WORLD HISTORY

Detailed explanation-1: -Paper money is an invention of the Song Dynasty in China in the 11th century CE, nearly 20 centuries after the earliest known use of metal coins. While paper money was certainly easier to carry in large amounts, using paper money had its risks: counterfeiting and inflation.

Detailed explanation-2: -First paper money Paper money was introduced in Song dynasty China during the 11th century. The development of the banknote began in the seventh century, with local issues of paper currency.

Detailed explanation-3: -Paper currency first developed in Tang dynasty China during the 7th century, although true paper money did not appear until the 11th century, during the Song dynasty. The use of paper currency later spread throughout the Mongol Empire or Yuan dynasty China.

Detailed explanation-4: -Jiaozi (Chinese: ) was a form of promissory note which appeared around the 11th century in the Sichuan capital of Chengdu, China. Numismatists regard it as the first paper money in history, a development of the Chinese Song Dynasty (960–1279 CE).

Detailed explanation-5: -The birth of paper, as we know it today, took place under the Chinese Han Dynasty in AD 105. Ts’ai Lun, a court official, invented a papermaking process which primarily used rags (textile waste) as the raw material with which to make paper.