纸币分为三种类型,它们是:

Paper money consists of three types, these are:

1. 内在价值纸币：指代表一定数量金银（或铸币，或金银条块）的纸币。这些金银存放于特定地点，纸币所载的金属价值与其面值相等，且持有者可以随时兑换。在这种情况下，其流通实质上与金属货币相同，纸币只是作为金属货币的替代物在流通。

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. 信用纸币：这类是“可兑换”的票据，签发人承诺见票即向持票人支付一定数量的金属货币。此类信用纸币投入流通后，其价值取决于公众对签发人的信任，以及签发人履行承诺的能力。如果签发人诚实可靠，那么使用这种信用纸币就会像使用硬币一样方便。

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.

这种货币的主要形式是由知名银行发行、并为公众所信任的纸币。然而，这些纸币的发行方，即这种信用纸币的发行者，无论是银行还是国库，都会保有与纸币面值完全相等的黄金，正如实体纸币的情况一样。发行者通常在金库中保有一定比例的黄金储备，该比例可能是四分之三、三分之二、三分之一，或某个特定的百分比。因此，由等值金属储备所十足支持的那部分纸币被视为实体纸币，而未有储备支持的其余部分则被视为信用纸币，其流通力来源于人们对发行方的信任。例如，若某发行机构（无论是银行还是政府国库）在金库中保有价值2000万第纳尔的金属储备，却发行了价值4000万第纳尔的纸币，那么其中未有金属储备支持的2000万第纳尔纸币便被视为信用纸币，而与金属储备价值相等、有金属储备支持的2000万第纳尔纸币则被视为实体纸币。

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.

因此，对于持有的黄金和白银储备恰好等于其所发行纸币价值的国家而言，其货币将被视为内在纸币（intrinsic paper money）以及足额储备货币（fully backed money）。 而对于所持有的黄金或白银价值不等于全部纸币数额、仅得到部分覆盖的国家而言，其货币将被视为信用纸币（fiduciary paper money）。

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. 不可兑换纸币：这类纸币被称为法定货币，即具有强制接受效力的法偿货币，也常被称为纸质证券。它们由政府发行，并被确立为主要货币。这些纸币不能兑换成黄金或白银，也没有黄金、白银或银行票据的储备作为支撑。然而，它们以政府立法为依据，免除发行机构以黄金或白银兑换的义务。

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.