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.
Originally posted 2008-10-05 00:27:08. Republished by Blog Post Promoter
Related Posts -
Starting a State Quarters Collection If you have an interest in coins or coin collecting, but you are not really sure where the place is to get started, why not consider starting your own unique state quarters collection? Collecting coins, especially starting a state quarters collection is a hot topic right now, at least as...... -
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...... -
Colonial Money Coins and Paper Money -> Paper Money: US -> Colonial Currency If you are interested in collecting paper money, Colonial money is one of the hottest tickets going right now. When the first US colonies were formed, the nation and its currency system were still in their infancy. It was...... - Federal Reserve Notes Coins and Paper Money -> Paper Money: US -> Large Size Notes -> Federal Reserve Notes One of the most interesting collectibles in the field of coins and paper money are federal reserve notes. However, there is quite a bit of confusion out there about what these notes really are.......
-
Types of Coin Collecting Software Collecting different coins is a truly pleasurable and profitable type of hobby or endeavor. Most people who are novices in collecting encounter problems relating to having too many coins, and therefore they do not have an adequate amount of information about the coins that they have or about the coins......
Related Websites - Study Internet Marketing - The Best Place To Study Internet Marketing You have to get a crash course to study internet marketing, if you really want to excel in an affiliate marketing business. If you are a person who is looking to earn money on the Internet, but do not know how to start, you may find that you are not......
- Money, Banking, Taxation The Infinite Banking Concept And Becoming Your Own Banker by Tomas McFie Money is an asset! Try living a week to 10 days without it and you will appreciate just what an asset it really is. But most people do not treat money like an asset and therefore they destroy moneys best quality. You see money treated as an......
- Last Minute Taxes? You May Be Able To File For Free with Turbo Tax Federal Freedom And if you're interested, here's an updated post about filing for free in 2009. If your adjusted gross income is under $54,000, there are several ways you can file your federal taxes for free. We would have used the Turbo Tax version, if I hadn't won a free copy of......
-
Podcasting is a Major Growth Industry Sure, I say "go start a podcast." But what do I know, really? A new set of statistics on podcast user demographics was just completed by eMarketer. While these numbers may cause you to re-think starting a podcast right now, especially if you aren't targeting younger adults, think again. Just...... - Secrets Of The Rich Series: What are Riches? "Had I but plenty of money, money enough to spare," wrote Robert Browning. And money is the greatest attribute of riches. A universal desire, money is the materialization of riches, the stuff that makes the rest possible. Are you looking for financial security? For retirement, for education or leisure? Riches......
