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When was paper money invented in ancient China?

When was paper money invented in ancient China?

Paper currency first developed in Tang dynasty China during the 7th century, although true paper money did not appear until the 11th century, during the Song dynasty. The usage of paper currency later spread throughout the Mongol Empire or Yuan dynasty China.

Why was paper money invented in China?

China invented paper money during the Tang Dynasty that ruled between 618 and 907, and they used this currency for a long time before it found its way to other countries. Being shrewd business people, the Chinese found the weight of the coin money to be cumbersome and figured that printed money would be more efficient.

Who invented American money?

This $50 Continental Currency note (from 1778) was designed by Francis Hopkinson. The unfinished pyramid design was a precursor to the reverse side of the Great Seal of the United States.

When did the Chinese start using paper money?

Keren Su / CORBIS. Paper bills were first used by the Chinese, who started carrying folding money during the Tang Dynasty (A.D. 618-907) — mostly in the form of privately issued bills of credit or exchange notes — and used it for more than 500 years before the practice began to catch on in Europe in the 17th century.

Who was the first person to use paper money?

The First Paper Money Keren Su / CORBIS Paper bills were first used by the Chinese, who started carrying folding money during the Tang Dynasty (A.D. 618-907) — mostly in the form of privately issued bills of credit or exchange notes — and used it for more than 500 years before the practice began to catch on in Europe in the 17th century.

When did the Yuan dynasty stop printing paper money?

The short-lived Yuan Dynasty printed increasing amounts of the currency, leading to runaway inflation. This problem was unresolved when the dynasty collapsed in 1368. Although the succeeding Ming Dynasty (1368–1644) also began by printing unbacked paper money, it suspended the program in 1450.

Why was paper money used during the Song dynasty?

The issue of credit notes is often for a limited duration, and at some discount to the promised amount later. The jiaozi nevertheless did not replace coins during the Song Dynasty; paper money was used alongside the coins.