Jiao Zi - the Earliest Paper Currency in the World
The earliest paper currency in the world was called Jiao Zi which appeared in the early North Song Dynasty (960芒鈧€?127). Due to the great development on commodity economy, the increase of trade, and the high demand of currency, merchants need a kind of currency with convenience on carrying with, hence the paper money turned up. It was first issued in 1023 together by 16 merchant princes in Chengdu, Sichuan Province. This paper currency was a piece of paper printed with houses, trees, men and cipher.