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A reminder of where we are going!
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"Paper money eventually returns to its intrinsic value - zero." (Voltaire, 1694-1778)
The first well-known widespread use of paper money was in China during the Tang (618-907 A.D.) dynasty around 800 A.D. Paper money spread to the city of Tabriz, Persia in 1294 and to parts of India and Japan between 1319 to 1331. However, its use was very short-lived in these regions. In Persia, the merchants refused to recognize the new money, thus bringing trade to a standstill. By 1455, after over 600 years, the Chinese abandoned paper money due to numerous problems of over issuance and hyperinflation.
Figure 1. This Kuan note is the oldest known banknote in the world. It was made in China circa 1380.
Paper money did not arrive in Europe till 1633 with the earliest known English goldsmith certificates being used not only as receipts for reclaiming deposits but also as evidence of ability to pay.
In 1656, the Bank of Sweden is founded with a charter that authorizes it to accept deposits, grant loans and mortgages, and issue bills of credit.
By 1660, the English Goldsmiths' receipts became a convenient alternative to handling coins or bullion. The realisation by goldsmiths that borrowers would find them just as convenient as depositors marks the start of the use of banknotes in England.
In 1661, the Bank of Sweden becomes first chartered bank in Europe to issues notes known as the paper daler.
Figure 2. A 50-Daler note from the Bank of Sweden issued in 1666.
At present there are 177 currencies being used in the world. Below is a list containing all currencies currently in circulation. Not all currencies are widely used and accepted, such as the various banknotes of the pound sterling.
By Mike Hewitt
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Originally Posted by Answer2me
