Imperial dynasties of China. The Tang Dynasty (618-907 CE) saw the invention of early paper credit, and the Song Dynasty (960-1279 CE) created the world's first government-backed paper money.
An early form of paper credit used by merchants during the Tang Dynasty, essentially deposit certificates redeemable in different locations.
One of the earliest forms of government-backed paper money, first issued in the 11th century during the Song Dynasty.
Money that is not backed by a physical commodity (like gold or silver) and has value primarily because a government declares that it is legal tender. The Yuan Dynasty's Chao was a famous example.
A general increase in prices and fall in the purchasing value of money, a recurring problem when governments over-issued paper currency.
An object or system that is widely accepted in exchange for goods and services.
An idea or object whose value is based on a shared belief within a society.
An influential public bank established in 1609. It was not a lending bank but a deposit and transfer institution that created a stable bank money system.
A stable unit of account created by the Bank of Amsterdam, representing deposits of various currencies. Transactions were made by transferring this credit within the bank's books, a forerunner to modern electronic transfers.
The first European bank to issue modern banknotes in 1661. It failed due to over-issuance.
Promissory notes, issued by a bank and payable to the bearer on demand, that circulate as money.
The central bank of Sweden, founded in 1668 after the collapse of Stockholms Banco, making it the world's oldest central bank.
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