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| '''Flying cash''' was a paper currency of ] ] and can be considered the first ].<ref>{{cite web| url=http://www.ex.ac.uk/~RDavies/arian/origins.html#paper| title=Origins of Money and Banking| date=May 25, 2005| accessdate=2007-03-09| publisher=University of Exeter}}</ref> | '''Flying cash''' was a paper currency of ] ] and can be considered the first ].<ref>{{cite web| url=http://www.ex.ac.uk/~RDavies/arian/origins.html#paper| title=Origins of Money and Banking| date=May 25, 2005| accessdate=2007-03-09| publisher=University of Exeter}}</ref> | ||
| Origins | ==Origins== | ||
| Due to |
Due to the inconvenience of transferring large amounts of the standard ]s over large distances, the ] started to pay merchants with whom they did business in paper money. Due to their tendency to fly away, the notes were dubbed "flying cash."<ref>{{cite web| url=http://www.ex.ac.uk/~RDavies/arian/origins.html#paper| title=Paper Money| date=January 1, 2000| accessdate=2007-03-09| publisher=The Silkroad Foundation}}</ref> | ||
| ==Use== | ==Use== | ||
Revision as of 06:25, 9 October 2012
Flying cash was a paper currency of Tang Dynasty China and can be considered the first banknote.
Origins
Due to the inconvenience of transferring large amounts of the standard copper cash coins over large distances, the Tang government started to pay merchants with whom they did business in paper money. Due to their tendency to fly away, the notes were dubbed "flying cash."
Use
Flying cash was never originally meant to be used as legal tender and, therefore, their circulation was limited. However, since they could be exchanged for hard currency at the capital, they were traded amongst merchants as if they were currency. It was not until the Song Dynasty and subsequent Jin occupation that paper money was officially established as a legal tender. The use of paper money spread westward through Mongol traders and, by 1661, European countries were printing paper currency.
See also
- Banknote
- Fiat currency
- Economy of the People's Republic of China
- Economic history of China (Pre-1911)
- Economic history of Modern China
References
- "Origins of Money and Banking". University of Exeter. May 25, 2005. Retrieved 2007-03-09.
- "Paper Money". The Silkroad Foundation. January 1, 2000. Retrieved 2007-03-09.
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