by

8 Things You May Not Know About Money

November 28, 2012 in Coins, Gold, Gold Coins, History, Money, Paper Money, Silver, Silver Coins, USA Coins, World Coins

Excellent article about money from (http://www.history.com) By: Barbara Maranzani. November 27th, 2012.

They say “money makes the world go round,” and long before the invention of money as we know it, people were using goods such as salt, cattle and even weapons as forms of currency. From China’s “flying money” to Siberian “soft gold,” here are eight things you may not know about the history of money.

1. China created the world’s first paper money.
Nearly 700 years before Sweden issued the first European banknotes in 1661, China released the first generally circulating currency. In fact, usage of paper notes dates backs even earlier, to the 7th century Tang Dynasty. For centuries copper coins had been China’s primary currency. In order to carry large amounts of cash, people hefted around an ever-increasing number of these coins–not the easiest, or safest, thing to do over long distances. In an attempt to lighten their load, merchants began to deposit these coins with each other and were issued paper certificates for the coin’s value. The paper was certainly lighter. So light, in fact, that it is believed to have earned the nickname “flying money,” for its tendency to blow away in a stiff wind. The use of paper money remained limited for the next 200 years, until a copper shortage forced merchants and Song Dynasty government officials alike to issue and accept paper notes backed by gold reserves—the first legal tender in the world.

Full Article>

Share Button

Comments are closed.

Translate »