The first paper money appeared in China in 960. In France, they began to print in 1718. Austria learned about paper notes after 7 years. In Russia, the first paper money was issued in 1769. Usual banknotes have come a long way from checks to modern paper notes.
Instruction manual
1
Paper money owes its appearance to cashless payments. Using large amounts in real form over time has become inconvenient. They were mostly heavy. This made their movement over long distances difficult. Moneylenders at this time already issued loans against receipts (banknotes). For this, parchment, fabrics, papyrus were used. It was possible to hand over coins to the bank, having received written confirmation. In another bank, the banknote could be exchanged back for coins. So in Europe appeared the harbingers of the first paper money. It only remained to find a convenient shape for them.
2
Banknotes appeared in China long before they began to be used in Europe. The first attempts at mass printing of paper notes were made during the Tang Dynasty in the 800s. But money emission at the state level occurred only during the reign of the San Dynasty in 960 - 1279. Prior to this, paper money was made from teak bark. Mostly they were put into circulation by rich dynasties. They were affixed with their personal signatures and seals as a guarantee of authenticity. The spoiled ones returned to the bank and were replaced by new ones. Thanks to Marco Polo, paper notes began to be issued in China. But they were still more inherently like checks.
3
Solvency of the first Chinese banknotes was provided by the courtyards of the provincial authorities in the capital. The monetary unit at that time was a "bundle" weighing 3 kg. Its paper equivalent weighed incomparably less. Because of this, he got the name "flying money" or "fei-qian." At the beginning of the 9th century, in conditions of increased inter-regional trade, it was inconvenient for merchants to transport large amounts of copper money. Metal was also needed for other needs. Therefore, the issue of money also helped to save it.
4
The shortage of metal also caused paper money in the colonies of England. To carry out trade, the British authorities had to issue their own receipts. In the future, it was necessary to replace them with coins. It is known that at one time in Canada playing cards played the role of money. In the UK, after the bourgeois revolution, an independent Bank of England was created. In exchange for a large loan, the state ceded to him the right to print paper money. Bank paper money had the form of a bearer bill. Outwardly, they looked like modern banknotes.
5
The first paper money appeared in North America because of the inability to mint a metal coin. To ensure the pace of economic growth had to issue tickets. The first money here looked like rectangular pieces of paper indicating different denominations.
