Paper Money
The world's first paper money, issued in China between the 7th and 15th centuries, was denominated in wén. The notes carried depictions of coins, sometimes in strings of ten. The notes of the Yuan dynasty suffered from hyperinflation due to over production without sufficient coins to back them and were withdrawn. Paper money reappeared in the 19th century. In 1853, notes were introduced in denominations of 500, 1000 and 2000 wén. 5000 wén notes followed in 1856, with 10,000, 50,000 and 100,000 wén notes added in 1857. The last of these notes were issued in 1859.
Read more about this topic: Chinese Cash (currency Unit)
Famous quotes containing the words paper and/or money:
“It was because of me. Rumors reached Inman that I had made a deal with Bob Dole whereby Dole would fill a paper sack full of doggie poo, set it on fire, put it on Inman’s porch, ring the doorbell, and then we would hide in the bushes and giggle when Inman came to stamp out the fire. I am not proud of this. But this is what we do in journalism.”
—Roger Simon, U.S. syndicated columnist. Quoted in Newsweek, p. 15 (January 31, 1990)
“Is money money or isn’t money money. Everybody who earns
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gathered in as taxes knows money is not money. That
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—Gertrude Stein (1874–1946)