Pesa za karatasi zinajumuisha aina tatu, nazo ni:

Paper money consists of three types, these are:

1. Noti ya karatasi yenye thamani ya asili: Hizi ni noti za benki zinazowakilisha kiasi fulani cha dhahabu na fedha, iwe zimetengenezwa kuwa sarafu au ziko kama madini ghafi (bullion), zilizowekwa mahali maalum, ambazo thamani yake ya chuma ni sawa na thamani ya kawaida (nominal) inayoshikiliwa na noti hizi, na zinaweza kubadilishwa kuwa dhahabu au fedha kwa ombi. Katika hali kama hii, mzunguko wake kwa uhalisia ni kama wa fedha ya chuma, huku noti za karatasi zikizunguka kama mbadala wa fedha ya chuma.

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. Pesa ya karatasi ya kuaminiwa: Hizi ni noti "zinazoweza kubadilishwa" ambapo mtiaji sahihi anaahidi kumlipa mbeba noti, kwa kudai, kiasi fulani cha pesa ya chuma. Thamani ya noti hizi za kuaminiwa zinapowekwa kwenye mzunguko, itategemea imani ambayo watu kwa ujumla wanamwekea mtiaji sahihi, na uwezo wa mtiaji sahihi wa kutekeleza ahadi hiyo. Kama angekuwa mwaminifu na wa kutegemewa, basi ingekuwa rahisi kutumia pesa hii ya karatasi ya kuaminiwa kama sarafu.

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.

Aina kuu ya fedha hii ni noti za benki zilizotolewa na benki zinazojulikana na kuaminiwa na umma. Hata hivyo, mtoaji wa noti hizi, yaani karatasi hii ya fedha ya uaminifu, iwe ni benki au hazina ya Serikali, hudumisha kiasi halisi cha dhahabu sawa na thamani ya noti hizo, kama ilivyo kwa karatasi ya fedha ya asili. Kwa kawaida huweka akiba ya dhahabu katika vyumba vyake vya hazina sawa na asilimia fulani ya thamani ya noti zilizotolewa, ambayo inaweza kufikia robo tatu, theluthi mbili, theluthi moja, au asilimia maalum. Kwa hiyo, kiasi cha noti za benki kinachoungwa mkono na thamani sawa kabisa ya akiba ya chuma kinachukuliwa kuwa karatasi ya fedha ya asili, ilhali kiasi kilichobaki ambacho hakiungwi mkono na akiba kitachukuliwa kuwa karatasi ya fedha ya uaminifu, ambayo nguvu yake ya kuzunguka hutokana na imani ambayo watu wanayo kwa mtoaji. Kwa mfano, ikiwa nyumba ya kutoa fedha, iwe ni benki au hazina ya Serikali, itaweka katika vyumba vyake akiba ya chuma yenye thamani ya Dinari milioni 20, na kutoa karatasi ya fedha yenye thamani ya Dinari milioni 40, basi noti za Dinari milioni 20 ambazo hazijaungwa mkono na akiba ya chuma zitachukuliwa kuwa karatasi ya fedha ya uaminifu, na karatasi ya fedha yenye thamani ya Dinari milioni 20, inayoungwa mkono na akiba ya chuma sawa na thamani yake, itachukuliwa kuwa karatasi ya fedha ya asili.

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.

Kwa hiyo, kwa Dola ambayo inashikilia akiba ya dhahabu na fedha sawa kabisa na thamani ya noti za karatasi inazotoa, fedha zake zitachukuliwa kuwa fedha za karatasi za asili (intrinsic) zenye akiba kamili. Na kwa Dola ambayo inashikilia thamani ya dhahabu au fedha isiyolingana na kiasi kamili cha fedha za karatasi, bali inafunikwa kwa sehemu tu, fedha zake zitachukuliwa kuwa fedha za karatasi za imani (fiduciary).

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. Noti za karatasi zisizoweza kubadilishwa: Hizi zinajulikana kama noti za lazima, yaani zabuni halali zenye kukubalika kwa nguvu ya sheria, na pia mara nyingi huitwa dhamana za karatasi. Hutolewa na serikali na kuwekwa kuwa sarafu kuu. Haziwezi kubadilishwa kuwa dhahabu au fedha, wala hazidhaminiwi na akiba ya dhahabu, fedha au noti za benki. Hata hivyo, zinadhaminiwa na sheria ya serikali inayoiondolea taasisi inayozitoa wajibu wa kuzibadilisha kuwa dhahabu au fedha.

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.