Where is the origin of the first modern paper money?
Quick Answer
Paper money first emerged in China, especially during the Tang and Song dynasties, with state-issued notes becoming common by the 11th century. The earliest widely accepted paper currency was used in China’s Sichuan region.
The Full Story
The first widely recognized paper money originated in China, with early forms appearing during the Tang dynasty and becoming established under the Song dynasty. Merchants in Sichuan began using private promissory notes called jiaozi around the 10th century, and the Song government later issued official paper currency. This innovation helped solve the problem of transporting heavy metal coins across long distances. Paper money spread much later to the rest of the world, becoming a cornerstone of modern finance.
Key Facts
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"The money revolution started on paper—literally, in medieval China."