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The workforce employed in these paper money factories was quite large; it was recorded in 1175 that the factory at Hangzhou alone employed more than a thousand workers a day. [22] However, the government issues of paper money were not yet nationwide standards of currency at that point; issues of banknotes were limited to regional areas of the ...
Money was invented before written history began. [1] [2] ... Marco Polo's account of paper money during the Yuan dynasty is the subject of a chapter of his book, ...
One by one, colonies began to issue their own paper money to serve as a convenient medium of exchange. On December 10, 1690, [4] the Province of Massachusetts Bay created "the first authorized paper money issued by any government in the Western World". [5] This paper money was issued to pay for a military expedition during King William's War ...
In May 1716 Law set up the Banque Générale Privée ("General Private Bank") in the rue Quincampoix in Paris, which developed the use of paper money. [20] It was one of only six such banks to have issued paper money in Europe, joining Sweden, England, Holland, Venice, and Genoa. [4] The bank was nationalised in December 1718 at Law's request.
Congress continued to issue paper money after the Civil War, the most important of which was the Federal Reserve Note that was authorized by the Federal Reserve Act of 1913. Since the discontinuation of all other types of notes (Gold Certificates in 1933, Silver Certificates in 1963, and United States Notes in 1971), US dollar notes have since ...
As bankruptcy plagued several merchant companies the government nationalised and managed the production of paper money and founded the Jiaozi wu (交子務) in 1023. The first series of standard government notes was issued in 1024 with denominations such as 1 guàn (貫, or 700 wén), 1 mín (緡, or 1000 wén), up to 10 guàn.
Greenbacks were emergency paper currency issued by the United States during the American Civil War that were printed in green on the back. [1] They were in two forms: Demand Notes , issued in 1861–1862, [ 1 ] and United States Notes , issued in 1862–1865. [ 2 ]
Paper money was bestowed as gifts to government officials in special paper envelopes. [22] During the Yuan dynasty (1271–1368), the first well-documented European in Medieval China , the Venetian merchant Marco Polo remarked how the Chinese burned paper effigies shaped as male and female servants, camels, horses, suits of clothing and armor ...