But when exchange is carried out with coins, coin debasement can be detected by weighing. Coins of different states and private mints are exchanged by weight, since money is not some “tugrik,” but a measure of precious metal. For consumers, everything becomes more complicated with the appearance of bank bearer receipts. These receipts are issued by the bank for the coins and ingots deposited with it. Over time, these receipts begin to circulate alongside money. But what is written on them? “Pay to the bearer hereof so many pounds sterling”—or francs, or dollars. That is, once again, not the weight of monetary metal, but monetary units. Then they simply began to write “5 pounds” or “20 dollars” on the receipts. Thus, banknotes appeared. Since the circulation of receipts is more convenient than coins, over time people came to consider them money.