Bills of credit are documents similar to banknotes issued by a government that represent a government's indebtedness to the holder. They are typically designed to circulate as currency or currency substitutes.[1] Bills of credit are mentioned in Article One, Section 10, Clause One (also known as the Contract Clause) of the United States Constitution, where their issuance by state governments is prohibited.
- ^ "Definition of Bills of Credit". Web Finance Inc. Business Dictionary.com. Archived from the original on 4 August 2020. Retrieved 16 November 2017.