The paper discusses the phenomenon of modern convertibility in paper currency system. Unlike the period of metal (mint) value and traditional convertibility, convertibility today has different aspects and dimensions. Furthermore, it is regulated by the International Monetary Fund, but it depends...

The article shows the history of paper money from the monetary aspect.The autor gives a presentation of modern paper money in the Republick of Macedonia, which clearly shows that the use of this money has not become outdated in everyday life despite the existence of more modern means of payment