The first paper money appeared in China in 960. They began to be printed in France in 1718. Austria learned about paper banknotes after 7 years. In Russia, the first paper money was issued in 1769. The banknotes we are accustomed to have come a long way from checks to modern paper notes.
Instructions
Step 1
Paper money owes its appearance to non-cash payments. Over time, it became inconvenient to use large sums in material form. They were mostly heavy. This made it difficult for them to travel long distances. The usurers at this time were already issuing loans against receipts (banknotes). For this, parchment, fabrics, papyrus were used. It was possible to hand over coins to the bank after receiving written confirmation. At another bank, the note could be exchanged back for coins. This is how the forerunners of the first paper money appeared in Europe. All that remained was to find a convenient form for them.
Step 2
Banknotes appeared in China long before they were used in Europe. The first attempts at mass printing of paper notes were made during the Tang Dynasty in the 800s. But monetary emission at the state level occurred only during the reign of the San dynasty in 960 - 1279. Before that, paper money was made from teak bark. They were mainly put into circulation by wealthy dynasties. Their personal signatures and seals were applied to them as a guarantee of authenticity. The spoiled ones were returned to the bank and replaced with new ones. Thanks to Marco Polo, paper banknotes began to be issued in China. But they were still more similar in nature to checks.
Step 3
The solvency of the first Chinese banknotes was ensured by the provincial government farmsteads in the capital. The monetary unit at that time was a "bundle" weighing 3 kg. Its paper equivalent weighed incomparably less. Because of this, he received the name "flying money" or "fei-qian". At the beginning of the 9th century, merchants in the conditions of increased interregional trade found it inconvenient to transport a large amount of copper money. The metal was also needed for other needs. Therefore, the emission of money also helped to save it.
Step 4
The shortage of metal also led to the emergence of paper money in the colonies of England. To carry out trade, the British authorities had to issue their own receipts. In the future, it was necessary to replace them with coins. It is known that at one time in Canada playing cards played the role of money. In Great Britain, after the bourgeois revolution, the independent Bank of England was created. In return for a large loan, the state ceded to him the right to print paper money. The bank's paper money was in the form of a bearer bill. Outwardly, they looked like modern banknotes.
Step 5
The first paper money appeared in North America due to the impossibility of mint a metal coin. To ensure the pace of economic growth, tickets had to be issued. The first money here looked like rectangular scraps of paper with different denominations.
