Thursday, 8 November 2007

Paper Money History: An Interesting Point a Failed Attempt and a Temporary Measure

Cash, Persia and The Netherlands

Did you know that the word "cash" was first used a long time ago during the Ming Dynasty in China. I honestly can't stop being amazed by the little tit-bits of information that comes my way daily as I find out more and more about paper money.

The currency during the Ming Dynasty was called "cash" just as we would use the word "dollar" in USA or "pound sterling" in United Kingdom

Then I must mention the failure that occurred with paper money before this form of currency took root in Europe in the 17th Century AD. Firstly in 1294 Persia made an attempt to copy China's use of paper money as a means of exchange unrestricted by location and duration. It failed horribly within days! What a blow that must have been for them!

And then in dear old Europe just as the Ming Dynasty decided to do away with
paper money, inflation and world trade, the first form of paper money was used in the Netherlands. There was a siege in 1574 and coins were scarce, a form of exchange was desperately needed, and so cardboard tokens were used as money during the military siege of Leyden.

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