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Paper money was first used in China. In the early 11th century, merchants in Sichuan began issuing paper notes called jiaozi in place of heavy iron coins, and in 1023 the Song government took over issuing them. Europe's first banknotes appeared in Sweden in 1661.

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The idea had roots in the Tang dynasty (618–907): by 804, merchants were using “flying cash”, paper certificates that let them move money across China without carrying coins. In Sichuan, where iron coins were too heavy for large payments, private firms in the regional capital, Chengdu, began issuing jiaozi notes. When some issuers went bankrupt, the state set up its own office in 1023 and printed the first government notes the following year. Paper money rested on trust: a note was worth only what its issuer promised. That trust could be abused, and when the Song printed far more notes than they could back with coins, prices soared. Europeans learnt of paper money from travellers such as Marco Polo, who described the Mongol emperor Kublai Khan's notes in the 13th century. Europe's first banknotes came from Stockholms Banco in 1661; the bank failed six years later.

Türkçe oku
Kâğıt para ilk kez Çin'de kullanıldı. 11. yüzyılın başında Sichuan'daki tüccarlar, ağır demir sikkelerin yerine jiaozi denen kâğıt senetler çıkarmaya başladı; 1023'te bu işi Song devleti üstlendi. Avrupa'nın ilk banknotları ise 1661'de İsveç'te basıldı.

Fikrin kökleri Tang hanedanına (618–907) uzanır: 804'te tüccarlar “uçan para” denen kâğıt belgeler kullanıyordu. Bu belgeler sayesinde sikke taşımadan Çin'in bir ucundan öbürüne para gönderebiliyorlardı. Demir sikkelerin büyük ödemeler için fazla ağır olduğu Sichuan'da, bölgenin merkezi Chengdu'daki özel işletmeler jiaozi senetleri çıkarmaya başladı. Bu işletmelerden bazıları iflas edince devlet 1023'te kendi dairesini kurdu, ertesi yıl da ilk resmî banknotları bastı. Kâğıt para güvene dayanıyordu: Bir banknot, onu çıkaranın verdiği söz kadar değerliydi. Bu güven kötüye de kullanılabiliyordu; Song yönetimi karşılığında sikke bulunmayan yığınla banknot basınca fiyatlar hızla yükseldi. Avrupalılar kâğıt parayı, 13. yüzyılda Moğol hükümdarı Kubilay Han'ın banknotlarını anlatan Marco Polo gibi gezginlerden öğrendi. Avrupa'nın ilk banknotlarını 1661'de İsveç'teki Stockholms Banco çıkardı; banka altı yıl sonra battı.

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