Flying cash

Flying cash

The origins of the banknote can be traced to flying cash. They were the original paper currency of the Tang dynasty. [cite web| url=http://www.ex.ac.uk/~RDavies/arian/origins.html#paper| title=Origins of Money and Banking| date=May 25 2005| accessdate=2007-03-09| publisher=University of Exeter]

Origins

Due to inconveniences in transferring large amounts of coins over large distances, the Tang government decided to pay merchants with which they made business in paper money. Due to their tendency to fly away, the notes were dubbed "flying cash." [cite web| url=http://www.ex.ac.uk/~RDavies/arian/origins.html#paper| title=Paper Money| date=January 1 2000| accessdate=2007-03-09| publisher=The Silkroad Foundation]

Use as a legal tender

Flying cash was never meant to be used as legal tender, and therefore, its circulation was limited. However, since they could be exchanged for hard currency at the capital, they were traded amongst merchants as if they were currency. It wasn't until the Song dynasty and subsequent Qin occupation that paper money was officially established as a legal tender.

Westward spread

The use of paper money spread westward through Mongolian traders. By 1661, European countries were printing paper currency.

ee also

*Banknote
*Fiat currency

References


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