The History of Paper Money
Merchants in Sichuan under the Song dynasty issued jiaozi to replace heavy, low-value coins; the government took them over in the 1020s.
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1.What were the Chinese jiaozi notes first issued by merchants in Sichuan meant to replace?
Merchants in Sichuan under the Song dynasty issued jiaozi to replace heavy, low-value coins; the government took them over in the 1020s.
2.What did a London goldsmith's note represent?
You left gold with a goldsmith and received a note, a promise to pay you on demand, which could be passed on to others.
3.In the Marge and Leo story, what gave the goldsmith's note its value?
The note was worth something only because people trusted that the goldsmith would pay.
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