In fact, when the famous traveler marco polo visited china, somewhere between 1275 and 1292, he found paper money so intriguing that he dedicated a whole chapter to it in his book. New currencies were introduced in the u.s. Being shrewd business people, the chinese found the weight of the coin money to be cumbersome and figured that printed money would be more efficient.
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One bank would give you a note that you could take to another bank, frequently in a different country. Since 1690, paper money has represented bills of credit or ious in. The other bank would then pay you its value in specie (gold and silver).
Exact Date And Year Of The Invention Of Paper Money Is Hard To Determine, But It Is Believed That The Paper Money Was First Used In 600Ad In China.
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. This type of paper money was first. Perhaps one of the biggest impacts that the invention of paper money had in asia was the diminishing value of bronze, copper, and iron coins.
While Paper Money Was Certainly Easier To Carry In Large Amounts, Using Paper Money Had Its Risks:
The earliest reported use of it was, however, during the tang dynasty in 618ad. Paper money in the united states dates back to 1690 and represented bills of credit or ious. An early use of paper was for letters of credit transferred over large distances, a practice which the government quickly took over from private concerns.
Paper Money Was Invented In China.
The song dynasty was the first to issue real paper money in 1023 and the most famous chinese issuer was kublai khan, a. Thanks for watching and we hope you learned something new! China invented paper money during the tang dynasty that ruled between 618 and 907, and they used this currency for a long time before it found its way to other countries.