Money across the world

 

                                                                                        When was money first  used ? 

Money is a medium of exchange of a certain value , which one cannot consume or utilize directly. Thousands of years ago people exchanged useful items with one another. Later, objects used for exchange, which had a generally  known value, were used as the mode of payment.Whene requirement of exchange increased, the first coins were made, later followed by paper money. Banks took over the money business. They lent money or printed bank notes during a strong inflation. 

Who invented  paper money ?

The first paper money was probably used in 1024 in china. in Europe, paper money was issued for the first time in 1483 in spain when there was a shortage of coins. china invented paper money during the Tang Dynasty that ruled between 618 and 907, and they used this currency for a long time before it found its way to other countries. In fact, when the famous traveler Marco Polo visited China, somewhere between 1275 and 1292, he found paper money so intriguing that he dedicated a whole chapter to it in his book. Being shrewd business people, the Chinese found the weight of the coin money to be cumbersome and figured that printed money would be more efficient. It makes sense too, considering that China also invented paper and printing. Paper money was conceived when merchants began leaving the heavy coins behind with a trusted agent who would record on paper how much money had been left as a deposit. This period was likely the beginning of banking as well. The increasing trade demanded increased payment, and it was inconvenient to pay large amounts with heavy coins. Therefore, banks began to keep coins and to issue receipts -also called as bank notes-for them. These were valid means of payment. They gave their owners the right to demand the corresponding amount of coins frome the bank at any time.similarly, today we have plastic ATM card issued by a bank that can be used for money withdrawal and other types of transaction, often through internet banking networks.