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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, ...
The ease with which paper money can be created, by both legitimate authorities and counterfeiters, has led to a temptation in times of crisis such as war or revolution, or merely a spendthrift government, to produce paper money which was not supported by precious metal or other goods; this often led to hyperinflation and a loss of faith in the ...
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 ...
Money Base, M1 and M2 in the U.S. from 1981 to 2012 Printing paper money at a printing press in Perm A person counts a bundle of different Swedish banknotes. In economics, money is any financial instrument that can fulfill the functions of money (detailed above).
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 ...
Jiaozi (Chinese: 交子) was a form of promissory note which appeared around the 11th century in the Sichuan capital of Chengdu, China. Numismatists regard it as the first paper money in history, a development of the Chinese Song Dynasty (960–1279 CE).
There were three general types of money in the colonies of British America: the specie (coins), printed paper money and trade-based commodity money. [2] Commodity money was used when cash (coins and paper money) were scarce. Commodities such as tobacco, beaver skins, and wampum, served as money at various times in many locations. [3]