Usage Note
Banknote is the formal term for paper money; Schein is the colloquial equivalent (ein Zwanziger = a twenty-euro note). German speakers commonly use both.
Examples
"Er bezahlte mit einer 50-Euro-Banknote."
Natural Translation
He paid with a 50-euro banknote.
Literal Translation
He paid with a 50-euro banknote.

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