paper money was first used in europe in 1661.
paper money was first used in europe in 1661.
when was paper money first used in europe?
in 1661
the system of commodity money eventually evolved into a system of representative money. this occurred because gold and silver merchants or banks would issue receipts to their depositors – redeemable for the commodity money deposited. eventually, these receipts became generally accepted as a means of payment and were used as money. paper money or banknotes were first used in china during the song dynasty. these banknotes, known as "jiaozi", evolved from promissory notes that had been used since the 7th century. however, they did not displace commodity money, and were used alongside coins. in the 13th century, paper money became known in europe through the accounts of travelers, such as marco polo and william of rubruck. marco polo's account of paper money during the yuan dynasty is the subject of a chapter of his book, "the travels of marco polo", titled "." banknotes were first issued in europe by stockholms banco in 1661, and were again also used alongside coins. the gold standard, a monetary system where the medium of exchange are paper notes that are convertible into pre-set, fixed quantities of gold, replaced the use of gold coins as currency in the 17th–19th centuries in europe. these gold standard notes were made legal tender, and redemption into gold coins was discouraged. by the beginning of the 20th century almost all countries had adopted the gold standard, backing their legal tender notes with fixed amounts of gold.
money
paper money of the austro-hungarian gulden









































austro-hungarian gulden paper money first appeared after 1881. the inscriptions on the banknotes were in german on the one side and in hungarian on the other, however, the design for both sides was similar. the banknotes were issued by the austro-hungarian bank and their value was guaranteed with gold cover as enacted in the banking act. state notes were issued by the treasury and had no such cover. the banknotes and state notes took part equally in the circulation.
paper money of the austro-hungarian gulden