は金属貨幣の場合と同様であり、紙幣は金属貨幣の代用として流通しています。

1. Intrinsic paper money: These are bank notes representing a certain amount of gold and silver, either coined or in bullion, deposited in a specific place, which have a metallic value equal to the nominal value held by these notes, and can be exchanged on request. In such a case, the circulation in real terms is like that of metallic money, with the paper money circulating as a substitute for metallic money.

2. 信用紙幣（fiduciary paper money）：これは「兌換」紙幣であり、署名者が所持人の求めに応じて一定額の金属貨幣を支払うことを約束するものである。流通に置かれたこれらの信用紙幣の価値は、一般の人々が署名者に寄せる信頼と、署名者がその約束を果たす能力に左右される。もし署名者が信頼でき、確実な人物であれば、この信用紙幣は硬貨とまったく同じように容易に使用されうるであろう。

2. Fiduciary paper money: These are “convertible” notes where the undersigned promises to pay the bearer on demand a certain sum of metallic money. The value of these fiduciary notes when put in circulation, would be subject to the trust, people at large, have in the undersigned, and on the ability of the undersigned to fulfil the promise. If He were trustworthy and reliable then it would be easy to use this fiduciary paper money just like coins.

この種の貨幣の主なものは、有名な銀行が発行し、人々に信頼されている紙幣です。しかし、これら紙幣の発行者、すなわち銀行であれ国庫であれ、この信用紙幣の発行者は、紙幣の価値に等しい正確な量の金を、本位紙幣の場合と同様に保有しています。通常、発行者は金準備を金庫に保管しており、その額は発行紙幣の価値の一定割合に相当します。その割合は四分の三、三分の二、三分の一、またはその他の特定の割合です。したがって、正確に等しい価値の金属準備に裏付けられた紙幣の量は本位紙幣とみなされ、準備に裏付けられていない残りの量は信用紙幣とみなされます。信用紙幣は、人々が発行者に寄せる信頼から流通力を得るものです。例えば、銀行であれ政府の国庫であれ、発行機関が金庫に2,000万ディナール相当の金属準備を保有し、4,000万ディナール相当の紙幣を発行しているとすれば、金属準備に裏付けられていない2,000万ディナール分の紙幣は信用紙幣とみなされ、その価値に等しい金属準備に裏付けられた2,000万ディナール分の紙幣は本位紙幣とみなされます。

The main type of this money is the bank notes issued by well-known banks and trusted by the public. However, the issuer of these bank notes i.e. this fiduciary paper money, be it a bank or the State’s treasury, maintains an exact amount of gold equal to the value of the bank notes, as is the case with the intrinsic paper money. It usually maintains gold reserves in its vaults equal to a certain percentage of the issued bank notes value which could amount to three quarters, two thirds, a third, or a specific percentage. Therefore, the quantity of bank notes which is backed by an exactly equal value of metallic reserves is considered intrinsic paper money, whereas the rest of the quantity which is not backed by a reserve would be considered fiduciary paper money, which derives its power of circulation from the trust which people have in the undersigned. For instance, if an issuing house, be it a bank or government treasury, would keep a metallic reserve in its vaults worth 20 million Dinars, and issues paper money worth 40 million Dinars, then the 20 million of bank notes i.e. paper money which is not backed by a metallic reserve would be considered fiduciary paper money and the twenty million Dinars worth of paper money, which is backed by a metallic reserve, equal to its value, would be considered as intrinsic paper money.

したがって、発行する紙幣の価値と全く同額の金銀の準備を保有している国家の場合、その紙幣は本質的紙幣（intrinsic paper money）であり、完全に裏付けられた貨幣とみなされる。一方、紙幣の全額ではなく、金または銀の価値が一部のみ裏付けられている国家の場合、その紙幣は信用紙幣（fiduciary paper money）とみなされる。

Therefore, for the State that holds reserves of gold and silver exactly equal to the value of the paper money it issues, its money would be considered as intrinsic paper money and fully backed money.Whereas, for the State that holds a value of either gold or silver which is not equal to the full amount of paper money, but is only partially covered, its money would be considered as fiduciary paper money.

3. 不換紙幣：これは強制通用力を持つ法定通貨、すなわち法律によって受け入れが強制される紙幣であり、一般に紙券とも呼ばれます。政府によって発行され、主要な通貨として定められています。金や銀と交換することはできず、金、銀、あるいは銀行券の準備によって裏付けられてもいません。ただし、発行機関が金や銀との交換義務を免除されるという政府の法律によって裏付けられています。

3. Inconvertible paper money: These are known as compulsory bills i.e. legal tender with enforced acceptability, and are also commonly called paper securities. They are issued by governments and established as main currencies. They cannot be exchanged to gold or silver, nor are they backed by a reserve of gold, silver or bank notes. However, they are backed by government legislation exempting the issuing house from their exchange against gold or silver.