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<li id="toc-Early_Chinese_paper_money" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Early_Chinese_paper_money"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Early Chinese paper money</span> </div> </a> <ul id="toc-Early_Chinese_paper_money-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Early_European_paper_money" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Early_European_paper_money"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>Early European paper money</span> </div> </a> <ul id="toc-Early_European_paper_money-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Birth_of_European_banknotes" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Birth_of_European_banknotes"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3</span> <span>Birth of European banknotes</span> </div> </a> <ul id="toc-Birth_of_European_banknotes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Permanent_issue_of_banknotes" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Permanent_issue_of_banknotes"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.4</span> <span>Permanent issue of banknotes</span> </div> </a> <ul id="toc-Permanent_issue_of_banknotes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Central_bank_issuance_of_legal_tender" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Central_bank_issuance_of_legal_tender"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.5</span> <span>Central bank issuance of legal tender</span> </div> </a> <ul id="toc-Central_bank_issuance_of_legal_tender-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Advantages_and_disadvantages" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Advantages_and_disadvantages"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Advantages and disadvantages</span> </div> </a> <ul id="toc-Advantages_and_disadvantages-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Paper_money_collecting_as_a_hobby" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Paper_money_collecting_as_a_hobby"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Paper money collecting as a hobby</span> </div> </a> <button aria-controls="toc-Paper_money_collecting_as_a_hobby-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Paper money collecting as a hobby subsection</span> </button> <ul id="toc-Paper_money_collecting_as_a_hobby-sublist" class="vector-toc-list"> <li id="toc-Trades" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Trades"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Trades</span> </div> </a> <ul id="toc-Trades-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Novelty" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Novelty"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Novelty</span> </div> </a> <ul id="toc-Novelty-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes_and_references" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a 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<div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Form of physical currency made of paper, cotton or polymer</div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Jiao_zi.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Jiao_zi.jpg/170px-Jiao_zi.jpg" decoding="async" width="170" height="296" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Jiao_zi.jpg/255px-Jiao_zi.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/d/d9/Jiao_zi.jpg 2x" data-file-width="308" data-file-height="537" /></a><figcaption>Song dynasty <i>Jiaozi</i>, the world's earliest preserved paper money</figcaption></figure> <p><b>Paper money</b>, often referred to as a <b>note</b> or a <b>bill</b> (<a href="/wiki/North_American_English" title="North American English">North American English</a>), is a type of <a href="/wiki/Negotiable_instrument" title="Negotiable instrument">negotiable</a> <a href="/wiki/Promissory_note" title="Promissory note">promissory note</a> that is payable to the bearer on demand, making it a form of <a href="/wiki/Currency" title="Currency">currency</a>. The main types of paper money are <a href="/wiki/Government_note" title="Government note">government notes</a>, which are directly issued by political authorities, and <a href="/wiki/Banknote" title="Banknote">banknotes</a> issued by <a href="/wiki/Bank" title="Bank">banks</a>,<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> namely <a href="/wiki/Bank_of_issue" title="Bank of issue">banks of issue</a> including <a href="/wiki/Central_bank" title="Central bank">central banks</a>. In some cases, paper money may be issued by other entities than governments or banks, for example merchants in pre-modern China and Japan.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2025)">citation needed</span></a></i>]</sup> "Banknote" is often used synonymously for paper money, not least by collectors, but in a narrow sense banknotes are only the subset of paper money that is issued by banks.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>Paper money is often, but not always, <a href="/wiki/Legal_tender" title="Legal tender">legal tender</a>, meaning that courts of law are required to recognize them as satisfactory payment of money <a href="/wiki/Debt" title="Debt">debts</a>.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Counterfeit" title="Counterfeit">Counterfeiting</a>, including the <a href="/wiki/Forgery" title="Forgery">forgery</a> of paper money, is an inherent challenge. It is countered by <a href="/wiki/Counterfeit_money#Anti-counterfeiting_measures" title="Counterfeit money">anticounterfeiting measures</a> in the <a href="/wiki/Printing" title="Printing">printing</a> of paper money. Fighting the counterfeiting of notes (and, for banks of <a href="/wiki/Cheque" title="Cheque">cheques</a>) has been a principal driver of <a href="/wiki/Security_printing" title="Security printing">security printing</a> methods development in recent centuries. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Paper_money&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/History_of_money" title="History of money">History of money</a> and <a href="/wiki/Fiat_money" title="Fiat money">Fiat money</a></div> <p><a href="/wiki/Code_of_Hammurabi#Laws" title="Code of Hammurabi">Code of Hammurabi Law 100</a> (<abbr title="circa">c.</abbr> 1755–1750 BC) stipulated <a href="/wiki/Debt#Repayment" title="Debt">repayment</a> of a <a href="/wiki/Loan" title="Loan">loan</a> by a <a href="/wiki/Debtor" title="Debtor">debtor</a> to a <a href="/wiki/Creditor" title="Creditor">creditor</a> on a <a href="/wiki/Repayment_plan" title="Repayment plan">schedule</a> with a <a href="/wiki/Maturity_date" class="mw-redirect" title="Maturity date">maturity date</a> specified in <a href="/wiki/Contract" title="Contract">written</a> <a href="/wiki/Contractual_term" title="Contractual term">contractual terms</a>.<sup id="cite_ref-Sommer_1903_p._75_4-0" class="reference"><a href="#cite_note-Sommer_1903_p._75-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Harper_1904_p._35_5-0" class="reference"><a href="#cite_note-Harper_1904_p._35-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-King_1910_6-0" class="reference"><a href="#cite_note-King_1910-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Law 122 stipulated that a <a href="/wiki/Deposit_account" title="Deposit account">depositor</a> of <a href="/wiki/Gold" title="Gold">gold</a>, <a href="/wiki/Silver" title="Silver">silver</a>, or other <a href="/wiki/Personal_property" title="Personal property">chattel/movable property</a> for <a href="/wiki/Safe" title="Safe">safekeeping</a> must present all articles and a signed contract of <a href="/wiki/Bailment" title="Bailment">bailment</a> to a <a href="/wiki/Notary" title="Notary">notary</a> before depositing the articles with a <a href="/wiki/Banker_(ancient)#Mesopotamia" title="Banker (ancient)">banker</a>, and Law 123 stipulated that a banker was discharged of any <a href="/wiki/Liability_(accounting)" class="mw-redirect" title="Liability (accounting)">liability</a> from a contract of bailment if the notary denied the existence of the contract. Law 124 stipulated that a depositor with a notarized contract of bailment was entitled to redeem the entire value of their deposit, and Law 125 stipulated that a banker was <a href="/wiki/Legal_liability" title="Legal liability">liable</a> for replacement of deposits <a href="/wiki/Theft" title="Theft">stolen</a> while in their <a href="/wiki/Possession_(law)" title="Possession (law)">possession</a>.<sup id="cite_ref-Sommer_1903_p._77_7-0" class="reference"><a href="#cite_note-Sommer_1903_p._77-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Harper_1904_p._43_8-0" class="reference"><a href="#cite_note-Harper_1904_p._43-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-King_1910_6-1" class="reference"><a href="#cite_note-King_1910-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Ancient_Carthage" title="Ancient Carthage">Carthage</a> was purported to have issued government notes on parchment or leather before 146 BC. Hence Carthage may be the oldest user of lightweight promissory notes.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> In <a href="/wiki/China" title="China">China</a> during the <a href="/wiki/Han_dynasty" title="Han dynasty">Han dynasty</a>, <a href="/wiki/Promissory_note" title="Promissory note">promissory notes</a> appeared in 118 BC and were made of leather.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Ancient_Rome" title="Ancient Rome">Rome</a> may have used a durable lightweight substance as promissory notes in 57 AD, which have been found in <a href="/wiki/London" title="London">London</a>.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>The first documented paper money was issued during the <a href="/wiki/Tang_dynasty" title="Tang dynasty">Tang dynasty</a> and <a href="/wiki/Economy_of_the_Song_dynasty#The_world's_first_paper_money" title="Economy of the Song dynasty">Song dynasty</a> of <a href="/wiki/China" title="China">China</a>, starting in the 7th century, called "<i>flying money</i>".<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Its roots were in merchant <a href="/wiki/Receipt" title="Receipt">receipts</a> of deposit during the Tang dynasty (618–907), as <a href="/wiki/Four_occupations#The_shang_(商)" title="Four occupations">merchants</a> and <a href="/wiki/Wholesale" class="mw-redirect" title="Wholesale">wholesalers</a> desired to avoid the heavy bulk of <a href="/wiki/Ancient_Chinese_coinage" title="Ancient Chinese coinage">copper coinage</a> in large commercial transactions.<sup id="cite_ref-FOOTNOTEEbreyWalthallPalais2006156_15-0" class="reference"><a href="#cite_note-FOOTNOTEEbreyWalthallPalais2006156-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTEBowman2000105_16-0" class="reference"><a href="#cite_note-FOOTNOTEBowman2000105-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTEGernet196280_17-0" class="reference"><a href="#cite_note-FOOTNOTEGernet196280-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> Although government issued centralized paper money did not appear until the 11th century, during the <a href="/wiki/Song_dynasty" title="Song dynasty">Song dynasty</a>. </p><p>In Europe, cloth notes were in use in <a href="/wiki/Prague" title="Prague">Prague</a> in 960 and as part of the banking scheme of the <a href="/wiki/Knights_Templars" class="mw-redirect" title="Knights Templars">Knights Templars</a> around 1150. </p><p>The first European attempt by a bank of issue at issuing banknotes was in 1661 by <a href="/wiki/Stockholms_Banco" title="Stockholms Banco">Stockholms Banco</a>, whose legacy was soon taken over by <a href="/wiki/Sweden" title="Sweden">Sweden</a>'s <a href="/wiki/Sveriges_Riksbank" title="Sveriges Riksbank">Sveriges Riksbank</a>.<sup id="cite_ref-:0_18-0" class="reference"><a href="#cite_note-:0-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/French_Revolution" title="French Revolution">French Revolution</a> resulted in the mass issuance of government notes known as <a href="/wiki/Assignat" title="Assignat">assignats</a> whose value soon collapsed, leading <a href="/wiki/Napoleon_Bonaparte" class="mw-redirect" title="Napoleon Bonaparte">Napoleon</a> to establish the <a href="/wiki/Bank_of_France" title="Bank of France">Bank of France</a> to issue paper banknotes in the early 1800s.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p><p>Cash paper money originated as receipts for value held on account "value received", and should not be conflated with promissory "sight bills," which were issued with a promise to convert at a later date. </p><p>The perception of paper money as currency has evolved over time. Originally, money was based on <a href="/wiki/Precious_metals" class="mw-redirect" title="Precious metals">precious metals</a>, or <a href="/wiki/Commodity_money" title="Commodity money">commodity money</a>. Paper money was seen by some as an <a href="/wiki/I.O.U." class="mw-redirect" title="I.O.U.">I.O.U.</a> or <a href="/wiki/Promissory_note" title="Promissory note">promissory note</a>: a promise to pay someone in precious metal on presentation (see <a href="/wiki/Representative_money" title="Representative money">representative money</a>). But they were readily accepted—for convenience and security—in <a href="/wiki/London" title="London">London</a>, for example, from the late 1600s onwards. With the gradual removal of precious metals from the monetary system, paper money evolved into pure <a href="/wiki/Fiat_money" title="Fiat money">fiat money</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Early_Chinese_paper_money">Early Chinese paper money</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Paper_money&action=edit&section=2" title="Edit section: Early Chinese paper money"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/List_of_Chinese_inventions" title="List of Chinese inventions">List of Chinese inventions</a>, <a href="/wiki/Economy_of_the_Song_dynasty" title="Economy of the Song dynasty">Economy of the Song dynasty</a>, and <a href="/wiki/Jiaozi_(currency)" title="Jiaozi (currency)">Jiaozi (currency)</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Yuan_dynasty_banknote_with_its_printing_plate_1287.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/de/Yuan_dynasty_banknote_with_its_printing_plate_1287.jpg/330px-Yuan_dynasty_banknote_with_its_printing_plate_1287.jpg" decoding="async" width="330" height="241" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/de/Yuan_dynasty_banknote_with_its_printing_plate_1287.jpg/495px-Yuan_dynasty_banknote_with_its_printing_plate_1287.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/de/Yuan_dynasty_banknote_with_its_printing_plate_1287.jpg/660px-Yuan_dynasty_banknote_with_its_printing_plate_1287.jpg 2x" data-file-width="2631" data-file-height="1918" /></a><figcaption>A Yuan dynasty printing plate and paper note with Chinese words.</figcaption></figure> <p>The first known paper money instrument was used in <a href="/wiki/China" title="China">China</a> in the 7th century, during the <a href="/wiki/Tang_dynasty" title="Tang dynasty">Tang dynasty</a> (618–907). Merchants would issue what are today called <a href="/wiki/Promissory_note" title="Promissory note">promissory notes</a> in the form of <a href="/wiki/Receipt" title="Receipt">receipts</a> of deposit to <a href="/wiki/Wholesaler" class="mw-redirect" title="Wholesaler">wholesalers</a> to avoid using the heavy bulk of <a href="/wiki/Ancient_Chinese_coinage" title="Ancient Chinese coinage">copper coinage</a> in large commercial transactions.<sup id="cite_ref-FOOTNOTEEbreyWalthallPalais2006156_15-1" class="reference"><a href="#cite_note-FOOTNOTEEbreyWalthallPalais2006156-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTEBowman2000105_16-1" class="reference"><a href="#cite_note-FOOTNOTEBowman2000105-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTEGernet196280_17-1" class="reference"><a href="#cite_note-FOOTNOTEGernet196280-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> Before these notes, circular coins with a rectangular hole in the middle were used. Multiple coins could be strung together on a rope. Merchants found that the strings were too heavy to carry around easily, especially for large transactions. To solve this problem, coins could be left with a trusted person, with the merchant being given a slip of paper (the receipt) recording how much money they had deposited with that person. Their coins would be restored when they went back and gave that person the paper. </p><p>True paper money, called "<a href="/wiki/Jiaozi_(currency)" title="Jiaozi (currency)">jiaozi</a>", developed from these promissory notes by the 11th century, during the <a href="/wiki/Song_dynasty" title="Song dynasty">Song dynasty</a>.<sup id="cite_ref-Bernholz_20-0" class="reference"><a href="#cite_note-Bernholz-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Headrick_21-0" class="reference"><a href="#cite_note-Headrick-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> By 960, the Song government was short of copper for striking coins, and issued the first generally circulating notes. These notes were a promise by the ruler to redeem them later for some other object of value, usually <a href="/wiki/Money" title="Money">specie</a>. The issue of credit notes was often for a limited duration, and at some discount to the promised amount later. The <i>jiaozi</i> did not replace coins but was used alongside them. </p><p>The central government soon observed the economic advantages of printing paper money, issuing a monopoly for the issue of these certificates of deposit to several deposit shops.<sup id="cite_ref-FOOTNOTEEbreyWalthallPalais2006156_15-2" class="reference"><a href="#cite_note-FOOTNOTEEbreyWalthallPalais2006156-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> By the early 12th century, the amount of notes issued in a single year amounted to an annual rate of 26 million strings of cash coins.<sup id="cite_ref-FOOTNOTEGernet196280_17-2" class="reference"><a href="#cite_note-FOOTNOTEGernet196280-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> By the 1120s, the central government started to produce its own state-issued paper money (using <a href="/wiki/Woodblock_printing" title="Woodblock printing">woodblock printing</a>).<sup id="cite_ref-FOOTNOTEEbreyWalthallPalais2006156_15-3" class="reference"><a href="#cite_note-FOOTNOTEEbreyWalthallPalais2006156-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>Even before this point, the Song government was amassing large amounts of paper <a href="/wiki/Tribute" title="Tribute">tribute</a>. It was recorded that each year before 1101, the prefecture of <a href="/wiki/Huizhou_(region)" class="mw-redirect" title="Huizhou (region)">Xin'an</a> (modern <a href="/wiki/She_County,_Anhui" title="She County, Anhui">Shexian</a>, <a href="/wiki/Anhui" title="Anhui">Anhui</a>) alone would send 1,500,000 sheets of paper in seven different varieties to the capital at Kaifeng.<sup id="cite_ref-FOOTNOTENeedham198647_22-0" class="reference"><a href="#cite_note-FOOTNOTENeedham198647-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> In 1101, the <a href="/wiki/Emperor_Huizong_of_Song" title="Emperor Huizong of Song">Emperor Huizong of Song</a> decided to lessen the amount of paper taken in the tribute quota because it was causing detrimental effects and creating heavy burdens on the people of the region.<sup id="cite_ref-FOOTNOTENeedham198648_23-0" class="reference"><a href="#cite_note-FOOTNOTENeedham198648-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> However, the government still needed masses of paper products for the exchange certificates and the state's new issuing of paper money. For the printing of paper money alone, the Song government established several government-run factories in the cities of <a href="/wiki/Huizhou" title="Huizhou">Huizhou</a>,<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Avoid_weasel_words" class="mw-redirect" title="Wikipedia:Avoid weasel words"><span title="The material near this tag possibly uses too vague attribution or weasel words. (July 2018)">which?</span></a></i>]</sup> <a href="/wiki/Chengdu" title="Chengdu">Chengdu</a>, <a href="/wiki/Hangzhou" title="Hangzhou">Hangzhou</a>, and Anqi.<sup id="cite_ref-FOOTNOTENeedham198648_23-1" class="reference"><a href="#cite_note-FOOTNOTENeedham198648-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>The workforce employed in these paper money factories was quite large; it was recorded in 1175 that the factory at Hangzhou alone employed more than a thousand workers a day.<sup id="cite_ref-FOOTNOTENeedham198648_23-2" class="reference"><a href="#cite_note-FOOTNOTENeedham198648-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> However, the government issues of paper money were not yet nationwide standards of currency at that point; issues of notes were limited to regional areas of the empire, and were valid for use only in a designated and temporary limit of three years.<sup id="cite_ref-FOOTNOTEGernet196280_17-3" class="reference"><a href="#cite_note-FOOTNOTEGernet196280-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>Between 1265 and 1274, the late southern Song government introduced a gold- or silver-backed national paper currency standard, which changed the geographic restriction.<sup id="cite_ref-FOOTNOTEGernet196280_17-4" class="reference"><a href="#cite_note-FOOTNOTEGernet196280-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> The range of varying values for these notes was perhaps from one string of cash to one hundred at the most.<sup id="cite_ref-FOOTNOTEGernet196280_17-5" class="reference"><a href="#cite_note-FOOTNOTEGernet196280-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> Ever after 1107, the government printed money in no less than six ink colors and printed notes with intricate designs and sometimes even with mixture of a unique fiber in the paper to combat counterfeiting. </p><p>The founder of the <a href="/wiki/Yuan_dynasty" title="Yuan dynasty">Yuan dynasty</a>, <a href="/wiki/Kublai_Khan" title="Kublai Khan">Kublai Khan</a>, issued paper money known as <a href="/wiki/Jiaochao" title="Jiaochao">Jiaochao</a>. The original notes were restricted by area and duration, as in the Song dynasty, but in the later years, facing massive shortages of specie to fund their rule, the paper money began to be issued without restrictions on duration. The fact that the state was guaranteeing the Chinese paper money impressed Venetian merchants. </p> <div class="mw-heading mw-heading3"><h3 id="Early_European_paper_money">Early European paper money</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Paper_money&action=edit&section=3" title="Edit section: Early European paper money"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>According to a travelogue of a visit to Prague in 960 by <a href="/wiki/Ibrahim_ibn_Yaqub" title="Ibrahim ibn Yaqub">Ibrahim ibn Yaqub</a>, small pieces of cloth were used as a means of trade, with these cloths having a set exchange rate versus silver.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p><p>Around 1150, the <a href="/wiki/History_of_the_Knights_Templar#Bankers" title="History of the Knights Templar">Knights Templar</a> would issue notes to pilgrims. Pilgrims would deposit valuables with a local Templar preceptory before embarking for the Holy Land and receive a document indicating the value of their deposit. They would then use that document upon arrival in the Holy Land to receive funds from the treasury of equal value.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Marco_Polo_-_Battle_of_the_King_of_Burma_against_the_Mongols.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/23/Marco_Polo_-_Battle_of_the_King_of_Burma_against_the_Mongols.jpg/190px-Marco_Polo_-_Battle_of_the_King_of_Burma_against_the_Mongols.jpg" decoding="async" width="190" height="275" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/23/Marco_Polo_-_Battle_of_the_King_of_Burma_against_the_Mongols.jpg/285px-Marco_Polo_-_Battle_of_the_King_of_Burma_against_the_Mongols.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/23/Marco_Polo_-_Battle_of_the_King_of_Burma_against_the_Mongols.jpg/380px-Marco_Polo_-_Battle_of_the_King_of_Burma_against_the_Mongols.jpg 2x" data-file-width="982" data-file-height="1419" /></a><figcaption><a href="/wiki/Marco_Polo" title="Marco Polo">Marco Polo</a> described the use of paper money in China to <a href="/wiki/Medieval_Europe" class="mw-redirect" title="Medieval Europe">Medieval Europe</a> in his book, <i><a href="/wiki/The_Travels_of_Marco_Polo" title="The Travels of Marco Polo">The Travels of Marco Polo</a></i>.</figcaption></figure> <p>In the 13th century, Chinese paper money of Mongol Yuan became known in <a href="/wiki/Europe" title="Europe">Europe</a> through the accounts of travelers, such as <a href="/wiki/Marco_Polo" title="Marco Polo">Marco Polo</a> and <a href="/wiki/William_of_Rubruck" title="William of Rubruck">William of Rubruck</a>.<sup id="cite_ref-Goetzmann_27-0" class="reference"><a href="#cite_note-Goetzmann-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> Marco Polo's account of paper money during the <a href="/wiki/Yuan_dynasty" title="Yuan dynasty">Yuan dynasty</a> is the subject of a chapter of his book, <i><a href="/wiki/The_Travels_of_Marco_Polo" title="The Travels of Marco Polo">The Travels of Marco Polo</a></i>, titled "<a href="https://en.wikisource.org/wiki/The_Travels_of_Marco_Polo/Book_2/Chapter_24" class="extiw" title="wikisource:The Travels of Marco Polo/Book 2/Chapter 24">How the Great Kaan Causeth the Bark of Trees, Made into Something Like Paper, to Pass for Money All Over his Country</a>".<sup id="cite_ref-Marco_Polo_29-0" class="reference"><a href="#cite_note-Marco_Polo-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>All these pieces of paper are, issued with as much solemnity and authority as if they were of pure gold or silver... with these pieces of paper, made as I have described, <a href="/wiki/Kublai_Khan" title="Kublai Khan">Kublai Khan</a> causes all payments on his own account to be made; and he makes them to pass current universally over all his kingdoms and provinces and territories, and whithersoever his power and sovereignty extends... and indeed everybody takes them readily, for wheresoever a person may go throughout the Great Kaan's dominions he shall find these pieces of paper current, and shall be able to transact all sales and purchases of goods by means of them just as well as if they were coins of pure gold</p><div class="templatequotecite">— <cite><a href="/wiki/Marco_Polo" title="Marco Polo">Marco Polo</a>, <i><a href="/wiki/The_Travels_of_Marco_Polo" title="The Travels of Marco Polo">The Travels of Marco Polo</a></i></cite></div></blockquote> <p>In <a href="/wiki/Middle_Ages" title="Middle Ages">medieval</a> <a href="/wiki/Italy" title="Italy">Italy</a> and <a href="/wiki/Count_of_Flanders" title="Count of Flanders">Flanders</a>, because of the insecurity and impracticality of transporting large sums of cash over long distances, money traders started using <a href="/wiki/Promissory_note" title="Promissory note">promissory notes</a>. In the beginning, these were personally registered, but they soon became a written order to pay the amount to whoever had it in their possession. These notes are seen as a predecessor to banknotes by some but are mainly thought of as proto bills of exchange and cheques.<sup id="cite_ref-Geld_1992,_page_96_30-0" class="reference"><a href="#cite_note-Geld_1992,_page_96-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> The term "bank note" itself comes from the notes of the bank ("nota di banco") and dates from the 14th century; it originally recognized the right of the holder of the note to collect the precious metal (usually gold or silver) deposited with a banker (via a currency account). In the 14th century, it was used in every part of Europe and in Italian city-state merchants colonies outside of <a href="/wiki/Europe" title="Europe">Europe</a>. For international payments, the more efficient and sophisticated <a href="/wiki/Bill_of_exchange" class="mw-redirect" title="Bill of exchange">bill of exchange</a> ("lettera di cambio"), that is, a promissory note based on a virtual currency account (usually a coin no longer physically existing), was used more often. All physical currencies were physically related to this virtual currency; this instrument also served as credit. </p> <div class="mw-heading mw-heading3"><h3 id="Birth_of_European_banknotes">Birth of European banknotes</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Paper_money&action=edit&section=4" title="Edit section: Birth of European banknotes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Sweden-Credityf-Zedels.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/7e/Sweden-Credityf-Zedels.jpg/220px-Sweden-Credityf-Zedels.jpg" decoding="async" width="220" height="175" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/7e/Sweden-Credityf-Zedels.jpg/330px-Sweden-Credityf-Zedels.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/7e/Sweden-Credityf-Zedels.jpg/440px-Sweden-Credityf-Zedels.jpg 2x" data-file-width="600" data-file-height="478" /></a><figcaption>The first paper money in Europe, issued by the <a href="/wiki/Stockholms_Banco" title="Stockholms Banco">Stockholms Banco</a> in 1666.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>The shift toward the use of these receipts as a means of payment took place in the mid-17th century, as the <a href="/wiki/Price_revolution" title="Price revolution">price revolution</a>, when relatively rapid gold inflation was causing a re-assessment of how money worked. The <a href="/wiki/Goldsmith_banker" title="Goldsmith banker">goldsmith bankers</a> of <a href="/wiki/London" title="London">London</a> began to give out the receipts as payable to the <i>bearer</i> of the document rather than the original depositor. This meant that the note could be used as currency based on the security of the goldsmith, not the account holder of the goldsmith-banker.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> The bankers also began issuing a <a href="/wiki/Fractional_reserve_banking" class="mw-redirect" title="Fractional reserve banking">greater value of notes than the total value of their physical reserves</a> in the form of loans, on the assumption that they would not have to redeem all of their issued banknotes at the same time. This was a natural extension of debt-based issuance of <a href="/wiki/Split_tally" class="mw-redirect" title="Split tally">split tally sticks</a> used for centuries in places like St. Giles Fair,<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> however, done in this way, it was able to directly expand the expansion of the supply of circulating money. As these receipts were increasingly used in the money <a href="/wiki/Circulation_(currency)" class="mw-redirect" title="Circulation (currency)">circulation</a> system, depositors began to ask for multiple receipts to be made out in smaller, fixed denominations for use as money. The receipts soon became a written order to pay the amount to whoever had possession of the note. These notes are credited as the first modern banknotes.<sup id="cite_ref-Geld_1992,_page_96_30-1" class="reference"><a href="#cite_note-Geld_1992,_page_96-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p><p>The first short-lived attempt at issuing banknotes by a central bank was in 1661 by <a href="/wiki/Stockholms_Banco" title="Stockholms Banco">Stockholms Banco</a>, a predecessor of Sweden's central bank, <a href="/wiki/Sveriges_Riksbank" title="Sveriges Riksbank">Sveriges Riksbank</a>.<sup id="cite_ref-:0_18-1" class="reference"><a href="#cite_note-:0-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> These replaced the copper-plates being used instead as a means of payment.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> The peculiar circumstances of the Swedish coin supply were what led to this banknote issue. Cheap foreign imports of <a href="/wiki/Copper" title="Copper">copper</a> had forced <a href="/wiki/Monarchy_of_Sweden" title="Monarchy of Sweden">the Crown</a> to steadily increase the size of the copper coinage to maintain its value relative to <a href="/wiki/Silver" title="Silver">silver</a>. The heavy weight of the new coins encouraged merchants to deposit it in exchange for receipts. These became banknotes when the manager of the bank decoupled the rate of note issue from the bank currency reserves. Three years later, the bank went bankrupt after rapidly increasing the artificial money supply through the large-scale printing of paper money. A new bank, the <i><a href="/wiki/Sveriges_Riksbank" title="Sveriges Riksbank">Riksens Ständers Bank</a>,</i> was established in 1668, but did not issue banknotes until the 19th century.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Permanent_issue_of_banknotes">Permanent issue of banknotes</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Paper_money&action=edit&section=5" title="Edit section: Permanent issue of banknotes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Bank_of_England_Charter_sealing_1694.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/09/Bank_of_England_Charter_sealing_1694.jpg/220px-Bank_of_England_Charter_sealing_1694.jpg" decoding="async" width="220" height="172" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/09/Bank_of_England_Charter_sealing_1694.jpg/330px-Bank_of_England_Charter_sealing_1694.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/09/Bank_of_England_Charter_sealing_1694.jpg/440px-Bank_of_England_Charter_sealing_1694.jpg 2x" data-file-width="2394" data-file-height="1870" /></a><figcaption>The sealing of the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> Charter (1694). The bank began the first permanent issue of banknotes a year later.</figcaption></figure> <p>The idea that social and legal consensus determines what constitutes money is the foundation of modern banknotes. A gold coin's value is simply a reflection of the supply and demand mechanism of a society exchanging goods in a free market, as opposed to stemming from any intrinsic property of the metal. By the late 17th century, this new conceptual outlook helped to stimulate the issue of banknotes. The economist <a href="/wiki/Nicholas_Barbon" title="Nicholas Barbon">Nicholas Barbon</a> wrote that money "was an imaginary value made by a law for the convenience of exchange".<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p><p>A temporary experiment of banknote issue was carried out by Sir <a href="/wiki/William_Phips" title="William Phips">William Phips</a> as the governor of the <a href="/wiki/Province_of_Massachusetts_Bay" title="Province of Massachusetts Bay">Province of Massachusetts Bay</a> starting on December 20, 1690,<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> to help fund the <a href="/wiki/Nine_Years%27_War" title="Nine Years' War">war effort against France</a>.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> The other <a href="/wiki/Thirteen_Colonies" title="Thirteen Colonies">Thirteen Colonies</a> followed in Massachusetts' wake and began issuing <a href="/wiki/Bills_of_credit" title="Bills of credit">bills of credit</a>, an early form of paper currency distinct from banknotes, to fund military expenditures and for use as a common <a href="/wiki/Medium_of_exchange" title="Medium of exchange">medium of exchange</a>.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> By the 1760s, these bills of credit were used in the majority of transactions in the Thirteen Colonies.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Benjamin_Franklin_nature_printed_55_dollar_front_1779.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Benjamin_Franklin_nature_printed_55_dollar_front_1779.jpg/220px-Benjamin_Franklin_nature_printed_55_dollar_front_1779.jpg" decoding="async" width="220" height="173" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Benjamin_Franklin_nature_printed_55_dollar_front_1779.jpg/330px-Benjamin_Franklin_nature_printed_55_dollar_front_1779.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/08/Benjamin_Franklin_nature_printed_55_dollar_front_1779.jpg/440px-Benjamin_Franklin_nature_printed_55_dollar_front_1779.jpg 2x" data-file-width="2042" data-file-height="1610" /></a><figcaption>Fifty-five-dollar bill in <a href="/wiki/Continental_currency" class="mw-redirect" title="Continental currency">Continental currency</a>; leaf design by Benjamin Franklin, 1779</figcaption></figure> <p>The first bank to initiate the permanent issue of banknotes was the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>. Established in 1694 to raise money for the funding of the <a href="/wiki/Nine_Years_War" class="mw-redirect" title="Nine Years War">war</a> against <a href="/wiki/France" title="France">France</a>, the bank began issuing notes in 1695 with the promise to pay the bearer the value of the note on demand. They were initially handwritten to a precise amount and issued on deposit or as a loan. There was a gradual move toward the issuance of fixed denomination notes, and by 1745, standardized printed notes ranging from £20 to £1,000 were being printed. Fully printed notes that did not require the name of the payee and the cashier's <a href="/wiki/Signature" title="Signature">signature</a> first appeared in 1855.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </p><p>The <a href="/wiki/Bank_of_Scotland" title="Bank of Scotland">Bank of Scotland</a> was established in 1695 to support Scottish businesses, and in 1696 became the first European bank to issue banknotes in fixed values. It continues to issue banknotes and is the longest continuous banknote issue in the world.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </p><p>The Scottish economist <a href="/wiki/John_Law_(economist)" title="John Law (economist)">John Law</a> helped establish banknotes as a formal currency in France, after the wars waged by <a href="/wiki/Louis_XIV_of_France" class="mw-redirect" title="Louis XIV of France">Louis XIV</a> left the country with a shortage of precious metals for coinage.<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Category:All_self-contradictory_articles" title="Category:All self-contradictory articles"><span title="Was paper money introduced in France by John Law, or by Napoleon as argued in the introduction to this section of the article? (January 2025)">contradictory</span></a></i>]</sup><sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2025)">citation needed</span></a></i>]</sup> </p><p>In the <a href="/wiki/United_States" title="United States">United States</a>, there were early attempts at establishing a central bank in <a href="/wiki/First_Bank_of_the_United_States" title="First Bank of the United States">1791</a> and <a href="/wiki/Second_Bank_of_the_United_States" title="Second Bank of the United States">1816</a>, but it was only in 1862 that the <a href="/wiki/Federal_government_of_the_United_States" title="Federal government of the United States">federal government of the United States</a>, began to print banknotes.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2025)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Central_bank_issuance_of_legal_tender">Central bank issuance of legal tender</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Paper_money&action=edit&section=6" title="Edit section: Central bank issuance of legal tender"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Globalize plainlinks metadata ambox ambox-content ambox-globalize" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="Globe icon." src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_globe_content.svg/48px-Ambox_globe_content.svg.png" decoding="async" width="48" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_globe_content.svg/73px-Ambox_globe_content.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_globe_content.svg/97px-Ambox_globe_content.svg.png 2x" data-file-width="350" data-file-height="290" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">The examples and perspective in this <b>deal primarily with <a href="/wiki/United_Kingdom" title="United Kingdom">the United Kingdom</a> and do not represent a <a href="/wiki/Wikipedia:WikiProject_Countering_systemic_bias" title="Wikipedia:WikiProject Countering systemic bias">worldwide view</a> of the subject</b>.<span class="hide-when-compact"> You may <a class="external text" href="https://en.wikipedia.org/w/index.php?title=Paper_money&action=edit">improve this </a>, discuss the issue on the <a href="/wiki/Talk:Paper_money" title="Talk:Paper money">talk page</a>, or create a new, as appropriate.</span> <span class="date-container"><i>(<span class="date">January 2025</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:London.bankofengland.arp.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a8/London.bankofengland.arp.jpg/220px-London.bankofengland.arp.jpg" decoding="async" width="220" height="179" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a8/London.bankofengland.arp.jpg/330px-London.bankofengland.arp.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a8/London.bankofengland.arp.jpg/440px-London.bankofengland.arp.jpg 2x" data-file-width="2047" data-file-height="1669" /></a><figcaption>The <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> gained a monopoly over the issue of banknotes with the <a href="/wiki/Bank_Charter_Act_1844" title="Bank Charter Act 1844">Bank Charter Act 1844</a>.</figcaption></figure> <p>Originally, the banknote was simply a promise to the bearer that they could redeem it for its value in specie, but the <a href="/w/index.php?title=Bank_of_England_Act_1833&action=edit&redlink=1" class="new" title="Bank of England Act 1833 (page does not exist)">Bank of England Act 1833</a>, the second in a series of <a href="/wiki/Bank_Charter_Act" class="mw-redirect" title="Bank Charter Act">Bank Charter Acts</a>, established that banknotes would be considered as <a href="/wiki/Legal_tender" title="Legal tender">legal tender</a> during peacetime.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> </p><p>Until the mid-19th century, commercial banks were able to issue their own banknotes, and notes issued by provincial <a href="/wiki/Bank" title="Bank">banking</a> companies were the common form of currency throughout England, outside London.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Bank_Charter_Act_1844" title="Bank Charter Act 1844">Bank Charter Act 1844</a>, which established the modern central bank,<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> restricted authorisation to issue new banknotes to the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>, which would henceforth have sole control of the <a href="/wiki/Money_supply" title="Money supply">money supply</a> in 1921. At the same time, the Bank of England was restricted to issue new banknotes only if they were 100% backed by gold or up to £14 million in government debt. The Act gave the Bank of England an effective monopoly over the note issue from 1928.<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Advantages_and_disadvantages">Advantages and disadvantages</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Paper_money&action=edit&section=7" title="Edit section: Advantages and disadvantages"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Brazil_Portinari_banknote_obverse.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/ad/Brazil_Portinari_banknote_obverse.jpg/220px-Brazil_Portinari_banknote_obverse.jpg" decoding="async" width="220" height="105" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/ad/Brazil_Portinari_banknote_obverse.jpg/330px-Brazil_Portinari_banknote_obverse.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/ad/Brazil_Portinari_banknote_obverse.jpg/440px-Brazil_Portinari_banknote_obverse.jpg 2x" data-file-width="2430" data-file-height="1165" /></a><figcaption>When Brazil changed currencies in 1989, the 1000, 5000, and 10,000 <a href="/wiki/Brazilian_cruzado" title="Brazilian cruzado">cruzados</a> notes were overstamped and issued as 1, 5, and 10 <a href="/wiki/Brazilian_cruzado_novo" title="Brazilian cruzado novo">cruzados novos</a> notes for several months before cruzado novo notes were printed and issued. Paper money can be overstamped with new denominations, typically when a country converts to a new currency at an even, fixed exchange rate (in this case, 1000:1).</figcaption></figure> <p>Prior to the introduction of paper money, precious or semiprecious metals minted into <a href="/wiki/Coin" title="Coin">coins</a> to certify their substance were widely used as a medium of exchange. The value that people attributed to coins was originally based upon the value of the metal unless they were token issues or had been debased. When paper money was issued by banks, that was originally a claim for the coins held by the bank, but due to the ease with which they could be transferred and the confidence that people had in the capacity of the bank to settle the notes in coin if presented, they became a popular means of exchange in their own right. They now make up a very small proportion of the "money" that people think that they have, as demand deposit bank accounts and electronic payments have negated much of the need to carry notes and coins. </p><p>Paper money has a natural advantage over coins in that it is lighter to carry; but it is also less durable than coins. Banknotes issued by <a href="/wiki/Commercial_bank" title="Commercial bank">commercial banks</a> had <a href="/wiki/Counterparty_risk" class="mw-redirect" title="Counterparty risk">counterparty risk</a>, meaning that the bank may not be able to make payment when the note was presented. Notes issued by central banks had a theoretical risk when they were backed by gold and silver. Both notes and coins are subject to <a href="/wiki/Inflation" title="Inflation">inflation</a>. The durability of coins means that even if metal coins melt in a fire or are submerged under the sea for hundreds of years, they still have some value when they are recovered. Gold coins salvaged from shipwrecks retain almost all of their original appearance, but silver coins slowly corrode.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> </p><p>Other costs of using bearer money include: </p> <ol><li>Discounting to face value: Before national currencies and efficient clearing houses, banknotes were only redeemable at face value at the issuing bank. Even a branch bank could discount notes of other branches of the same bank. The discounts usually increased with distance from the issuing bank. The discount also depended on the perceived safety of the bank. When banks failed, the notes were usually partly redeemed out of reserves, but they sometimes became worthless.<sup id="cite_ref-FOOTNOTEAtackPassell199484–86_51-0" class="reference"><a href="#cite_note-FOOTNOTEAtackPassell199484–86-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Taylor_1951_52-0" class="reference"><a href="#cite_note-Taylor_1951-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> The problem of discounting within a country does not exist with national currencies.</li> <li><a href="/wiki/Counterfeit_money" title="Counterfeit money">Counterfeiting</a> paper notes has always been a problem, especially since the introduction of color <a href="/wiki/Photocopiers" class="mw-redirect" title="Photocopiers">photocopiers</a> and computer <a href="/wiki/Image_scanner" title="Image scanner">image scanners</a>. Numerous banks and nations have incorporated many types of countermeasures in order to keep the money secure. However, extremely sophisticated counterfeit notes known as <a href="/wiki/Superdollar" title="Superdollar">superdollars</a> have been detected in recent years.</li> <li>Manufacturing or issue costs. Coins are produced by industrial manufacturing methods that process the precious, semi-precious, or other metals, and require additions of alloy for hardness and wear resistance. By contrast, bank notes are printed paper (or polymer), and typically have a higher cost of issue, especially in larger denominations, compared with coins of the same value.<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Accuracy_dispute#Disputed_statement" title="Wikipedia:Accuracy dispute"><span title="The material near this tag is possibly inaccurate or nonfactual. (July 2023)">dubious</span></a> – <a href="/wiki/Talk:Paper_money#Dubious" title="Talk:Paper money">discuss</a></i>]</sup></li> <li>Wear costs. Banknotes do not lose <a href="/wiki/Economic_value" class="mw-redirect" title="Economic value">economic value</a> by wear, since, even if they are in poor condition, they are still a legally valid claim on the issuing bank. However, banks of issue do have to pay the cost of replacing banknotes in poor condition, and paper and even polymer notes wear out much faster than coins.</li> <li>Cost of transport. Coins can be expensive to transport for high value transactions, but banknotes can be issued in large denominations that are much lighter than the equivalent value in coins.</li> <li>Cost of acceptance. Coins can be checked for authenticity by weighing and other forms of examination and testing. These costs can be significant, but good quality coin design and manufacturing can help reduce these costs. Banknotes also have an acceptance cost – the expense of checking the banknote's security features and confirming acceptability of the issuing bank.</li></ol> <p>The different advantages and disadvantages of commodity money and paper money imply that there may be an ongoing role for both forms of bearer money, each being used where its advantages outweigh its disadvantages. </p> <div class="mw-heading mw-heading2"><h2 id="Paper_money_collecting_as_a_hobby">Paper money collecting as a hobby</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Paper_money&action=edit&section=8" title="Edit section: Paper money collecting as a hobby"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Notaphily" title="Notaphily">Notaphily</a></div> <p>Paper money collecting, also referred to as banknote collecting or <a href="/wiki/Notaphily" title="Notaphily">notaphily</a>, is a slowly growing area of <a href="/wiki/Numismatics" title="Numismatics">numismatics</a>. Although generally not as widespread as coin and <a href="/wiki/Stamp_collecting" title="Stamp collecting">stamp collecting</a>, the hobby is slowly expanding. Prior to the 1990s, currency collecting was a relatively small adjunct to coin collecting, but currency auctions and greater public awareness of paper money have caused more interest in rare items and consequently their increased value.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (September 2014)">citation needed</span></a></i>]</sup> The most valuable note is the <a href="/wiki/Treasury_Note_(1890%E2%80%9391)" class="mw-redirect" title="Treasury Note (1890–91)">$1000 bill</a> issued in 1890 that was sold at an auction for $2,255,000.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2025)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Trades">Trades</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Paper_money&action=edit&section=9" title="Edit section: Trades"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>For years, the mode of collecting paper money was through a handful of mail order dealers who issued price lists and catalogs. In the early 1990s, it became more common for rare notes to be sold at various coin and currency shows via auction. The illustrated catalogs and "event nature" of the auction practice seemed to fuel a sharp rise in overall awareness of paper money in the numismatic community. The emergence of currency third party grading services (similar to services that grade and "slab", or encapsulate, coins) also may have increased collector and investor interest in notes. Entire advanced collections are often sold at one time, and to this day, single auctions can generate millions in gross sales. Today, <a href="/wiki/EBay" title="EBay">eBay</a> has surpassed auctions in terms of the highest volume of sales of banknotes.<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> However, rare banknotes still sell for much less than comparable rare coins. This disparity is diminishing as paper money prices continue to rise. A few rare and historical banknotes have sold for more than a million dollars.<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> </p><p>There are many different organizations and societies around the world for the hobby, including the International Bank Note Society (IBNS), which currently asserts to have around 2,000 members in 90 countries.<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Novelty">Novelty</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Paper_money&action=edit&section=10" title="Edit section: Novelty"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The universal appeal and instant recognition of paper money have resulted in a plethora of novelty merchandise that is designed to have the appearance of paper currency. These items cover nearly every class of product. Cloth material printed with banknote patterns is used for clothing, bed linens, curtains, upholstery, and more. Acrylic paperweights and even toilet seats with bank notes embedded inside are also common. Items that resemble stacks of bank notes and can be used as a seat or ottoman are also available. </p><p>Manufacturers of these items must take into consideration when creating these products whether the product could be construed as counterfeiting. Overlapping note images and/or changing the dimensions of the reproduction to be at least 50% smaller or 50% larger than the original are some ways to avoid the risk of being considered a counterfeit. But in cases where realism is the goal, other steps may be necessary. For example, in the stack of banknotes seat mentioned earlier, the decal used to create the product would be considered counterfeit. However, once the decal has been affixed to the resin stack shell and cannot be peeled off, the final product is no longer at risk of being classified as counterfeit, even though the resulting appearance is realistic. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Paper_money&action=edit&section=11" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1266661725">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/46/United_States_penny%2C_obverse%2C_2002.png/28px-United_States_penny%2C_obverse%2C_2002.png" decoding="async" width="28" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/46/United_States_penny%2C_obverse%2C_2002.png/42px-United_States_penny%2C_obverse%2C_2002.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/46/United_States_penny%2C_obverse%2C_2002.png/56px-United_States_penny%2C_obverse%2C_2002.png 2x" data-file-width="903" data-file-height="901" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:Numismatics" title="Portal:Numismatics">Numismatics portal</a></span></li><li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png" decoding="async" width="32" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/48px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/64px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></span></li></ul> <ul><li><a href="/wiki/Joss_paper" title="Joss paper">Joss paper</a></li> <li><a href="/wiki/Hell_money" title="Hell money">Hell money</a></li> <li><a href="/wiki/Intaglio_(printmaking)" title="Intaglio (printmaking)">Intaglio</a></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Seigniorage" title="Seigniorage">Seigniorage</a></li> <li><a href="/wiki/Trevett_v._Weeden" title="Trevett v. Weeden">Trevett v. Weeden</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes_and_references">Notes and references</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Paper_money&action=edit&section=12" title="Edit section: Notes and references"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.merriam-webster.com/dictionary/paper%20money">"paper money"</a>. <i>Merriam-Webster</i><span class="reference-accessdate">. Retrieved <span class="nowrap">22 January</span> 2025</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Merriam-Webster&rft.atitle=paper+money&rft_id=https%3A%2F%2Fwww.merriam-webster.com%2Fdictionary%2Fpaper%2520money&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.merriam-webster.com/dictionary/banknote">"banknote"</a>. <i>Merriam-Webster</i><span class="reference-accessdate">. Retrieved <span class="nowrap">22 January</span> 2025</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Merriam-Webster&rft.atitle=banknote&rft_id=https%3A%2F%2Fwww.merriam-webster.com%2Fdictionary%2Fbanknote&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20081217182521/http://www.royalmint.com/corporate/policies/legal_tender_guidelines.aspx">"Legal Tender Guidelines"</a>. British Royal Mint. Archived from <a rel="nofollow" class="external text" href="http://www.royalmint.com/Corporate/policies/legal_tender_guidelines.aspx">the original</a> on 17 December 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">2007-09-02</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Legal+Tender+Guidelines&rft.pub=British+Royal+Mint&rft_id=http%3A%2F%2Fwww.royalmint.com%2FCorporate%2Fpolicies%2Flegal_tender_guidelines.aspx&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-Sommer_1903_p._75-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-Sommer_1903_p._75_4-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHammurabi1903" class="citation journal cs1"><a href="/wiki/Hammurabi" title="Hammurabi">Hammurabi</a> (1903). <a rel="nofollow" class="external text" href="https://archive.org/details/cu31924060109703/mode/2up">"Code of Hammurabi, King of Babylon"</a>. <i>Records of the Past</i>. <b>2</b> (3). Translated by Sommer, Otto. <a href="/wiki/Washington,_D.C." title="Washington, D.C.">Washington, DC</a>: <a href="/wiki/Records_of_the_Past_Exploration_Society" title="Records of the Past Exploration Society">Records of the Past Exploration Society</a>: <a rel="nofollow" class="external text" href="https://archive.org/details/cu31924060109703/page/n15/mode/2up">75</a><span class="reference-accessdate">. Retrieved <span class="nowrap">June 20,</span> 2021</span>. <q>100. Anyone borrowing money shall ... his contract [for payment].</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Records+of+the+Past&rft.atitle=Code+of+Hammurabi%2C+King+of+Babylon&rft.volume=2&rft.issue=3&rft.pages=75&rft.date=1903&rft.au=Hammurabi&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fcu31924060109703%2Fmode%2F2up&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-Harper_1904_p._35-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-Harper_1904_p._35_5-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHammurabi1904" class="citation web cs1"><a href="/wiki/Hammurabi" title="Hammurabi">Hammurabi</a> (1904). <a rel="nofollow" class="external text" href="https://oll-resources.s3.us-east-2.amazonaws.com/oll3/store/titles/1276/0762_Bk.pdf">"Code of Hammurabi, King of Babylon"</a> <span class="cs1-format">(PDF)</span>. <i><a href="/wiki/Liberty_Fund" title="Liberty Fund">Liberty Fund</a></i>. Translated by Harper, Robert Francis (2nd ed.). <a href="/wiki/Chicago" title="Chicago">Chicago</a>: <a href="/wiki/University_of_Chicago_Press" title="University of Chicago Press">University of Chicago Press</a>. p. <a rel="nofollow" class="external text" href="https://oll.libertyfund.org/title/hammurabi-the-code-of-hammurabi#lf0762_label_321">35</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210613091052/https://oll-resources.s3.us-east-2.amazonaws.com/oll3/store/titles/1276/0762_Bk.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 13 June 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">June 20,</span> 2021</span>. <q>§100. ...he shall write down ... returns to his merchant.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Liberty+Fund&rft.atitle=Code+of+Hammurabi%2C+King+of+Babylon&rft.pages=35&rft.date=1904&rft.au=Hammurabi&rft_id=https%3A%2F%2Foll-resources.s3.us-east-2.amazonaws.com%2Foll3%2Fstore%2Ftitles%2F1276%2F0762_Bk.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-King_1910-6"><span class="mw-cite-backlink">^ <a href="#cite_ref-King_1910_6-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-King_1910_6-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHammurabi1910" class="citation web cs1"><a href="/wiki/Hammurabi" title="Hammurabi">Hammurabi</a> (1910). <a rel="nofollow" class="external text" href="https://avalon.law.yale.edu/ancient/hamframe.asp">"Code of Hammurabi, King of Babylon"</a>. <i><a href="/wiki/Avalon_Project" title="Avalon Project">Avalon Project</a></i>. Translated by King, Leonard William. <a href="/wiki/New_Haven,_Connecticut" title="New Haven, Connecticut">New Haven, CT</a>: <a href="/wiki/Yale_Law_School" title="Yale Law School">Yale Law School</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210510072841/https://avalon.law.yale.edu/ancient/hamframe.asp">Archived</a> from the original on 10 May 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">June 20,</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Avalon+Project&rft.atitle=Code+of+Hammurabi%2C+King+of+Babylon&rft.date=1910&rft.au=Hammurabi&rft_id=https%3A%2F%2Favalon.law.yale.edu%2Fancient%2Fhamframe.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-Sommer_1903_p._77-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-Sommer_1903_p._77_7-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHammurabi1903" class="citation journal cs1"><a href="/wiki/Hammurabi" title="Hammurabi">Hammurabi</a> (1903). <a rel="nofollow" class="external text" href="https://archive.org/details/cu31924060109703/mode/2up">"Code of Hammurabi, King of Babylon"</a>. <i>Records of the Past</i>. <b>2</b> (3). Translated by Sommer, Otto. <a href="/wiki/Washington,_D.C." title="Washington, D.C.">Washington, DC</a>: <a href="/wiki/Records_of_the_Past_Exploration_Society" title="Records of the Past Exploration Society">Records of the Past Exploration Society</a>: <a rel="nofollow" class="external text" href="https://archive.org/details/cu31924060109703/page/n17/mode/2up">77</a><span class="reference-accessdate">. Retrieved <span class="nowrap">June 20,</span> 2021</span>. <q>122. If anyone entrusts to ... have committed an offence.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Records+of+the+Past&rft.atitle=Code+of+Hammurabi%2C+King+of+Babylon&rft.volume=2&rft.issue=3&rft.pages=77&rft.date=1903&rft.au=Hammurabi&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fcu31924060109703%2Fmode%2F2up&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-Harper_1904_p._43-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-Harper_1904_p._43_8-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHammurabi1904" class="citation web cs1"><a href="/wiki/Hammurabi" title="Hammurabi">Hammurabi</a> (1904). <a rel="nofollow" class="external text" href="https://oll-resources.s3.us-east-2.amazonaws.com/oll3/store/titles/1276/0762_Bk.pdf">"Code of Hammurabi, King of Babylon"</a> <span class="cs1-format">(PDF)</span>. <i><a href="/wiki/Liberty_Fund" title="Liberty Fund">Liberty Fund</a></i>. Translated by Harper, Robert Francis (2nd ed.). <a href="/wiki/Chicago" title="Chicago">Chicago</a>: <a href="/wiki/University_of_Chicago_Press" title="University of Chicago Press">University of Chicago Press</a>. p. <a rel="nofollow" class="external text" href="https://oll.libertyfund.org/title/hammurabi-the-code-of-hammurabi#lf0762_label_343">43</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210613091052/https://oll-resources.s3.us-east-2.amazonaws.com/oll3/store/titles/1276/0762_Bk.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 13 June 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">June 20,</span> 2021</span>. <q>§122. If a man give ... it from the thief.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Liberty+Fund&rft.atitle=Code+of+Hammurabi%2C+King+of+Babylon&rft.pages=43&rft.date=1904&rft.au=Hammurabi&rft_id=https%3A%2F%2Foll-resources.s3.us-east-2.amazonaws.com%2Foll3%2Fstore%2Ftitles%2F1276%2F0762_Bk.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJones1890" class="citation book cs1">Jones, John Percival (1890). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=IW4vAQAAMAAJ&pg=RA1-PA10"><i>Speeches of J.P. Jones: Money and Tariff, 1890–93</i></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230701100356/https://books.google.com/books?id=IW4vAQAAMAAJ&pg=RA1-PA10">Archived</a> from the original on 1 July 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">24 August</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Speeches+of+J.P.+Jones%3A+Money+and+Tariff%2C+1890%E2%80%9393&rft.date=1890&rft.aulast=Jones&rft.aufirst=John+Percival&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DIW4vAQAAMAAJ%26pg%3DRA1-PA10&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMoulton1880" class="citation book cs1">Moulton, Luther Vanhorn (1880). <a rel="nofollow" class="external text" href="https://archive.org/details/sciencemoneyand00moulgoog"><i>The Science of Money and American Finances</i></a>. Co-operative Press. p. <a rel="nofollow" class="external text" href="https://archive.org/details/sciencemoneyand00moulgoog/page/n141">134</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Science+of+Money+and+American+Finances.&rft.pages=134&rft.pub=Co-operative+Press&rft.date=1880&rft.aulast=Moulton&rft.aufirst=Luther+Vanhorn&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fsciencemoneyand00moulgoog&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWells1921" class="citation book cs1">Wells, H. G. (1921). <a rel="nofollow" class="external text" href="https://archive.org/details/outlineofhistory00wellrich"><i>The outline of history, being a plain history of life and mankind</i></a>. New York: The Macmillan Company.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+outline+of+history%2C+being+a+plain+history+of+life+and+mankind&rft.place=New+York&rft.pub=The+Macmillan+Company&rft.date=1921&rft.aulast=Wells&rft.aufirst=H.+G.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Foutlineofhistory00wellrich&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.pbs.org/wgbh/nova/ancient/history-money.html">"The History of Money"</a>. <i>pbs.org – Nova</i>. 26 October 1996. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170825185527/http://www.pbs.org/wgbh/nova/ancient/history-money.html">Archived</a> from the original on 25 August 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">24 August</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=pbs.org+%E2%80%93+Nova&rft.atitle=The+History+of+Money&rft.date=1996-10-26&rft_id=https%3A%2F%2Fwww.pbs.org%2Fwgbh%2Fnova%2Fancient%2Fhistory-money.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20190410124714/https://news.nationalgeographic.com/2016/05/ancient-rome-London-Londinum-Bloomberg-archaeology-Boudicca-archaeology/">"Ancient Roman IOUs Found Beneath Bloomberg's New London HQ"</a>. 2016-06-01. Archived from <a rel="nofollow" class="external text" href="https://news.nationalgeographic.com/2016/05/ancient-rome-London-Londinum-Bloomberg-archaeology-Boudicca-archaeology/">the original</a> on 10 April 2019<span class="reference-accessdate">. Retrieved <span class="nowrap">2018-06-09</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Ancient+Roman+IOUs+Found+Beneath+Bloomberg%27s+New+London+HQ&rft.date=2016-06-01&rft_id=https%3A%2F%2Fnews.nationalgeographic.com%2F2016%2F05%2Fancient-rome-London-Londinum-Bloomberg-archaeology-Boudicca-archaeology%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAllenGrantParkerCeltel2022" class="citation book cs1">Allen, Tony; Grant, R. G.; Parker, Philip; Celtel, Kay; Kramer, Ann; Weeks, Marcus (2022). <i>Timelines of World History</i>. New York: <a href="/wiki/DK_(publisher)" title="DK (publisher)">DK</a>. p. 82. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-7440-5627-3" title="Special:BookSources/978-0-7440-5627-3"><bdi>978-0-7440-5627-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Timelines+of+World+History&rft.place=New+York&rft.pages=82&rft.pub=DK&rft.date=2022&rft.isbn=978-0-7440-5627-3&rft.aulast=Allen&rft.aufirst=Tony&rft.au=Grant%2C+R.+G.&rft.au=Parker%2C+Philip&rft.au=Celtel%2C+Kay&rft.au=Kramer%2C+Ann&rft.au=Weeks%2C+Marcus&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-FOOTNOTEEbreyWalthallPalais2006156-15"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTEEbreyWalthallPalais2006156_15-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTEEbreyWalthallPalais2006156_15-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FOOTNOTEEbreyWalthallPalais2006156_15-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-FOOTNOTEEbreyWalthallPalais2006156_15-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFEbreyWalthallPalais2006">Ebrey, Walthall & Palais (2006)</a>, p. 156.</span> </li> <li id="cite_note-FOOTNOTEBowman2000105-16"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTEBowman2000105_16-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTEBowman2000105_16-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFBowman2000">Bowman (2000)</a>, p. 105.</span> </li> <li id="cite_note-FOOTNOTEGernet196280-17"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTEGernet196280_17-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTEGernet196280_17-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FOOTNOTEGernet196280_17-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-FOOTNOTEGernet196280_17-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-FOOTNOTEGernet196280_17-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-FOOTNOTEGernet196280_17-5"><sup><i><b>f</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFGernet1962">Gernet (1962)</a>, p. 80.</span> </li> <li id="cite_note-:0-18"><span class="mw-cite-backlink">^ <a href="#cite_ref-:0_18-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:0_18-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGeisst2005" class="citation book cs1">Geisst, Charles R. (2005). <i>Encyclopedia of American business history</i>. New York. p. 39. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-8160-4350-7" title="Special:BookSources/978-0-8160-4350-7"><bdi>978-0-8160-4350-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Encyclopedia+of+American+business+history&rft.place=New+York&rft.pages=39&rft.date=2005&rft.isbn=978-0-8160-4350-7&rft.aulast=Geisst&rft.aufirst=Charles+R.&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: location missing publisher (<a href="/wiki/Category:CS1_maint:_location_missing_publisher" title="Category:CS1 maint: location missing publisher">link</a>)</span></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1"><a rel="nofollow" class="external text" href="http://www.cl.cam.ac.uk/~rja14/Papers/SE-12.pdf">"Chapter 12: Security Printing and Seals"</a> <span class="cs1-format">(PDF)</span>. <i>Security Engineering: A Guide to Building Dependable Distributed Systems</i>. p. 245. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20131211030617/http://www.cl.cam.ac.uk/~rja14/Papers/SE-12.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 11 December 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">26 May</span> 2014</span>. <q>The introduction of paper money into Europe by Napoleon in the early 1800s, and of other valuable documents such as bearer securities and passports, kicked off a battle between security printers and counterfeiters</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Chapter+12%3A+Security+Printing+and+Seals&rft.btitle=Security+Engineering%3A+A+Guide+to+Building+Dependable+Distributed+Systems&rft.pages=245&rft_id=http%3A%2F%2Fwww.cl.cam.ac.uk%2F~rja14%2FPapers%2FSE-12.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-Bernholz-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-Bernholz_20-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPeter_Bernholz2003" class="citation book cs1">Peter Bernholz (2003). <i>Monetary Regimes and Inflation: History, Economic and Political Relationships</i>. Edward Elgar Publishing. p. 53. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-84376-155-6" title="Special:BookSources/978-1-84376-155-6"><bdi>978-1-84376-155-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Monetary+Regimes+and+Inflation%3A+History%2C+Economic+and+Political+Relationships&rft.pages=53&rft.pub=Edward+Elgar+Publishing&rft.date=2003&rft.isbn=978-1-84376-155-6&rft.au=Peter+Bernholz&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-Headrick-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-Headrick_21-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDaniel_R._Headrick2009" class="citation book cs1">Daniel R. Headrick (2009). <i>Technology: A World History</i>. Oxford University Press. p. 85. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-19-988759-0" title="Special:BookSources/978-0-19-988759-0"><bdi>978-0-19-988759-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Technology%3A+A+World+History&rft.pages=85&rft.pub=Oxford+University+Press&rft.date=2009&rft.isbn=978-0-19-988759-0&rft.au=Daniel+R.+Headrick&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-FOOTNOTENeedham198647-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTENeedham198647_22-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFNeedham1986">Needham (1986)</a>, p. 47.</span> </li> <li id="cite_note-FOOTNOTENeedham198648-23"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTENeedham198648_23-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTENeedham198648_23-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FOOTNOTENeedham198648_23-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFNeedham1986">Needham (1986)</a>, p. 48.</span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text">Jankowiak, Marek. <i>Dirhams for slaves</i>. Medieval Seminar, All Souls, 2012, p. 8</span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSarnowsky2011" class="citation book cs1">Sarnowsky, Jürgen (2011). <i>Templar Order</i>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1163%2F1877-5888_rpp_com_125078">10.1163/1877-5888_rpp_com_125078</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-9-0041-4666-2" title="Special:BookSources/978-9-0041-4666-2"><bdi>978-9-0041-4666-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Templar+Order&rft.date=2011&rft_id=info%3Adoi%2F10.1163%2F1877-5888_rpp_com_125078&rft.isbn=978-9-0041-4666-2&rft.aulast=Sarnowsky&rft.aufirst=J%C3%BCrgen&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMartin2004" class="citation book cs1">Martin, Sean (2004). <a rel="nofollow" class="external text" href="https://archive.org/details/knightstemplarhi00mart"><i>The Knights Templar: The History and Myths of the Legendary Military Order</i></a>. New York: Thunder's Mouth Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1560256458" title="Special:BookSources/978-1560256458"><bdi>978-1560256458</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/57175151">57175151</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Knights+Templar%3A+The+History+and+Myths+of+the+Legendary+Military+Order&rft.place=New+York&rft.pub=Thunder%27s+Mouth+Press&rft.date=2004&rft_id=info%3Aoclcnum%2F57175151&rft.isbn=978-1560256458&rft.aulast=Martin&rft.aufirst=Sean&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fknightstemplarhi00mart&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-Goetzmann-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-Goetzmann_27-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWilliam_N._GoetzmannK._Geert_Rouwenhorst2005" class="citation book cs1">William N. Goetzmann; K. Geert Rouwenhorst (2005). <i>The Origins of Value: The Financial Innovations that Created Modern Capital Markets</i>. Oxford University Press. p. 94. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-19-517571-4" title="Special:BookSources/978-0-19-517571-4"><bdi>978-0-19-517571-4</bdi></a>. <q>The Mongols adopted the Jin and Song practice of issuing paper money, and the earliest European account of paper money is the detailed description given by Marco Polo, who claimed to have served at the court of the Yuan dynasty rulers.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Origins+of+Value%3A+The+Financial+Innovations+that+Created+Modern+Capital+Markets&rft.pages=94&rft.pub=Oxford+University+Press&rft.date=2005&rft.isbn=978-0-19-517571-4&rft.au=William+N.+Goetzmann&rft.au=K.+Geert+Rouwenhorst&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMoshenskyi2008" class="citation book cs1">Moshenskyi, Sergii (2008). <i>History of the weksel: Bill of exchange and promissory note</i>. p. 55. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-4363-0694-2" title="Special:BookSources/978-1-4363-0694-2"><bdi>978-1-4363-0694-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=History+of+the+weksel%3A+Bill+of+exchange+and+promissory+note&rft.pages=55&rft.date=2008&rft.isbn=978-1-4363-0694-2&rft.aulast=Moshenskyi&rft.aufirst=Sergii&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-Marco_Polo-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-Marco_Polo_29-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMarco_Polo1818" class="citation book cs1">Marco Polo (1818). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=JetQAAAAcAAJ&pg=PA353"><i>The Travels of Marco Polo, a Venetian, in the Thirteenth Century: Being a Description, by that Early Traveller, of Remarkable Places and Things, in the Eastern Parts of the World</i></a>. pp. <span class="nowrap">353–</span>355. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230701100424/https://books.google.com/books?id=JetQAAAAcAAJ&pg=PA353">Archived</a> from the original on 1 July 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">19 September</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Travels+of+Marco+Polo%2C+a+Venetian%2C+in+the+Thirteenth+Century%3A+Being+a+Description%2C+by+that+Early+Traveller%2C+of+Remarkable+Places+and+Things%2C+in+the+Eastern+Parts+of+the+World&rft.pages=%3Cspan+class%3D%22nowrap%22%3E353-%3C%2Fspan%3E355&rft.date=1818&rft.au=Marco+Polo&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DJetQAAAAcAAJ%26pg%3DPA353&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-Geld_1992,_page_96-30"><span class="mw-cite-backlink">^ <a href="#cite_ref-Geld_1992,_page_96_30-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Geld_1992,_page_96_30-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">De Geschiedenis van het Geld (the History of Money), 1992, Teleac, p. 96</span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="http://urn.kb.se/resolve?urn=urn:nbn:se:alvin:portal:record-47808">"Sverige, Palmstruchska banken, Kreditsedel 10 daler silvermynt, 17 april 1666"</a> [Europe's first banknotes]. <i>Alvin</i> (in Swedish).</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Alvin&rft.atitle=Sverige%2C+Palmstruchska+banken%2C+Kreditsedel+10+daler+silvermynt%2C+17+april+1666&rft_id=http%3A%2F%2Furn.kb.se%2Fresolve%3Furn%3Durn%3Anbn%3Ase%3Aalvin%3Aportal%3Arecord-47808&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFaure_AP2013" class="citation journal cs1">Faure AP (6 April 2013). "Money Creation: Genesis 2: Goldsmith-Bankers and Bank Notes". <i>Social Science Research Network</i>. <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2244977">2244977</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Social+Science+Research+Network&rft.atitle=Money+Creation%3A+Genesis+2%3A+Goldsmith-Bankers+and+Bank+Notes&rft.date=2013-04-06&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D2244977%23id-name%3DSSRN&rft.au=Faure+AP&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTymoigneWray2005" class="citation cs2">Tymoigne, Eric; Wray, L. Randall (July 2005), <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1009611"><i>Money: An Alternative Story</i></a>, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2139%2Fssrn.1009611">10.2139/ssrn.1009611</a>, <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:2254888">2254888</a>, <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1009611">1009611</a>, <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220920174618/https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1009611">archived</a> from the original on 20 September 2022<span class="reference-accessdate">, retrieved <span class="nowrap">1 September</span> 2022</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Money%3A+An+Alternative+Story&rft.date=2005-07&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A2254888%23id-name%3DS2CID&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D1009611%23id-name%3DSSRN&rft_id=info%3Adoi%2F10.2139%2Fssrn.1009611&rft.aulast=Tymoigne&rft.aufirst=Eric&rft.au=Wray%2C+L.+Randall&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D1009611&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFVincent_Lannoye2011" class="citation book cs1">Vincent Lannoye (2011). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=0owO86az53EC&pg=PA132"><i>The History of Money for Understanding Economics</i></a>. Vincent Lannoye. p. 132. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-4802-0066-1" title="Special:BookSources/978-1-4802-0066-1"><bdi>978-1-4802-0066-1</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230701100320/https://books.google.com/books?id=0owO86az53EC&pg=PA132">Archived</a> from the original on 1 July 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">2 July</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+History+of+Money+for+Understanding+Economics&rft.pages=132&rft.pub=Vincent+Lannoye&rft.date=2011&rft.isbn=978-1-4802-0066-1&rft.au=Vincent+Lannoye&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D0owO86az53EC%26pg%3DPA132&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKarl_Gunnar_Persson2010" class="citation book cs1">Karl Gunnar Persson (2010). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=kYJtS1MdKlsC&pg=PA137"><i>An Economic History of Europe: Knowledge, Institutions and Growth, 600 to the Present</i></a>. Cambridge University Press. p. 137. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0521549400" title="Special:BookSources/978-0521549400"><bdi>978-0521549400</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230701100321/https://books.google.com/books?id=kYJtS1MdKlsC&pg=PA137">Archived</a> from the original on 1 July 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">2012-06-03</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=An+Economic+History+of+Europe%3A+Knowledge%2C+Institutions+and+Growth%2C+600+to+the+Present&rft.pages=137&rft.pub=Cambridge+University+Press&rft.date=2010&rft.isbn=978-0521549400&rft.au=Karl+Gunnar+Persson&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DkYJtS1MdKlsC%26pg%3DPA137&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.citedeleconomie.fr/The-first-European-banknote">"The first European banknote"</a>. <i>Cité de l’économie et de la monnaie</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140103183800/http://www.citedeleconomie.fr/The-first-European-banknote">Archived</a> from the original on 3 January 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">26 February</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Cit%C3%A9+de+l%E2%80%99%C3%A9conomie+et+de+la+monnaie&rft.atitle=The+first+European+banknote&rft_id=http%3A%2F%2Fwww.citedeleconomie.fr%2FThe-first-European-banknote&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text">Nicholas Barbon, <i>Discourse on Trade</i>, 1690. p. 37</span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text">Andrew McFarland Davis, <i>Currency and Banking in the Province of the Massachusetts-Bay</i>, Volume 1, Issue 4 (American Economic Association, 1900) p.10</span> </li> <li id="cite_note-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-39">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPatrick_Dillon2007" class="citation book cs1">Patrick Dillon (2007). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=yY_1a6QDLdEC"><i>The Last Revolution: 1688 and the Creation of the Modern World</i></a>. Random House. pp. <span class="nowrap">344–</span>346. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1844134083" title="Special:BookSources/978-1844134083"><bdi>978-1844134083</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Last+Revolution%3A+1688+and+the+Creation+of+the+Modern+World&rft.pages=%3Cspan+class%3D%22nowrap%22%3E344-%3C%2Fspan%3E346&rft.pub=Random+House&rft.date=2007&rft.isbn=978-1844134083&rft.au=Patrick+Dillon&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DyY_1a6QDLdEC&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-40"><span class="mw-cite-backlink"><b><a href="#cite_ref-40">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNewman,_Eric_P.1990" class="citation book cs1">Newman, Eric P. (1990). <i>The Early Paper Money of America</i> (3rd ed.). Krause Publications. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-87341-120-X" title="Special:BookSources/0-87341-120-X"><bdi>0-87341-120-X</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Early+Paper+Money+of+America&rft.edition=3rd&rft.pub=Krause+Publications&rft.date=1990&rft.isbn=0-87341-120-X&rft.au=Newman%2C+Eric+P.&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-41"><span class="mw-cite-backlink"><b><a href="#cite_ref-41">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBouton2007" class="citation book cs1">Bouton, Terry (2007). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=fy7pn9je76QC"><i>Taming Democracy: "The People," the Founders, and the Troubled Ending of the American Revolution</i></a>. Oxford University Press. p. 17. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0195378566" title="Special:BookSources/978-0195378566"><bdi>978-0195378566</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230701100346/https://books.google.com/books?id=fy7pn9je76QC">Archived</a> from the original on 1 July 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">13 November</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Taming+Democracy%3A+%22The+People%2C%22+the+Founders%2C+and+the+Troubled+Ending+of+the+American+Revolution&rft.pages=17&rft.pub=Oxford+University+Press&rft.date=2007&rft.isbn=978-0195378566&rft.aulast=Bouton&rft.aufirst=Terry&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3Dfy7pn9je76QC&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-42"><span class="mw-cite-backlink"><b><a href="#cite_ref-42">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20130929010128/http://www.bankofengland.co.uk/banknotes/pages/about/history.aspx">"A brief history of banknotes"</a>. Bank of England. Archived from <a rel="nofollow" class="external text" href="http://www.bankofengland.co.uk/banknotes/pages/about/history.aspx">the original</a> on 2013-09-29<span class="reference-accessdate">. Retrieved <span class="nowrap">2013-12-17</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=A+brief+history+of+banknotes&rft.pub=Bank+of+England&rft_id=http%3A%2F%2Fwww.bankofengland.co.uk%2Fbanknotes%2Fpages%2Fabout%2Fhistory.aspx&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-43"><span class="mw-cite-backlink"><b><a href="#cite_ref-43">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.lloydsbankinggroup.com/who-we-are/our-heritage/bank-of-scotland-heritage.html">"The history of Bank of Scotland"</a>. Lloyds Banking Group<span class="reference-accessdate">. Retrieved <span class="nowrap">4 November</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+history+of+Bank+of+Scotland&rft.pub=Lloyds+Banking+Group&rft_id=https%3A%2F%2Fwww.lloydsbankinggroup.com%2Fwho-we-are%2Four-heritage%2Fbank-of-scotland-heritage.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-44">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga/1928/13/pdfs/ukpga_19280013_en.pdf">"Currency and Bank Notes Act, 1928"</a> <span class="cs1-format">(PDF)</span>. <i>www.legislation.gov.uk</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130115084953/http://www.legislation.gov.uk/ukpga/1928/13/pdfs/ukpga_19280013_en.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 15 January 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">2012-12-17</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.legislation.gov.uk&rft.atitle=Currency+and+Bank+Notes+Act%2C+1928&rft_id=http%3A%2F%2Fwww.legislation.gov.uk%2Fukpga%2F1928%2F13%2Fpdfs%2Fukpga_19280013_en.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-45">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20120118104053/http://www.britishmuseum.org/explore/highlights/highlight_objects/cm/others/%c2%a32_note_issued_by_evans,_jones.aspx">"£2 note issued by Evans, Jones, Davies & Co"</a>. British Museum. Archived from <a rel="nofollow" class="external text" href="https://www.britishmuseum.org/explore/highlights/highlight_objects/cm/others/%c2%a32_note_issued_by_evans,_jones.aspx">the original</a> on 18 January 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">31 October</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=%C2%A32+note+issued+by+Evans%2C+Jones%2C+Davies+%26+Co.&rft.pub=British+Museum&rft_id=https%3A%2F%2Fwww.britishmuseum.org%2Fexplore%2Fhighlights%2Fhighlight_objects%2Fcm%2Fothers%2F%25c2%25a32_note_issued_by_evans%2C_jones.aspx&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-46"><span class="mw-cite-backlink"><b><a href="#cite_ref-46">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCapieFischerGoodhartSchnadt1994" class="citation book cs1">Capie, Forrest; Fischer, Stanley; Goodhart, Charles; Schnadt, Norbert (1994). <a rel="nofollow" class="external text" href="http://eprints.lse.ac.uk/39606/">"The development of central banking"</a>. <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/futureofcentralb0000unse"><i>The future of central banking: the tercentenary symposium of the Bank of England</i></a></span>. Cambridge: Cambridge University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-5214-9634-6" title="Special:BookSources/978-0-5214-9634-6"><bdi>978-0-5214-9634-6</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">2012-12-17</span></span> – via LSE Research Online.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=The+development+of+central+banking&rft.btitle=The+future+of+central+banking%3A+the+tercentenary+symposium+of+the+Bank+of+England&rft.place=Cambridge&rft.pub=Cambridge+University+Press&rft.date=1994&rft.isbn=978-0-5214-9634-6&rft.aulast=Capie&rft.aufirst=Forrest&rft.au=Fischer%2C+Stanley&rft.au=Goodhart%2C+Charles&rft.au=Schnadt%2C+Norbert&rft_id=http%3A%2F%2Feprints.lse.ac.uk%2F39606%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-47"><span class="mw-cite-backlink"><b><a href="#cite_ref-47">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJeffrey_A._Tucker2010" class="citation web cs1">Jeffrey A. Tucker (16 September 2010). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100918034732/http://blog.mises.org/13920/yesterday-was-a-historic-day/">"Yesterday was a Historic Day"</a>. <i>Mises Wire</i>. Mises Institute. Archived from <a rel="nofollow" class="external text" href="http://blog.mises.org/13920/yesterday-was-a-historic-day/">the original</a> on 18 September 2010<span class="reference-accessdate">. Retrieved <span class="nowrap">2010-09-17</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Mises+Wire&rft.atitle=Yesterday+was+a+Historic+Day&rft.date=2010-09-16&rft.au=Jeffrey+A.+Tucker&rft_id=http%3A%2F%2Fblog.mises.org%2F13920%2Fyesterday-was-a-historic-day%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHorsefield1944" class="citation journal cs1">Horsefield, J. K. (Nov 1944). "The Origins of the Bank Charter Act, 1844". <i>Economica</i>. New. <b>11</b> (44): <span class="nowrap">180–</span>189. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F2549352">10.2307/2549352</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2549352">2549352</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Economica&rft.atitle=The+Origins+of+the+Bank+Charter+Act%2C+1844&rft.volume=11&rft.issue=44&rft.pages=%3Cspan+class%3D%22nowrap%22%3E180-%3C%2Fspan%3E189&rft.date=1944-11&rft_id=info%3Adoi%2F10.2307%2F2549352&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2549352%23id-name%3DJSTOR&rft.aulast=Horsefield&rft.aufirst=J.+K.&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-49"><span class="mw-cite-backlink"><b><a href="#cite_ref-49">^</a></b></span> <span class="reference-text">Famous shipwrecks from which valuable precious metals and coins were recovered in recent years include the <i><a href="/wiki/Nuestra_Se%C3%B1ora_de_Atocha" title="Nuestra Señora de Atocha">Atocha</a></i> and the <i><a href="/wiki/SS_Central_America" title="SS Central America">SS Central America</a></i>. Shipwreck coins are highly collectible, and dealers sometimes post photos on the internet.</span> </li> <li id="cite_note-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-50">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.sedwickcoins.com/map/map.html">"Virtual Shipwreck and Hoard Map by Daniel Frank Sedwick, LLC"</a>. <i>sedwickcoins.com</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120623191009/http://www.sedwickcoins.com/map/map.html">Archived</a> from the original on 23 June 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">3 June</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=sedwickcoins.com&rft.atitle=Virtual+Shipwreck+and+Hoard+Map+by+Daniel+Frank+Sedwick%2C+LLC&rft_id=http%3A%2F%2Fwww.sedwickcoins.com%2Fmap%2Fmap.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-FOOTNOTEAtackPassell199484–86-51"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEAtackPassell199484–86_51-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFAtackPassell1994">Atack & Passell (1994)</a>, pp. 84–86.</span> </li> <li id="cite_note-Taylor_1951-52"><span class="mw-cite-backlink"><b><a href="#cite_ref-Taylor_1951_52-0">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTaylor1951" class="citation book cs1">Taylor, George Rogers (1951). <i>The Transportation Revolution, 1815–1860</i>. New York, Toronto: Rinehart & Co. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-87332-101-3" title="Special:BookSources/978-0-87332-101-3"><bdi>978-0-87332-101-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Transportation+Revolution%2C+1815%E2%80%931860&rft.place=New+York%2C+Toronto&rft.pub=Rinehart+%26+Co.&rft.date=1951&rft.isbn=978-0-87332-101-3&rft.aulast=Taylor&rft.aufirst=George+Rogers&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-53"><span class="mw-cite-backlink"><b><a href="#cite_ref-53">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.consumerfraudreporting.org/checkcashingscams.php">"You Won a Lottery, Got an Award, or a Mystery Shopper Job and They Sent You a Check! Counterfeit Cashiers Checks"</a>. Consumer Fraud Report. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110813074024/http://www.consumerfraudreporting.org/checkcashingscams.php">Archived</a> from the original on 13 August 2011<span class="reference-accessdate">. Retrieved <span class="nowrap">27 August</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=You+Won+a+Lottery%2C+Got+an+Award%2C+or+a+Mystery+Shopper+Job+and+They+Sent+You+a+Check%21+Counterfeit+Cashiers+Checks&rft.pub=Consumer+Fraud+Report&rft_id=http%3A%2F%2Fwww.consumerfraudreporting.org%2Fcheckcashingscams.php&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-54"><span class="mw-cite-backlink"><b><a href="#cite_ref-54">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.mebanknotes.com/shop/farbod/forgery.html">"Forged German Treasure Banknotes"</a>. mebanknotes. 28 May 2008. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110826045050/http://www.mebanknotes.com/shop/farbod/forgery.html">Archived</a> from the original on 26 August 2011<span class="reference-accessdate">. Retrieved <span class="nowrap">27 August</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Forged+German+Treasure+Banknotes&rft.pub=mebanknotes&rft.date=2008-05-28&rft_id=http%3A%2F%2Fwww.mebanknotes.com%2Fshop%2Ffarbod%2Fforgery.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-55"><span class="mw-cite-backlink"><b><a href="#cite_ref-55">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCyndy_Aleo-Carreira2009" class="citation web cs1">Cyndy Aleo-Carreira (25 March 2009). <a rel="nofollow" class="external text" href="http://www.pcworld.com/article/161848/2_million_counterfeit_items_removed_from_ebay.html">"2 Million Counterfeit Items Removed From EBay"</a>. PC World. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20111104133734/http://www.pcworld.com/article/161848/2_million_counterfeit_items_removed_from_ebay.html">Archived</a> from the original on 4 November 2011<span class="reference-accessdate">. Retrieved <span class="nowrap">27 August</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=2+Million+Counterfeit+Items+Removed+From+EBay&rft.pub=PC+World&rft.date=2009-03-25&rft.au=Cyndy+Aleo-Carreira&rft_id=http%3A%2F%2Fwww.pcworld.com%2Farticle%2F161848%2F2_million_counterfeit_items_removed_from_ebay.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-56"><span class="mw-cite-backlink"><b><a href="#cite_ref-56">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBank_Note2011" class="citation web cs1">Bank Note (23 August 2011). <a rel="nofollow" class="external text" href="http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=22989">"Long Beach Sale Set"</a>. World Record Academy. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110908025948/http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=22989">Archived</a> from the original on 8 September 2011<span class="reference-accessdate">. Retrieved <span class="nowrap">27 August</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Long+Beach+Sale+Set&rft.pub=World+Record+Academy&rft.date=2011-08-23&rft.au=Bank+Note&rft_id=http%3A%2F%2Fwww.numismaster.com%2Fta%2Fnumis%2FArticle.jsp%3Fad%3Darticle%26ArticleId%3D22989&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> <li id="cite_note-57"><span class="mw-cite-backlink"><b><a href="#cite_ref-57">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.theibns.org/joomla/index.php">"Introducing the IBNS"</a>. IBNS. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120928045619/http://www.theibns.org/joomla/index.php">Archived</a> from the original on 28 September 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">6 October</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Introducing+the+IBNS&rft.pub=IBNS&rft_id=http%3A%2F%2Fwww.theibns.org%2Fjoomla%2Findex.php&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Bibliography">Bibliography</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Paper_money&action=edit&section=13" title="Edit section: Bibliography"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAtackPassell1994" class="citation book cs1">Atack, Jeremy; Passell, Peter (1994). <a rel="nofollow" class="external text" href="https://archive.org/details/neweconomicviewo00atac"><i>A New Economic View of American History</i></a>. New York: W.W. Norton and Co. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-393-96315-1" title="Special:BookSources/978-0-393-96315-1"><bdi>978-0-393-96315-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+New+Economic+View+of+American+History&rft.place=New+York&rft.pub=W.W.+Norton+and+Co.&rft.date=1994&rft.isbn=978-0-393-96315-1&rft.aulast=Atack&rft.aufirst=Jeremy&rft.au=Passell%2C+Peter&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fneweconomicviewo00atac&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBowman2000" class="citation book cs1">Bowman, John S. (2000). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/columbiachronolo00john"><i>Columbia Chronologies of Asian History and Culture</i></a></span>. New York: Columbia University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-2311-1004-4" title="Special:BookSources/978-0-2311-1004-4"><bdi>978-0-2311-1004-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Columbia+Chronologies+of+Asian+History+and+Culture&rft.place=New+York&rft.pub=Columbia+University+Press&rft.date=2000&rft.isbn=978-0-2311-1004-4&rft.aulast=Bowman&rft.aufirst=John+S.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fcolumbiachronolo00john&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEbreyWalthallPalais2006" class="citation book cs1">Ebrey; Walthall; Palais (2006). <a rel="nofollow" class="external text" href="https://archive.org/details/eastasiacultural00ebre_0"><i>East Asia: A Cultural, Social, and Political History</i></a>. Boston: Houghton Mifflin Company. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-6181-3384-0" title="Special:BookSources/978-0-6181-3384-0"><bdi>978-0-6181-3384-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=East+Asia%3A+A+Cultural%2C+Social%2C+and+Political+History&rft.place=Boston&rft.pub=Houghton+Mifflin+Company&rft.date=2006&rft.isbn=978-0-6181-3384-0&rft.au=Ebrey&rft.au=Walthall&rft.au=Palais&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Feastasiacultural00ebre_0&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGernet1962" class="citation book cs1">Gernet, Jacques (1962). <a rel="nofollow" class="external text" href="https://archive.org/details/dailylifeinchina00gern"><i>Daily Life in China on the Eve of the Mongol Invasion, 1250–1276</i></a>. Stanford University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-8047-0720-6" title="Special:BookSources/978-0-8047-0720-6"><bdi>978-0-8047-0720-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Daily+Life+in+China+on+the+Eve+of+the+Mongol+Invasion%2C+1250%E2%80%931276&rft.pub=Stanford+University+Press&rft.date=1962&rft.isbn=978-0-8047-0720-6&rft.aulast=Gernet&rft.aufirst=Jacques&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fdailylifeinchina00gern&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNeedham1986" class="citation book cs1">Needham, Joseph (1986). <i>Science and Civilisation in China: Volume 5, Part 1</i>. Cambridge University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-5218-7566-0" title="Special:BookSources/978-0-5218-7566-0"><bdi>978-0-5218-7566-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Science+and+Civilisation+in+China%3A+Volume+5%2C+Part+1&rft.pub=Cambridge+University+Press&rft.date=1986&rft.isbn=978-0-5218-7566-0&rft.aulast=Needham&rft.aufirst=Joseph&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="mockford-2014" class="citation thesis cs1">Mockford, Jack (2014). <a rel="nofollow" class="external text" href="https://uhra.herts.ac.uk/bitstream/handle/2299/15308/09214226%20-%20Mockford%20Jack%20-%20final%20PhD%20submission.pdf?sequence=1"><i>"They are Exactly as Banknotes are": Perceptions and Technologies of Bank Note Forgery During the Bank Restriction Period, 1797–1821</i></a> <span class="cs1-format">(PDF)</span> (PhD). University of Hertfordshire.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adissertation&rft.title=%22They+are+Exactly+as+Banknotes+are%22%3A+Perceptions+and+Technologies+of+Bank+Note+Forgery+During+the+Bank+Restriction+Period%2C+1797%E2%80%931821&rft.inst=University+of+Hertfordshire&rft.date=2014&rft.aulast=Mockford&rft.aufirst=Jack&rft_id=https%3A%2F%2Fuhra.herts.ac.uk%2Fbitstream%2Fhandle%2F2299%2F15308%2F09214226%2520-%2520Mockford%2520Jack%2520-%2520final%2520PhD%2520submission.pdf%3Fsequence%3D1&rfr_id=info%3Asid%2Fen.wikipedia.org%3APaper+money" class="Z3988"></span></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline 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.navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Means_of_exchange" title="Template:Means of exchange"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Means_of_exchange" title="Template talk:Means of exchange"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Means_of_exchange" title="Special:EditPage/Template:Means of exchange"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Medium_of_exchange124" style="font-size:114%;margin:0 4em"><a href="/wiki/Medium_of_exchange" title="Medium of exchange">Medium of exchange</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commodity_money" title="Commodity money">Commodity <br />money</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Axe-monies" title="Axe-monies">Axe-money</a> (W. Mesoamerica & N. Andes)</li> <li><a href="/wiki/Cocoa_bean" title="Cocoa bean">Cocoa bean</a> (Mesoamerica)</li> <li><a href="/wiki/Koku" title="Koku">Koku</a> (rice)</li> <li><a href="/wiki/Manilla_(money)" title="Manilla (money)">Manilla</a> (W. Africa)</li> <li><a href="/wiki/Precious_metal" title="Precious metal">Precious metals</a></li> <li><a href="/wiki/Quachtli" title="Quachtli">Quachtli</a> (cotton cloth)</li> <li><a href="/wiki/Salt" title="Salt">Salt</a> (Roman world)</li> <li><a href="/wiki/Shekel" title="Shekel">Shekel</a> (barley)</li> <li><a href="/wiki/Shell_money" title="Shell money">Shells</a></li> <li><a href="/wiki/Trade_beads" title="Trade beads">Trade bead</a></li></ul> </div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Domestic animals</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Water_buffalo" title="Water buffalo">Water buffalo</a> (SE Asia)</li> <li><a href="/wiki/Cattle" title="Cattle">Cow</a> (Hindu)</li> <li><a href="/wiki/Camel" title="Camel">Camel</a> (Arabia)</li> <li><a href="/wiki/Yak" title="Yak">Yak</a> (Tibet, China)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Representative_money" title="Representative money">Representative money</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bimetallism" title="Bimetallism">Bimetallism</a></li> <li><a href="/wiki/Gold_certificate_(United_States)" title="Gold certificate (United States)">Gold certificates</a></li></ul> </div></td></tr></tbody></table><div> </div></td><td class="noviewer navbox-image" rowspan="3" style="width:1px;padding:0 0 0 2px"><div><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png" decoding="async" width="32" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/48px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/64px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></span></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Money" title="Money">Money</a><br />(<a href="/wiki/Fiat_money" title="Fiat money">Fiat</a>/<a href="/wiki/Token_money" title="Token money">Token</a>)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bailment" title="Bailment">Bailment</a></li> <li><a href="/wiki/Banknote" title="Banknote">Banknote</a></li> <li><a href="/wiki/Central_bank_digital_currency" title="Central bank digital currency">Central bank digital currency</a></li> <li><a href="/wiki/Personal_property" title="Personal property">Chattel/movable property</a></li> <li><a href="/wiki/Cheque" title="Cheque">Cheque</a></li> <li><a href="/wiki/Clearing_(finance)" title="Clearing (finance)">Clearing</a> <ul><li><a href="/wiki/Cheque_clearing" title="Cheque clearing">Cheque clearing</a></li></ul></li> <li><a href="/wiki/Clay_tablet" title="Clay tablet">Clay token</a></li> <li><a href="/wiki/Coin" title="Coin">Coinage</a></li> <li><a href="/wiki/Currency" title="Currency">Currency</a></li> <li><a href="/wiki/Deposit_(finance)" title="Deposit (finance)">Deposit</a> <ul><li><a href="/wiki/Deposit_account" title="Deposit account">Deposit account</a></li></ul></li> <li><a href="/wiki/Legal_tender" title="Legal tender">Legal tender</a></li> <li><a href="/wiki/Notary" title="Notary">Notary</a></li> <li><a class="mw-selflink selflink">Paper money</a></li> <li><a href="/wiki/Possession_(law)" title="Possession (law)">Possession</a></li> <li><a href="/wiki/Promissory_note" title="Promissory note">Promissory note</a></li> <li><a href="/wiki/Redemption_value" title="Redemption value">Redemption</a></li> <li><a href="/wiki/Safe" title="Safe">Safekeeping</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">General</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_historical_currencies" title="List of historical currencies">List of historical currencies</a></li> <li><a href="/wiki/Barter" title="Barter">Barter</a> <ul><li><a href="/wiki/Coincidence_of_wants" title="Coincidence of wants">Coincidence of wants</a></li></ul></li> <li><a href="/wiki/Bureau_de_change" title="Bureau de change">Bureau de change</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Clearing_house_(finance)" title="Clearing house (finance)">Clearinghouse bank</a></li> <li><a href="/wiki/Savings_bank" title="Savings bank">Savings bank</a> <ul><li><a href="/wiki/Depository_institution" title="Depository institution">Depository institution</a></li></ul></li> <li><a href="/wiki/Mint_(facility)" title="Mint (facility)">Mint</a></li> <li><a href="/wiki/Ancient_Mesopotamian_units_of_measurement" title="Ancient Mesopotamian units of measurement">Akkadian standards of measurement</a> (<abbr title="circa">c.</abbr><span style="white-space:nowrap;"> 2150 BC</span>)</li> <li><a href="/wiki/Code_of_Hammurabi" title="Code of Hammurabi">Code of Hammurabi</a> (<a href="/wiki/Banker_(ancient)" title="Banker (ancient)">§100; §122–125</a>; c. 1750 BC)</li> <li><a href="/wiki/Metallism" title="Metallism">Commodity theory of money (Metallism)</a></li> <li><a href="/wiki/Credit_theory_of_money" title="Credit theory of money">Credit theory of money</a> <ul><li><a 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Template:Cite_web"," 13.94% 135.083 25 Template:Cite_book"," 10.98% 106.417 17 Template:Sfnp"," 9.37% 90.785 3 Template:Navbox"," 9.35% 90.600 8 Template:Fix"," 9.34% 90.471 1 Template:Means_of_Exchange"," 8.45% 81.913 1 Template:Short_description"," 5.33% 51.658 2 Template:Pagetype"]},"scribunto":{"limitreport-timeusage":{"value":"0.623","limit":"10.000"},"limitreport-memusage":{"value":8581489,"limit":52428800},"limitreport-logs":"anchor_id_list = table#1 {\n [\"CITEREFAllenGrantParkerCeltel2022\"] = 1,\n [\"CITEREFAtackPassell1994\"] = 1,\n [\"CITEREFBank_Note2011\"] = 1,\n [\"CITEREFBouton2007\"] = 1,\n [\"CITEREFBowman2000\"] = 1,\n [\"CITEREFCapieFischerGoodhartSchnadt1994\"] = 1,\n [\"CITEREFCyndy_Aleo-Carreira2009\"] = 1,\n [\"CITEREFDaniel_R._Headrick2009\"] = 1,\n [\"CITEREFEbreyWalthallPalais2006\"] = 1,\n [\"CITEREFFaure_AP2013\"] = 1,\n [\"CITEREFGeisst2005\"] = 1,\n [\"CITEREFGernet1962\"] = 1,\n [\"CITEREFHammurabi1903\"] = 2,\n [\"CITEREFHammurabi1904\"] = 2,\n 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Inc.","logo":{"@type":"ImageObject","url":"https:\/\/www.wikimedia.org\/static\/images\/wmf-hor-googpub.png"}},"datePublished":"2003-09-07T23:18:02Z","dateModified":"2025-02-12T09:00:42Z","image":"https:\/\/upload.wikimedia.org\/wikipedia\/commons\/d\/d9\/Jiao_zi.jpg","headline":"form of physical currency made of paper, cotton or polymer"}</script> </body> </html>