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Jiaozi, a bearer promissory note from the Song Dynasty. The earliest jiaozi were issued in Sichuan province by merchants to relieve their fellow merchants of the high costs of transporting the heavy government-issued iron coins.
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1850s (this instance unissued). Some other scholars within the Federal Reserve remembered the private note-issuing era in the United States; their central bankers' view of it can be found here. <span>Jiaozi, a bearer promissory note from the Song Dynasty. The earliest jiaozi were issued in Sichuan province by merchants to relieve their fellow merchants of the high costs of transporting the heavy government-issued iron coins. Gordon Tullock wrote of bearer promissory notes in an earlier time and different part of China, By A.D. 700-800 there were shops in China which would accept valuables, and, for a fee, k


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