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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 ...
Paper money was introduced in Song dynasty China during the 11th century. [82] The development of the banknote began in the 7th century, with local issues of paper currency. Its roots were in merchant receipts of deposit during the Tang dynasty (618–907), as merchants and wholesalers desired to avoid the heavy bulk of copper coinage in large ...
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 ...
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 ...
Demand Notes are considered the first paper money issued by the United States whose main purpose was to circulate. They were made because of a coin shortage as people hoarded their coins during the American Civil War and were issued in denominations of $5, $10 and $20. They were redeemable in coin. They were replaced by United States Notes in 1862.
In Europe, paper money was first introduced in Sweden in 1661. Sweden was rich in copper, thus, because of copper's low value, extraordinarily big coins (often ...
Up to the mid-1990s, American money had changed little since the end of silver coins in the mid-1960s, and some of the denominations, including the paper notes and the nickel, had barely changed since the 1930s. Beginning in 1996 with the $100 and $50 bills, paper money was redesigned to deter counterfeiting.
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.