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Did You Know? China Created The First Paper Money In History

Money as we know it is either in coin or paper form, the paper form is very comfortable and convenient to carry around in our pockets, wallets or bags. China was the first country in history to start spending money in paper form during the Tang Dynasty (A.D. 618-907).
The paper money was popularly referred to as “Flying Money” and it was used by wealthy merchants and government officials in Tang Dynasty China, mostly in the form of privately issued bills of credit or exchange notes. The money was not necessarily available to everyone and it could not be used as an exchange between people

The first widely spread and accepted paper money was created during the Song Dynasty (AD 960–1279). It was popularly called “Jiaozi”, originated by a group of merchants in Sichuan during the reign of Emperor Zhenzong (AD 997–1022). This paper money could be exchanged for coin or goods between individuals. It was a private widely accepted currency till the country faced serious economic inflation which made it go into extinction, shortly after the government paper currency known as “Huizi”.

The paper currency was the size of an A4 paper, with a copper-plate-printed pastoral scene with pictures of coins and a warning against counterfeiters underneath. All of the notes had a hand-written denomination and red ink stamps of authenticity.
China had an upfront in using paper money for about 500 years before other countries in Europe caught up with the idea and it took over a century for the idea to spread to countries outside of Europe. In the world today there are lot of currency in existence with leading currency like Pounds, Euros, Dollars e.t.c.

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