The paper currency in circulation today consists almost exclusively of irredeemable notes issued by public authorities. These notes represent scarce savings to their holders. But the authorities that issue them, and central banks especially, squander that savings by investing it in low-return assets. The waste could be avoided by reviving commercial bank notes--private, paper IOUs that can perform the same medium of exchange role as fiat money, while also serving as a vehicle for productive financial intermediation. In our working paper, "Banknotes and Economic Growth", Bill Lastrapes and I show that even a partial commercial banknote revival could give a substantial boost to economic growth