IN WHICH COUNTRY AND WHEN WAS PAPER BILL FIRST USED

 

Which country was the first to use paper bills? 

Paper bills were first used by the Chinese, who began collecting money during the Tang dynasty (618–907) – mostly in the form of privately issued bills of credit or notes of exchange – and the practice Used it for more than 500 years before. It began to take hold in Europe in the 17th century. While it took a century or two for paper money to spread to the rest of the world, China was already going through a fairly advanced financial crisis: production of paper notes increased until their value decreased. which led to an increase in inflation. As a result, China abolished paper currency in 1455 and would not adopt it again for several hundred years. Another not-so-known fact: The word cash was originally used in the Tang dynasty to describe the type of round bronze coins with square holes commonly used, called kai-yuan.

When were paper bills first used? 

Paper currency in the United States dates back to 1690 and represents bills of credit or IOUs. The U.S. in 1861 to help finance the Civil War. New currencies were introduced in In 1996, a series of bills were introduced that used new methods to prevent counterfeiting.