Why were banknotes invented?

Answer 1

Most banknotes are made using 'rag' paper - paper with a high cotton content, rather than wood pulp. This is partly used to make the notes more durable, but also to make the process of counterfeiting them a little harder as rag paper is not as common or easy to purchase.

Answer 2

because coins cost more to produce, and they get awkward when you get to higher denominations.

Answer 3

It is a promissory note, made by a commercial bank payable to the bearer on demand. These notes, thus became known as banknotes