Paper has been used for banknotes since the 7th century. As usual, the Chinese were way ahead of the rest of the world. Paper money took another 10 centuries to take off in Europe. Below you can see a picture of the first European bank note, issued in Sweden.
But paper was used as a placeholder for value much earlier. The Dutch East India Company issued bonds. And there is evidence of cheques being used in India as early as the 4th century B.C.
VOC Bond
It’s fascinating when you think about it - paper, made of wood pulp, can be used instead of the actual money. And as long as we believe it can be exchanged the system works. When it collapses, we get bank runs and the paper returns to its initial state of being worthless.
Today, look for paper that represents value.
Not just bank notes but vouchers, coupons, tickets.
Anything made out of paper that can be exchanged for something of value.
Share your finds on Twitter or Instagram using the hashtag #kramerseye.