The note circulation

Quarterly Bulletin 1965 Q1
Published on 01 March 1965

"Bank notes are in effect the small change of the monetary system"-the Radcliffe Report. The demand for this small change grows yearly and fluctuates a great deal during any one year. Many are probably aware of the growth and fluctuations simply as a small news item that a change has been made in the fiduciary issue. This article explains the rules governing the fiduciary issue; describes the seasonal pattern; and gives an indication of the monetary effects and physical problems which arise.

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