Qog'oz pul uch turdan iborat, ular quyidagilar:

Paper money consists of three types, these are:

1. Ichki qiymatga ega qog'oz pul: Bular ma'lum miqdordagi oltin va kumushni ifodalovchi banknotalar bo'lib, ular tanga shaklidagi yoki quyma holidagi oltin va kumush belgilangan joyda saqlanadi, metall qiymati ushbu banknotalar ifodalagan nominal qiymatga teng bo'ladi va talab qilinganda almashtirilishi mumkin. Bunday holatda haqiqiy ma'noda muomala metall pulning muomalasiga o'xshaydi, qog'oz pul esa metall pul o'rnini bosuvchi vosita sifatida muomalada yuradi.

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. Qog'oz pul (ishonchli pul): Bular "almashtiriladigan" banknotalar bo'lib, unda imzo qo'ygan shaxs banknota egasiga talab qilinganda ma'lum miqdorda metall pul to'lashga va'da beradi. Muomalaga chiqarilgan bunday ishonchli banknotalarning qiymati umumxalqning imzo qo'ygan shaxsga bo'lgan ishonchiga hamda uning va'dasini bajara olish qobiliyatiga bog'liq bo'ladi. Agar u ishonchli va mas'uliyatli bo'lsa, bunday ishonchli qog'oz pulni tangalar kabi osonlik bilan ishlatish mumkin bo'lar edi.

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.

Ushbu pulning asosiy turi – mashhur banklar tomonidan chiqarilgan va xalq tomonidan ishonchli deb qabul qilingan banknotalardir. Biroq ushbu banknotalarning emitenti, ya’ni fiduciar qog‘oz pul, bank bo‘ladimi yoki davlat xazinasi, xuddi asl qog‘oz pulda bo‘lgani kabi, banknotalar qiymatiga teng aniq miqdordagi oltinni saqlaydi. U odatda chiqarilgan banknotalar qiymatining ma’lum foiziga teng oltin zaxirasini, ya’ni uch chorak, uch ikkidan, uchdan bir yoki boshqa belgilangan foizni o‘z xazinalarida saqlaydi. Shunday qilib, qiymati aynan teng metall zaxirasi bilan ta’minlangan banknotalar miqdori asl qog‘oz pul hisoblanadi, zaxira bilan ta’minlanmagan qolgan miqdor esa fiduciar qog‘oz pul hisoblanadi, u o‘z muomala kuchini emitentga bo‘lgan odamlar ishonchidan oladi. Masalan, agar emitent uy, ya’ni bank yoki davlat xazinasi, o‘z xazinasida 20 million dinor qiymatidagi metall zaxirasini saqlasa-yu, 40 million dinor qiymatidagi qog‘oz pul chiqarsa, u holda metall zaxirasi bilan ta’minlanmagan 20 million dinorlik banknotalar fiduciar qog‘oz pul hisoblanadi, metall zaxirasi bilan qiymatiga teng ta’minlangan 20 million dinorlik qog‘oz pul esa asl qog‘oz pul hisoblanadi.

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.

Shuning uchun, oltin va kumush zaxirasi chiqarilgan qog'oz pulning qiymatiga aynan teng bo'lgan davlatning puli ichki qiymatga ega bo'lgan qog'oz pul va to'liq ta'minlangan pul hisoblanadi. Aksincha, oltin yoki kumushning qiymati qog'oz pulning to'liq miqdoriga teng bo'lmay, faqat qisman qoplangan davlatning puli esa ishonchli (fiduciary) qog'oz pul hisoblanadi.

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. Konvertatsiya qilinmaydigan qog'oz pul: Bular majburiy pullar, ya'ni majburiy qabul qilinadigan qonuniy to'lov vositalari sifatida tanilgan bo'lib, ularni odatda qog'oz qimmatbaho qog'ozlar deb ham atashadi. Ular hukumatlar tomonidan chiqariladi va asosiy valyuta sifatida belgilanadi. Ularni oltin yoki kumushga almashtirib bo'lmaydi va ular oltin, kumush yoki banknotalar zaxirasi bilan ta'minlanmaydi. Biroq, ularni chiqargan muassasaning oltin yoki kumushga almashtirilishidan ozod etuvchi hukumat qonunchiligi bilan ta'minlanadi.

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.