The World's First Paper Currency: Ancient China

This is part 1 of the series but each video can be viewed on its own.

Part 2: https://youtu.be/2sd3tRTioBY

Where did paper money come from? Despite it seeming like a modern invention, its origins go back to Ancient China. And, despite it now being hard to think of a world without paper money, in 1968, Americans could still redeem their U.S. bills for silver, and international residents could convert their U.S. dollar bills into gold up until 1971. What led to the invention of paper money and the fiat standard where money has value because government says so? These videos will examine how paper money developed in ancient times.

We have a 5 part series with a video to be released each week: this current video will go through the evolution of paper money in Ancient China. The Chinese were more advanced than Europe at the year 0 AD, and the Chinese invented paper by 100 BC, but they would still use a copper currency for a while. However, the powerful Chinese rulers had an issue: the country was very large and copper coins were numerous and heavy. Eventually, the inconvenience of transferring paper money led China to issue paper receipts, leading to paper money. Some speculate that the Chinese had a more advanced view of money and were able to abstract the concept of money. However, this is not proven.

Once the genie was out of the bottle, Chinese rulers struggled to not over-issue paper money. Unfortunately, each over issuance led to the collapse of currency after currency.

However, China did not have the same type of currency collapse after the Ming Dynasty banned the usage of paper money in 1450. However, the Chinese economy was “frozen in time” for many years. In addition, it was described that even beggars in 19th century China carried around scissors and a scale to measure silver—this is not an efficient way to do business. The Chinese traded the growth of the economy under paper money for the stability of silver.
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