History of Chinese Invention - The Invention of Paper Money
The Bank of the United States, although officially private, was the first central bank of the country. It was intended to handle government deposits and disbursements and to facilitate commerce. Producing its own checks and currency notes, it stirred opposition in some quarters of the public. Under the National Banking Act, sound private banks were permitted to issue their own notes as part of a new, unified national currency system. Two series were introduced during the first charter period, ending in Banks chartered after that date used variant types through the second charter period, ending in , followed by new designs and eventually, in the s, by small-sized notes of modern appearance.
The Invention of Paper Money
Confederate paper money became famously worthless at the end of the war. Likewise, the Federal government never made good on its own promises to retire its paper currency. The strength of the country and its economy stood behind its paper, but there was still serious distrust. A new Federal Reserve Bank Note currency was able to be sustained through the Great Depression of the s while most other forms of American currency were abandoned.
Silver certificates lasted until the end of precious metal coinage minting in the s.
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Universal acceptance of the currency and precautions against counterfeiting remain important issues today, along with vast production. These rare bills depicted contemporary American gold coins on the back, using gold-brown ink and yellowish paper.
Europe’s first banknotes issued in Sweden
These notes could be converted by the recipients into more precious gold, enriching certain wealthy mining interests and thus helping lead to the financial collapse of Largely redeemed, such notes are quite rare today. The series of one, two, and five dollars are considered to be the most artistically attractive of all United States currency issues. They are the only ones whose face designs were taken and adapted from paintings, and because of this, it was found difficult to control the quality of inking on printing plates.
Warden, Jr. In the original Legal Tender issue of , the government had intended to produce a three dollar bill, but never did. Two dollar notes, occasionally produced even today, remained popular for betting at horse racing tracks, but are seldom seen elsewhere. David Menchell. American notes are printed today in subject sheets, with each individual note so marked that it can be determined in exactly which position in which quadrant it was created. After Chin occupied the north China, it followed Song's practice. In it established a Bureau of Paper Currency in Kaifeng as the central agency in charge of all issues.
Two kinds paper currency were issued, one of large denominations, consisting of one to ten strings each string was worth standard coins and another of small denominations, bearing the amounts of one to seven hundred standard coins.
The validity of each issue was limited to seven years. However little thought was given to backing the currency issue and inflation soared during the 12th century. Even though counterfeiter of paper currency was punishable by death, there were few attempts. In , a printer, who had produced fake notes in 6 months was arrested and sentenced to death.
Soon after the Mongol took over China and established Yuan dynasty, it followed the example of its predecessors, Tang, Song and Chin, in using paper currency.
How Did the Creation of Paper Money during the Song Dynasty Impact China?
The first paper currency issued in Yuan dynasty was in Various denominations were printed, ranging from a face value of two standard coins to the highest denomination of two strings. Excessive printing year after year soon flooded the market with depreciated paper money until the face value of each certificate bore no relation whatsoever to its counterpart in silver. In a series of new issues was put in circulation and the old issues were converted into the new ones at the ratio of five to one.
The new issues were printed with copper plates instead of wood blocks, as had been the case before. Pay based on use.
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