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Period: Mar 18, 600 to
history of currency
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Mar 18, 618
China intorduce first bank notes
China was the first to use "Paper" money or exchange notes. Five hundred years before eroupe used it. -
Mar 18, 907
China first paper money value hit zero
The currency value completly dropped off and they would not readopt paper money intill five hundred years later -
Eroupe first bank note
A man named named Johan Palmstruch created the first mondern day bank note. He issused notes that could be trade by others and then brought to his bank to be exchnaged for gold or silver -
First moderned day bank collapsed
Johan issued too many notes and did not have enough silver and gold to back it so the bank collapsed -
U.S Currency was created
The U.S currency was created to become more independnt from Britin. It was gold backed -
Confederacy introduced its own money
The confederacy issued its bill called greyback. It was not backed by anything other then the promise to pay all after the south won the war. It value drop majorly after they started to lose. It now worth alot of moeny though to collecters -
Dollar no longer gold backed
Nixion stoped dirrect conversion of gold to dollar. -
The switch from gold standard
Most eroupean contry started to switch from the gold standard and to the fiat system. -
The EUA was created
The eroupean unit of accout was created to make international trade easier -
The ECU or European Currency Unit created
This was created to Eroupean unit of account. -
Euro was created
Euro was created to replace ECU. Euro is what they still use to this date