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Today, a central bank or treasury is generally solely responsible within a state or currency union for the issue of banknotes. However, this is not always the case, and historically, private banks frequently handled all of a country's paper currency. Thus, many different banks or institutions may have issued banknotes in a given country.
In January 1872, production of paper money was handed over to the Paper Money Bureau, and it acquired papermaking and printing duties. These included the production of banknotes, securities, postage stamps, and typographic printing. The first domestically produced Japanese money, a 1-yen banknote, was created on October 15, 1877.
Money: The True Story of a Made-Up Thing. Hachette Book. ISBN 978-0316417198. Irigoin, Alejandra. "The end of a silver era: the consequences of the breakdown of the Spanish Peso standard in China and the United States, 1780s–1850s." Journal of World History (2009): 207–243. online. Jevons, W. S. Money and the Mechanism of Exchange.
The U.S. government decided to substitute paper currency of denominations under a dollar for coins in order to solve the problem. The denominations issued were 3¢, 5¢, 10¢, 15¢, 25¢ and 50¢. There were five issues of fractional currency.
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 ...
Here are more answers to questions about money and currency in the world today. Which currency is the most valuable in the world? The most valuable currency in the world is the Kuwaiti Dinar (KWD ...
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The result is that paper money would often lead to an inflationary bubble, which could collapse if people began demanding hard money, causing the demand for paper notes to fall to zero. The printing of paper money was also associated with wars, and financing of wars, and therefore regarded as part of maintaining a standing army. For these ...