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Paper money NINTH CENTURY AD The Chinese invented paper money at the end of the eighth or beginning of the ninth century AD. Its original name was 'flying money' because it was so light and could blow out of one's hand. The first paper money was, strictly speaking, a draft rather than real money. A merchant could deposit his cash in the capital, receiving a paper certificate which he could then exchange for cash in the provinces. This private merchant enterprise was quickly taken over by the government in 812. The technique was then used for the forwarding of local taxes and revenues to the capital. Paper 'exchange certificates' were also in use. These were issued by government officials in the capital and were redeemable elsewhere in commodities such as salt and tea.
When the Mongols came to power in China, they issued a quaint form of paper money called 'silk notes'. The deposits behind this currency were not precious metals but bundles of silk yarn. All older money had to be cashed in and exchanged for silk notes, and the Mongols spread this unified currency all over the Empire and even beyond. By 1294, Chinese silk notes were being used as money as far afield as Persia. In 1965, two specimens of 'silk notes' were found by archeologists.
When Marco Polo visited China, he was so impressed by paper money that he wrote a whole chapter about it, describing everything about its manufacture and circulation. He described the manner in which it was issued:
All these pieces of paper are issued with as much solemnity and authority as if they were of pure gold or silver; and on every piece a variety of officials, whose duty it is, have to write their names, and to put their seals. And when all is duly prepared, the chief officer deputed by the Khan smears the Seal entrusted to him with vermilion, and impresses it on the paper, so that the form of the Seal remains printed upon it in red; the Money is then authentic. Anyone forging it would be punished with death.
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How many years after the invention of paper was paper money created?
By my sources it is said that paper that is similar to our modern paper was invented around 150 BC under the supervision of Emperor Wu. First forms of Paper money however was invented around 809AD in the Tang Dynasty. This means that paper money was invented about 950 years after paper was invented. Hope this helps
How did the Chinese spread the paper money from other parts of the world?
Type your answer here... paper money where it later spread to
In which country was paper money invented?
china
Who invented wrapping paper and why?
The Chinese invented wrapping paper in 105 A.D. It was known as a sacred art for and it was also a secret for almost 700 hundred years!!!
How did Chinese paper money change the world?
Because Asian rocks
Which ancient culture invented paper and money?
The Ancient Chinese invented paper and money. Money was invented by the first king of China and paper was invented by a man in China by bamboo.
What year was paper money invented in India?
Paper money was actually invented by the Chinese during the 7th century.
When was Chinese paper money invented?
in the 21st century
Who discovered paper money?
Paper money was invented not discovered. Probably by the Chinese.
What is the name of the person who invented paper money?
The Chinese (seriously).
Why was block printing invented?
because the Chinese used it to print paper money.
Did china make paper in the old timey days or do they just now?
The chinese invented paper money i swear
How did the Chinese use their inventions?
he Ancient Chinese were famous for their inventions and technology. ... Paper - Paper was invented by the Chinese as well as many interesting uses for paper like paper money and playing cards. The first paper was invented in the 2nd century BC and the manufacture later perfected around 105 AD.
Did Romans invent paper money?
NO....... Chinese did. No European country invented printing press, paper, magnetic compass, gunpowder, etc... before the Chinese did. Chinese were the greatest inventors of all time.
What Chinese dynasty invented paper?
the Han Dnasty invented paper:)
Did monks invent paper?
The Chinese invented paper.
What was invented in 1023?
Paper money was first introduced into the Chinese economy in 1023... But that doesn't exactly constitute as an invention...
