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Private currencies are not legal tender and may be illegal in some jurisdictions; however, the advent of cryptocurrencies may spark a renaissance in digital private currencies.

There are no wood fibers or starch in currency paper. Instead, like high quality stationery, currency paper is composed of a special blend of cotton and linen fibers. The strength comes from raw materials continuously refined until the special feel of the currency is achieved.

That's just what traders in one London shopping district are hoping for, as they begin accepting a new local currency. Short on cash? Then why not make your own. There's no law against it, so long as you don't try to pass it off as sterling.

Under 18 U.S. § 486, it's a criminal offense to make or pass any metal coins "intended for use as current money, whether in the resemblance of coins of the United States or of foreign countries, or of original design." An offense is punishable with up to 5 years in prison, a fine, or both.

Enter local currencies. There are more than 100 operating worldwide, and they're all fuelled by a common sentiment: They want to support local businesses and the people who frequent them. ?When we spend money in a large chain outlet, that money isn't worth very much to our community.

When a country introduces a new currency, normally only one institution--generally the central bank--is given authority to issue of the currency. This, in effect, gives the central bank the power to set either the quantity or the price of the currency.

A fancy word for paper in the currency business is substrate. U.S. currency paper is composed of 25% linen and 75% cotton, with red and blue fibers distributed randomly throughout to make imitation more difficult.