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Inconvertible paper money cannot be converted into smaller denominations of the same currency. These types of currency notes are usually discontinued due to the unavailability of smaller denominations. For example, the 1-rupee note was discontinued in India as the 50-paise coin was no longer in use.

Examples include a dollar, euro, or peso etc. Most of the paper money today is fiat money. Fiat money is backed by the government of a country and is considered to be a legal tender.

It is also known a fiat money, this money is sanctioned on the command of Government.

In the U.S., paper money is considered fiat money. This means that it has no actual value except as an accepted medium of exchange. Before 1971, this was not the case; U.S. banknotes were backed by a certain amount of gold, which was dictated by the Federal Reserve.

Indian currency notes are printed in Nashik, Maharastra. The two mills at Hoshangabad in Madhya Pradesh and Mysore, Karnataka design, produce and supply the paper on which currency is printed to printing presses.

Currencyurrency notes are made up of pulp containing cotton, balsam with special dyes and blended with the textile fibers to make the currency notes that should be resilient, durable, with quality to resist from wear and tear and not to be d easily. Currency paper is composed of cotton and cotton rag.

Under the inconvertible paper money system, money is not convertible into gold or other precious metals. Thus, when paper money is inconvertible, the issuing authority is not responsible to convert the paper notes into gold or gold coins.

Inconvertible paper money cannot be converted into smaller denominations of the same currency. These types of currency notes are usually discontinued due to the unavailability of smaller denominations. For example, the 1-rupee note was discontinued in India as the 50-paise coin was no longer in use.