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In India the earliest paper money was issued by Bank of Hindostan (1770– 1832), General Bank of Bengal and Bihar (1773–75), and Bengal Bank (1784–91). [109] The use of banknotes issued by private commercial banks as legal tender has
The first true paper money in the world was issued under the Song dynasty, these were promissory notes issued by merchants in Sichuan known as the Jiaozi, [2] under the reign of Emperor Zhenzong (997–1022) the government of the Song dynasty granted a monopoly for the production of Jiaozi notes to sixteen wealthy merchants in Sichuan, as these ...
In 1988, Austria produced the 5000 Schilling banknote , which is the first foil application to a paper banknote in the history of banknote printing. The application of optical features is now common throughout the world. Many countries' banknotes now have embedded holograms.
The use of such money became widespread during the subsequent Yuan and Ming dynasties. [18] Song dynasty Jiaozi, the world's earliest paper money. The Song dynasty in China was the first to issue paper money, jiaozi, about the 10th century CE. Although the notes were valued at a certain exchange rate for gold, silver, or silk, conversion was ...
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 ...
According to Herodotus, the Lydians were the first people to introduce the use of gold and silver coins. [15] It is thought by modern scholars that these first stamped coins were minted around 650 to 600 BC. [16] Song Dynasty Jiaozi, the world's earliest paper money. The system of commodity money eventually evolved into a system of ...
During the Song dynasty (960–1279) the government produced the world's first known paper-printed money, or banknote (see Jiaozi and Huizi). Paper money was bestowed as gifts to government officials in special paper envelopes. [22]
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.