Bank it or bust idea11/27/2023 ![]() Pretty soon, the government took over the business of printing paper money, and it spread throughout China. People started using the claim checks themselves to buy stuff, and paper money was born. In exchange, he gave them a claim check-a piece of paper that could be used to retrieve the coins. So the merchant told his customers that they could leave their coins with him. It would be the modern equivalent of going grocery shopping with nothing but pennies. It was mostly iron coins, and it took a pound and a half of iron to buy a pound of salt. A few centuries later, someone-maybe a Buddhist monk who was tired of writing the same sacred text again and again-carved a sacred text into a block of wood and invented printing.Ī few centuries after that, a merchant in the capital of Sichuan set out to solve another problem: the money his customers were using was terrible. 100, a Chinese court official ground up a mash of mulberry bark, rags and fishnets, and invented paper.
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