Count on the school raising money (8)

I believe the answer is:

banknote

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'money' is the definition.
(I know that banknote is a type of cash)

'count on the school raising' is the wordplay.
'count on' becomes 'bank' (I've seen this before. I am not sure about the 'on' bit.).
'the school' becomes 'eton' (famous UK public school).
'raising' says the letters should be written backwards.
'eton' in reverse letter order is 'note'.
'bank'+'note'='BANKNOTE'

Can you help me to learn more?

(Other definitions for banknote that I've seen before include "Paper cash" , "Money" , "Monetary quantity" .)

I've seen this clue in The Globe and Mail.

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