2015-12-04 Fri

Did you know that Paper money was first introduced in China?

Song Dynasty of China introduced world’s first ever paper money in 11th century. It had its roots in the merchant receipts of deposits which were issued during the Tang Dynasty (618-907) to avoid the heavy bulk of the copper coinage in large commercial transactions. In 13th century paper money came to be known in the Europe through various travellers’ accounts and due to the impracticality of carrying heavy bulk of money the use of promissory notes was started in Europe. This concept of paper money then later sipped into the other countries. These promissory notes can be said to be the predecessor to the modern paper currency or the banknotes.