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When was paper money invented?
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Paper money is an invention of the Song Dynasty in China in the 11th century CE, nearly 20 centuries after the earliest known use of metal coins. While paper money was certainly easier to carry in large amounts, using paper money had its risks: counterfeiting and inflation.
Sep 23, 2020 · Today on The Indicator, Planet Money host Jacob Goldstein tells the story of paper money — why it was created, how it transformed China, and why it (temporarily) went away.
Dec 23, 2023 · Paper money (also banknote or bill) was first invented in China’s Song Dynasty (CE 960-1279) after a long process that can be traced back to the 3rd century BCE. Eventually, coin currency became too cumbersome and devalued, so various economists, philosophers, and emperors looked for answers.
Given that paper is widely believed to have originated in China, it is fitting that that country introduced paper currency. This innovation is widely thought to have occurred during the reign (997–1022 CE) of Emperor Zhenzong .
Sep 10, 2013 · 7th century: First recorded use of paper money in China. Middle Ages: Bills of exchange are used in Europe for the first time to simplify trade. The Knights’ Templar functioned as bankers.
Jun 20, 2017 · The Mesopotamian shekel – the first known form of currency – emerged nearly 5,000 years ago. The earliest known mints date to 650 and 600 B.C. in Asia Minor, where the elites of Lydia and Ionia...
Jul 29, 2019 · Paper money was now “fiat” currency, underpinned by the authority of the bank and nothing else. At its peak, the company was priced at twice the entire productive capacity of France.
