The first paper money, made of mulberry bark, was issued by the Chinese in the seventh century, and although it spread quickly around the region, it didn't catch on in Europe for nearly a thousand years. One problem was its vulnerability to forgery, but a bigger problem was managing inflation. Faith in the paper note was maintained by the promise that it could be exchanged at any time for the same value in coinageโin China's case, this meant small brass coins with square holes, known as "cash."
โfrom 'Transcendence: How Humans Evolved through Fire, Language, Beauty, and Time' by Gaia Vince
