Question

give a detailed account on the evolution of paper money

Answer 1

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Explanation:

The process of evolution of some better medium of exchange still continues. As the volume of transactions increased, even paper money started becoming Inconvenient because of time involved in its counting and space required for its safe keeping.

This led to introduction of Bank Money (or credit money) in the form of cheques, drafts, bills of exchange, credit cards, etc. These days plastic money in the form of debit cards are becoming popular. Thus, bank money has become the most important form of money in modern times because it is not only a very convenient form of money for large payments, but also eliminates risks and is durable.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. ... European explorers like Marco Polo introduced the concept in Europe during the 13th century. Napoleon issued paper banknotes in the early 1800s.