answersLogoWhite

0

Why were banknotes invented?

Updated: 10/5/2023
User Avatar

Wiki User

14y ago

Best Answer

Most banknotes are made using 'rag' paper - paper with a high cotton content, rather than wood pulp. This is partly used to make the notes more durable, but also to make the process of counterfeiting them a little harder as rag paper is not as common or easy to purchase.

User Avatar

Wiki User

14y ago
This answer is:
User Avatar
More answers
User Avatar

Wiki User

14y ago

because coins cost more to produce, and they get awkward when you get to higher denominations.

This answer is:
User Avatar

User Avatar

Wiki User

7y ago

It is a promissory note, made by a commercial bank payable to the bearer on demand. These notes, thus became known as banknotes

This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Why were banknotes invented?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Where was plastic banknotes invented?

Plastic banknotes were invented in Australia by the Reserve Bank of Australia and the CSIRO.


When were banknotes invented?

in the 600s A.D.


Why is banknotes invented?

Carrying around gold and silver was to heavy.


When was the plastic banknotes invented?

1988 by prof. david soloman


Who invented banknotes?

The Chinese jiazi banknotes are generally considered to be the first paper money in history, entering use around about 960 AD. The first European banknotes were issued in Sweden in 1660.


What was invented in china that we still use today?

Fireworks, paper, bells, alcohol, coffins, Noodles, Banknotes


What is the collective noun for banknotes?

The collective noun for banknotes is a wad of banknotes.


What are the advantage of using plastic banknotes?

Plastic banknotes are more durable and more waterproof than paper banknotes, as well as being harder to counterfeit.


How long do banknotes normally last for?

Banknotes normally last for 1 to 3 years.


Can you copy banknotes?

No


What is a group of banknotes called?

currency or wad


When were banknotes used?

They still are