<P> As well as commercial issuers, other organizations may have note - issuing powers; for example, until 2002 the Singapore dollar was issued by the Board of Commissioners of Currency Singapore, a government agency which was later taken over by the Monetary Authority of Singapore . </P> <P> As with any printing, there is also a chance for banknotes to have printing errors . For U.S. banknotes, these errors can include board break errors, butterfly fold errors, cutting errors, dual denomination errors, fold over errors, and misalignment errors . </P> <P> Prior to the introduction of banknotes, precious or semi-precious metals minted into coins to certify their substance were widely used as a medium of exchange . The value that people attributed to coins was originally based upon the value of the metal unless they were token issues or had been debased . Banknotes were originally a claim for the coins held by the bank, but due to the ease with which they could be transferred and the confidence that people had in the capacity of the bank to settle the notes in coin if presented, they became a popular means of exchange in their own right . They now make up a very small proportion of the "money" that people think that they have as demand deposit bank accounts and electronic payments have negated the need to carry notes and coins . </P> <P> Banknotes have a natural advantage over coins in that they are lighter to carry but are also less durable . Banknotes issued by commercial banks had counterparty risk, meaning that the bank may not be able to make payment when the note was presented . Notes issued by central banks had a theoretical risk when they were backed by gold and silver . Both banknotes and coins are subject to inflation . The durability of coins means that even if metal coins melt in a fire or are submerged under the sea for hundreds of years they still have some value when they are recovered . Gold coins salvaged from shipwrecks retain almost all of their original appearance, but silver coins slowly corrode . </P>

Where did paper money originally get its value