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Dec 23, 2023 · The development of paper money was the result of a long process that began centuries earlier, thousands of miles away in the Near East. The Lydians were the first people to mint state supported coined currency in the 7th century BCE, and shortly after others followed. The Achaemenid Persians, Greeks, and Romans all developed coined currency ...
VISUAL TIMELINE. Paper money can be traced back to the promissory notes of ancient China, Carthage, and the Roman Empire, over 2000 years ago—but the banknote as we know it today emerged in the 7th century and is still evolving. The main driver of its development has been the battle against counterfeits. With each advance in technology ...
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. 1600s ...
- Earliest Money
- Paper Money Takes The Load Off
- Jiaozi Under The Song
- Mongol Influence
- Sources
The earliest known form of money is also from China, a cast copper coin from the 11th century BCE, which was found in a Shang Dynastytomb in China. Metal coins, whether made from copper, silver, gold, or other metals, have been used across the globe as units of trade and value. They have advantages—they are durable, difficult to counterfeit, and th...
During the Tang Dynasty(618–907 CE), however, merchants began to leave those heavy strings of coins with a trustworthy agent, who would record how much money the merchant had on deposit on a piece of paper. The paper, a sort of promissory note, could then be traded for goods, and the seller could go to the agent and redeem the note for the strings ...
The Song established factories to print paper money with woodblocks, using six colors of ink. The factories were located in Chengdu, Hangzhou, Huizhou, and Anqi, and each used different fiber mixes in their paper to discourage counterfeiting. Early notes expired after three years, and could only be used in particular regions of the Song Empire. In ...
The Mongol Yuan Dynasty, founded by Kublai Khan (1215–1294), issued its own form of paper currency called chao; the Mongols brought it to Persia where it was called djaou or djaw. The Mongols also showed it to Marco Polo(1254–1324) during his 17-year-long stay in Kublai Khan's court, where he was amazed by the idea of government-backed currency. Ho...
Lande, Lawrence, and T. I. M. Congdon. "John Law and the Invention of Paper Money." RSA Journal 139.5414 (1991): 916–28. Print.Lui, Francis T. "Cagan's Hypothesis and the First Nationwide Inflation of Paper Money in World History." Journal of Political Economy 91.6 (1983): 1067–74. Print.Pickering, John. "The History of Paper Money in China." Journal of the American Oriental Society1.2 (1844): 136–42. Print.Jul 29, 2019 · One of the things that astonished him most, however, was a new invention, implemented by Kublai Khan, a grandson of the great conqueror Genghis. It was paper money, introduced by Kublai in 1260 ...
Jul 5, 2023 · The concept of paper money can be traced back to ancient China during the Tang Dynasty (7th century CE). The Chinese government issued the first known paper currency, known as “jiaozi,” to ...
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Abstract. This chapter discusses the history of paper money. The history of paper money issued by a government belongs to the Americans. Bank paper and government paper share many things in common. Bank notes retain full parity of purchasing power with the gold or silver to which they promise title so long as they can be exchanged for the metal.
