paper money was invented in the us on april 2, 1792.
paper money was invented in the us on april 2, 1792.
when was paper money invented in the us?
april 2 , 1792
Na
Na
before the establishment of the ming dynasty the mongol yuan dynasty had suffered from a severe case of hyperinflation which made the paper money issued by them worthless. under the reign of the yuan dynasty copper cash coins remained in circulation with the inscriptions zhida tongbao (至大通寶), dayuan tongbao (大元通寶), and zhizheng tongbao (至正通寶) forming the majority of the circulating issues and "strings of cash coins" remaining a currency unit. silver then started to occupy a paramount place in the mongol economy and was supplemented by government issued paper money. under the reign of kublai khan the zhongtong jiaochao (中統交鈔) was issued whose value was based on the fabric silk. in the year 1271 the zhiyuan baochao (至元寶鈔) was issued which was supplemented with the silver-based zhida yinchao (至大銀鈔), but these circulated only for a year. the final series of paper money issued by the government of the yuan dynasty from 1350 were the zhizheng jiaochao (至正交鈔). a major difference between how paper money was used under the mongols and under the song dynasty was that, in certain regions of the yuan dynasty, paper notes were the only acceptable form of currency and could not be exchanged in either copper cash coins or silver sycees. exchanging paper money into copper or silver was known as "duìxiàn" (兌現, "convert into specie") which was the main reason why earlier forms of paper money were deemed reliable. as these regions were completely dependent on paper money inflation hit them more severely as their notes could not be converted into a currency based on any intrinsic value, for this reason the mongols allowed their subjects to continue using copper-alloy cash coins and issued new ones every now and then. during the last few decades of the yuan dynasty the inflation caused people to lose their trust in paper money and barter became the most common means of exchange.
da ming baochao