A bill can be defined as money in paper form. Bills are also often referred to as note, bank note, and paper money.
Paper bills continue to be a very important method of payment despite the proliferation of non-cash payment methods such as credit cards, checks, electronic payments, funds transfers, etc. People use bills on a daily basis to make purchases, although large purchases now rarely involve the direct exchange of bills due to security concerns, as well as convenience.
Paper bill have different monetary values depending on the amount printed on the bill as well as the currency of the bill. A designated financial institution within each government prints its respective currency. The printing is a tedious process involving heavy-duty materials meant to make the bill very durable and difficult to counterfeit.
Paper bills usually have a lifespan of two years, after which banks take them out of circulation and shredded for security. Bills that are worn out before their lifespan are also taken out of circulation and destroyed. In some countries, like Australia, the destroyed paper bills are recycled and made into other products such as waste cans.
When making paper bills, it is very important to design it with security in mind. Advances in technology have made counterfeiting a very profitable business; therefore using special materials to create singular types of paper, intricate designs and dyes are added to make real money difficult to copy.