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Invented first real paper and first known paper money

Invented First Real Paper And First Known Paper Money Made
Invented First Real Paper And First Known Paper Money Ever
Invented First Real Paper And First Known Paper Money Crossword

A History of American Currency. The paper money issued by the Massachusetts Bay Colony in 1690 was the first authorized by any government in the Western world. False notes as well as genuine notes altered by criminals followed promptly. From colonial notes to the much-maligned Continental Currency to the 'broken-bank' notes prior to the Civil. The oldest known paper fragment was found in Fangmatan in 179BCE. Although the invention of paper was credited to Cai Lun, an imperial eunuch official of the Han dynasty, there is evidence of paper being used in China before his time, making the particular inventor and the exact date it was invented is unknown. More intelligible and unalterable than any money whatever, that either has been or will be made. The great alteration in the value of gold and silver is known to every person who has but dipped into history; and indeed is known to many, seen by memory, in this country, since its first settlement.(2) Some sign or signs must be agreed upon.

In 1923, Dr. Richard Ehrenfeld of Vienna wrote to the Metropolitan Museum of Art to announce that he had in his possession the oldest bank note in existence, a one kwan (or guan) issue of the Ming dynasty from about the year 1375, discovered in 1888 during the demolition of an old house in Beijing and acquired by his father, paper money collector Adolf Ehrenfeld. Richard had inherited the note and, suspecting that “European collectors or Museums nowadays have not the money to acquire so valuable an object,” he turned to America instead, looking to part with it “should a price approximate to the value of the note be offered me,” a figure he put at about fifty thousand dollars (roughly one million dollars today).

Invented First Real Paper And First Known Paper Money Made

The Met passed Ehrenfeld’s letter on to the ANS, which left curator Howland Wood to deliver the bad news. His father’s note was not worth fifty thousand dollars. It was worth five dollars. Wood knew this because he had sold fourteen of them himself for that price. There were many others in New York alone, Wood told him, including several in the collections of the ANS.

The problem for Mr. Ehrenfeld, as Wood explained, was that his treasured item was not as rare as it once had been. In 1900, some European soldiers, who had been sent to China to restore peace during the Boxer Rebellion but who were instead ransacking the imperial Summer Palace, discovered a large quantity of these notes under an overturned statue of Buddha. (An entire bale of one kwan Ming dynasty notes would be discovered in 1936, hidden in an old wall outside of Beijing.) Ehrenfeld was right about one thing. Well, almost: with very few exceptions, these are the oldest examples of paper money known to have survived.

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The first known examples of paper currency as we would understand it today were created in China during the Song Dynasty (AD 960–1279). Promissory notes known as 'Jiaozi' were printed by a group of merchants in Sichuan during the reign of Emperor Zhenzong (AD 997–1022). So, Egyptians invented the first known paper, Papyrus. Paper was delicate and cannot be carved and so, they invented the first cluster of writing materials, ranging from charcoal sticks, to squid ink. Today, in the modern era, many forms of markings have been introduced such as, graphite, lead, and synthetic inks.

The Chinese not only invented paper, they invented paper money during the reign of emperor Chen Tsung (998-1022 AD). Examples predating the Ming notes are rarely encountered and are limited to fragments, modern facsimiles made from brass plates recovered in excavations, and a few notes reportedly held in museums. In 1988, Bank Note Reporter announced the discovery of two notes dating from 1265, one at the Hermitage Museum in Saint Petersburg and the other illustrated in a book published by the Inner Mongolia Numismatic Research Institute. These notes date from the period just before the arrival of Marco Polo at the court of the Mongol emperor Kublai Khan. Polo was fascinated by the “coinage of this paper-money,” describing it as a kind of alchemy, mulberry bark transformed into paper having the same value as gold and silver.

Of course it doesn’t matter that no one then or now would pay fifty thousand dollars for Ehrenfeld’s note. It is a great thrill just to be able to hold one of these historical artifacts.

Invented First Real Paper And First Known Paper Money Ever

The first thing you notice is the size (22.5 cm x 33.5 cm), which is close to a standard sheet of U.S. office paper. The mulberry paper is thick and textured with the characters and symbols printed in black and then overprinted with vermilion seals, which are only faintly visible in the photo above. At the center of this “Great Ming General Circulation Treasure Note” is a pictorial presentation of the denomination in the form of ten strings of 100 cash (= 1000 cash = 1 kwan). Those able to read the inscriptions can tell you that the issuers were not content with a simple “In God We Trust.”