Inconvertible paper money

Japanese: 不換紙幣 - ふかんしへい（英語表記）inconvertible paper money

Paper money that is not convertible into specie (standard currency such as gold or silver). During the gold standard era, banknotes were naturally convertible, but in times of emergency such as war or civil unrest, paper money issued by governments was often inconvertible, or was initially convertible but later became inconvertible. Typical examples of this are the Assinian paper money issued during the French Revolution and the German mark paper money issued during World War I. However, in the modern international monetary system, which has moved away from the gold standard, no country has convertible paper money (→Convertible bills).

Source: Encyclopaedia Britannica Concise Encyclopedia About Encyclopaedia Britannica Concise Encyclopedia Information

Japanese:

正貨 (金，銀などの本位貨幣) に兌換されない紙幣。金本位制時代には銀行券は当然兌換紙幣であったが，戦争，内乱などの異常事態のとき政府が発行する紙幣は，多くの場合不換紙幣であるか，当初は兌換紙幣であっても，のちに不換紙幣となることが多かった。古くはフランス革命時のアッシニア紙幣，近くは第1次世界大戦のドイツマルク紙幣などがその典型である。しかし金本位制から離脱した現代の国際通貨体制のもとでは，どの国にも兌換紙幣は存在しなくなっている (→兌換券 ) 。

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