The monetary standard in which paper notes are used as monetary purpose. Which is of course one kind of credit money issued by government commercial bank central bank in the form of paper currency & inconvertible bank notes.
Inconvertible treasury and /or bank notes in circulation characterize paper notes standard. The most important feature of paper monetary standard that is the paper money in circulation is not convertible into gold or silver. Therefore paper money standard is known as fiat monetary standard or managed standard.