A bank note is simply another term for paper money. It is also known as a note or a bill. Technically, a bank note is described as a promissory note that is issued by a bank, which is payable on demand. Bank notes are different depending on the country or region, but they all represent some value and are used as legal tender.
The bank note was not always the form of currency that people used. In the old days, people used items that had actual value, like gold and other precious metals. As time passed, however, things changed and considerations such as convenience arose. Precious metals gave way to bank notes, which have long become the standard form of currency all over the world.
Aside from the convenience of carrying paper money around, another advantage of issuing bank notes is the fact that it is cheaper to create them. While there is wear and tear - which requires new bank notes to be printed every so often - the bills do not have much real value, making bank notes more affordable still.
One issue with bank notes is that they are prone to counterfeiting. There are strict measures in place to keep counterfeiting activities in check, but there is always the possibility of making fake bills.
Bank notes are designed and created by the respective Central Banks of countries and regions. The creation and distribution of bank notes are controlled strictly by the Central Bank as over production and circulation of bank notes will result in inflation and have negative economic repercussions.