ELI5: Explain Like I'm 5

Used note

Okay, so imagine you have a piece of paper that you wrote on or drew on before, and now you don't need it anymore. That paper is like a used note. It's not brand new anymore because someone has already used it before you.

In the case of money, a used note means a bill (like a $1, $5, $10, etc.) that someone else has spent before you got it. It might have some wrinkles or stains on it because it's been around for a bit. But as long as it's not too damaged, it's still worth the same amount of money as a brand new bill.

People use used notes all the time to buy things, and most of the time, they work just like a new note would. So don't worry too much if you get a used note instead of a new one! It's still worth the same amount and can still buy you the things you want.