Coins and Paper Money -> Paper Money: US -> United States Notes
Paper money has a long and varied history that dates back centuries. Although we are used to dealing with paper money on a constant basis it was not too long ago that it wasn’t even used. Let’s take a look at the history of paper money so that you can gain a better appreciation of the money you use today. It’s one of the easiest ways of spending, but it wasn’t always that way.
Originally, paper money was developed by the Chinese, who called it “flying money.” This was due to the fact that the paper used was incredibly frail and light weight. If you didn’t have a good grip on it, it could easily be blown out of your hand by a strong gust of wind, hence the nickname. It can be dated back to around the ninth century, but there are some instances and some evidence that point to paper money being around as early as the eighth century.
Instead of having an actual standard, like today’s money, the first paper money was backed just by your signature and how much you had in the bank. In that way, it was very much like a check that we would use today. This is also where the term bank drafts came into play, even back hundreds of years ago. It wasn’t until many centuries later that a standard was developed in Asia for paper money and at that time, it’s worth was solidified by silk.
Eventually, the use of paper money dwindled, especially during the Ming period in China, when the notes became worth a set amount of money, making them harder to spend, especially on the daily necessities of life. It wasn’t until the middle ages that it would again be put into use, and even then, it took until the late 1800’s for paper money to become standard.
Today, we don’t think twice about whipping out a bill here or there, but in ancient times, paper money was quite rare. There are records of paper money being used in the colonies of the United States, but coins were generally used more and of course, gold and silver were quite common. That is now flipped, with the vast majority of people all over the world using paper instead of coins.
However, the introduction of credit and debit cards has hit the paper money market hard. Fewer people are using it and as a result, we may be going backwards in time a bit. While coin money may never become quite popular again, it is clear that our reliance on paper money is definitely dwindling. This has created quite a market for collectors interested in finding unique notes.
While you may not be able to get your hands on a paper note made in China from the 900’s, you can certainly find European, American and Russian notes that are quite valuable. The best place to find collectible paper money is at a coin shop or at an online auction.
Photo Credits: AMagill
Originally posted 2008-10-05 00:27:08. Republished by Blog Post Promoter
Related Posts -
How to Make Your Coin Collection Stronger As a coin collector, you should know that you can always make your coin collection stronger. Coin collecting is all about improving your collection and making your collection the best that it can be. This comes from the way that you showcase your coins to the way that you expand...... -
Earn a Profit Collecting Rare Coins If you are looking to earn a profit with a unique type of collection, then one of the collection options that you may want to consider is rare coins. When you are collecting coins for the purpose of an investment, then it is probably going to follow that you are...... -
Debating: Paper Money or Coins There are plenty of different options available for anyone who is thinking about getting into collecting paper money and coins. While there are some people who try to have well-rounded collections and collect both types of currency, there are others who are simply looking to stick with one side of...... -
Rare Coins Coins and Paper Money -> Ancient Coins -> Persian, Indian, Asian There is something very special about rare coins. No matter where in the world they came from, they usually have a very rich history and collectors will search to the ends of the earth to find that special rare...... -
Finding Out if You Have Coins with Value All coin collectors will want to completely understand the value of their coin collection and will want to know if they have coins with value. Even those who do not want to sell their collection are going to want to work to understand their values of the purpose of insurance......
Related Websites -
Starting to Collect Rare Coins Rare coins represent an interesting aspect of coin collecting. Rare coins take someone from being a casual coin dealer to a serious coin dealer, making them more serious and more professional about their coin collecting. While coin collecting is still incredibly fun and interesting to these individuals, it represents a...... -
Guide to Finding Niche Rare Coin Dealers Coin collecting is a hobby which has been popular ever since the United States was first founded. There are many kinds of rare coins which are available for trade or purchase. These different kinds of coins are best sold by those who know how to sell them. While there are...... -
The Debate on Collecting Paper Money Paper money is an often overlooked collectable, as most people focus in on coins when they look to collect currency. Paper money can be more difficult to find and more difficult to work with, which is what drives many to coins. With that being said, there is something special about...... -
How to Certify Coins Collecting or investing in rare or old coins, called "numismatic" coins, can be a delightful hobby or investment, if you know how to buy and how to certify, or grade, coins. Research and studying coins is the only way to learn how to grade and certify them. Unless you have...... -
Top 3 Places to Find Rare Coins for Sale If you are into coin collecting, you are always on the lookout for the next great addition to your collection. While you may have some dedicated sources that you always turn to when you are looking for a great coin, it is important that you look in more than one......
