INCONVERTIBLE PAPER CURRENCY, the name given to paper money not exchangeable for gold at the demand of the holder, and therefore possessing no title of intrinsic valid ity. When a bank-note is exchangeable on demand for gold, as for example, a Bank of England note prior to 1931, it is in effect a gold certificate and is therefore accepted by anyone, anywhere, at its face value. When a Government prints paper money, and refuses to honour it by converting it on demand into metallic money, the inconvertibility of such currency makes its value de pend less upon its nominal figure than upon the quantity printed and put into circulation. For a discussion of the important issues involved see BANKING AND CREDIT ; CURRENCY ; MONEY ; PAPER MONEY.