Qog'oz standarti qog'oz pulni muomala vositasi sifatida qabul qiladi. Qog'oz pul — bu uni olib yuruvchining manfaati uchun chiqarilgan, muomalada yuradigan vaucherlarning ifodasi bo'lib, agar bu qog'oz oltin yoki kumush o'rnini bossa, uni chiqargan Davlat yoki pul ma'muriyati tomonidan ta'minlangan aniq qarzni, yoki oltin yoki kumush bilan ta'minlangan kafolatli qog'ozni ifodalaydi.

The paper standard takes paper currency as the tool of circulation. Paper currency is an expression for circulated vouchers issued for the benefit of its bearer, which represent specific debt secured by the State or currency authority that issued it if this paper is a substitute for gold or silver, or secured paper backed by gold or silver.

Qog'oz pul davlat egallagan oltin yoki kumush o'rnida bo'lishi mumkin, shunday ki, u ularni to'liq ifodalaydi, ya'ni bu aylanmadagi qog'oz pulni ta'minlaydigan oltin yoki kumush uning qiymatining 100 foizini tashkil etadi. Shu sababli bu vakillik qog'oz pulning egasi, shu zaxiraga muvofiq, istalgan vaqtda hech qanday cheklovsiz yoki chegarasiz uni oltin yoki kumushga almashtirish huquqiga ega. Ushbu vakillik pul aslida metall tizimiga mansub hisoblanadi. Faqat shu narsa sodir bo'ladiki, oltin yoki kumushning o'zi muomalada yurish o'rniga, bu vakillik pul ularning vakili sifatida muomalada ularning o'rnini egallaydi.

Paper currency can be a substitute for gold or silver possessed by the State such that it represents it completely i.e. the gold or silver backing this circulating paper represents 100% of this value. So the bearer of this representative paper currency has the right to exchange it into gold or silver, according to this cover, whenever he wants without any restriction or limit. This representative currency is considered, in reality, to be of the metallic system. All that happens is that instead of circulating gold or silver themselves, this representative currency takes their place in circulation in its capacity as their representative.

Bundan tashqari, bu qog‘oz pul uning qiymatining bir qismi bilan oltin yoki kumush bilan ta’minlanishi mumkin, aniq va cheklangan miqdorda. Bunday qog‘oz pul "ta’minlangan pul" deb ataladi. Shunga qaramay, u oltin va kumush bilan to‘liq ta’minlanmagan, uning ishonchliligi uni chiqargan hokimiyatga bo‘lgan ishonchdan kelib chiqadi. Uning ichidagi oltin yoki kumush bilan ta’minlangan qismi oltin yoki kumushning vakili bo‘lgan pul hisoblanadi, qolgan ta’minlanmagan qismi esa muomaladagi kuchi chiqargan hokimiyatga bo‘lgan xalq ishonchiga bog‘liq bo‘lgan ta’minlanmagan qog‘oz pul hisoblanadi.

Also, this paper currency can be covered for a part of its value in gold or silver, in a specific and limited proportion. Such paper currency is known as “secured currency.” Despite this it is not covered completely by gold and silver, its trustworthiness results from the trustworthiness in the authority that issues it. The portion within it covered by gold or silver is currency representative of gold or silver, whereas the remaining not covered portion is secured paper currency whose circulation strength depends upon people’s confidence in the authority that issued it.

Pul qog'oz turining uchinchi turi — hech qanday oltin yoki kumush bilan ta'minlanmagan va oltin yoki kumushning o'rnini bosmaydigan qog'oz pul. Uni "majburiy qog'oz pul" deb atashadi, u oltin yoki kumushga almashtirilmaydi. Uning qiymati qonun unga bergan, odamlar orasidagi qarzni ado etish majburiyatining kuchiga bog'liq. Uning o'zida ichki qiymati yo'q; aksincha, uning qiymati majburiy pul sifatida uni qabul qilishni talab qiladigan qonunga bog'liq. Agar qonun bunday pul bilan amalga oshiriladigan almashuvlarni bekor qilsa yoki odamlar unga bo'lgan ishonchini yo'qotsa, u qadrsiz bo'lib qoladi.

The third type of paper currency is paper currency without any gold or silver backing at all, nor is it representative of gold or silver. This is known as “compulsory paper currency” that is not exchangeable for gold or silver. Its value depends upon the strength of the public remission of debt which the law grants to it. It has no intrinsic value in itself; rather its value depends upon the law that obliges it, as compulsory currency. If the law were to abolish transactions involving it or people lost confidence in it, then it would become worthless.