IAS Economy Practice Question . 19

Which among the following country is known for first use of paper currency notes?
[A]United States
[B]England
[C]China
[D]Japan


Answer: China
The first use of paper currency can be traced back to the year 806 AD in China where they were used as “flying currency” because of the usage of letters of credit transferred over large distances. Before that, the Chinese used leather notes made of one foot square pieces of white deerskin with colourful borders for money. The Song dynasty was the first to issue real paper money in 1023 and the most famous Chinese issuer was Kublai Khan, a Mongol leader, in the 13th century.

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