By A.D. 700-800 there were shops in China which would accept valuables,
and, for a fee, keep them safe. They would honour drafts drawn on the items in
deposit, and, as with the goldsmith's shops in Europe, their deposit receipts
gradually began to circulate as money. It is not known how rapidly this process
developed, but by A.D. 1000 there were apparently a number of firms in China
which issued regular printed notes and which had discovered that they could
circulate more notes than the amount of valuables they had on deposit.
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Unenumerated 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, <span>By A.D. 700-800 there were shops in China which would accept valuables, and, for a fee, keep them safe. They would honour drafts drawn on the items in deposit, and, as with the goldsmith's shops in Europe, their deposit receipts gradually began to circulate as money. It is not known how rapidly this process developed, but by A.D. 1000 there were apparently a number of firms in China which issued regular printed notes and which had discovered that they could circulate more notes than the amount of valuables they had on deposit. [Source] Coins A brass half-penny issued by grocer Edward Nightingale, probably dating from the early 1670s. [Source] While in most times and places, coinage was a royal or otherwise po Summary
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