3000 BCE: Development of Banking in Mesopotamiaīanking originates in Babylonia out of the activities of temples and palaces which provided safe places for the storage of valuables. European civilization still would not have paper currency for many years.Ĭ. Unfortunately, in 1455 the use of the currency vanished from China.
Through this period the amount of currency skyrocketed causing severe inflation.
In China, the first actual paper currency was used as money. From the ninth century to the fifteenth century CE, , spanning from the ninth through the fifteenth century CE. Replacing hoe and knife coins with flat disc-shaped coins with a central hole, so they could be carried in bulk on strings.Ĭhina pioneered over 500 years of early paper money In the third century BCE a practical solution to the problem of handling irregularly shaped coins was found by The earliest coins were inscribed imitation hoes issued by the Zhou kings in the late sixth century BCE. The first coins were cast bronze imitations of these monetary objects, hoes, knives and cowries. History of Chinese Invention - The Invention of Monetary Coinsīarter is the exchange of resources or services for mutual advantage, and dates back to the beginning of humankind.įrom about the twelfth century BCE monetary use was made of grain, cloth, animals, ornaments and metals, most functional of which were cowry shells and bronze tools. History of Chinese Invention - Invention of Monetary Coins -computersmiths
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