When was the first recorded use of ‘a banknote’?
Answer: Han Dynasty China in 118 CE. The money consisted of a piece of white deer skin, about one square foot, with a value equivalent to 40,000 of the base metal coins. It was the first instance of the use of a durable substance used as evidence of a promise to pay a bearer on demand.
Source: Financial Supply Chain by Sanjay Dalmia
More at: History
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