The Fed offers notes on demand to banks at face value, debiting their accounts at the Fed in payment.Banks offer notes on demand to depositors, debiting their individual accounts in payment.

• 此时，每个年度初，中央银行代表政府直接向个人或者组织以信用的形式投放货币（其形式假定仍然是纸币），在每个年度末收回。