History
Paper currency first developed in Tang Dynasty China during the 7th century, although true paper money did not appear until the 11th century, during the Song Dynasty. The usage of paper currency later spread throughout the Mongol Empire. European explorers like Marco Polo introduced the concept in Europe during the 13th century. Paper money originated in two forms: drafts, which are receipts for value held on account, and "bills", which were issued with a promise to convert at a later date.
The perception of banknotes as money has evolved over time. Originally, money was based on precious metals. Banknotes were seen as essentially an I.O.U. or promissory note: a promise to pay someone in precious metal on presentation (see representative money). With the gradual removal of precious metals from the monetary system, banknotes evolved to represent credit money, or (if backed by the credit of a government) also fiat money.
Notes or bills were often referred to in 18th century novels and were often a key part of the plot such as a "note drawn by Lord X for £100 which becomes due in 3 months' time".
Read more about this topic: Leather Currency
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“Modern Western thought will pass into history and be incorporated in it, will have its influence and its place, just as our body will pass into the composition of grass, of sheep, of cutlets, and of men. We do not like that kind of immortality, but what is to be done about it?”
—Alexander Herzen (1812–1870)
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—Ralph Waldo Emerson (1803–1882)
“A poet’s object is not to tell what actually happened but what could or would happen either probably or inevitably.... For this reason poetry is something more scientific and serious than history, because poetry tends to give general truths while history gives particular facts.”
—Aristotle (384–323 B.C.)