A comprehensive study on the
world paper money gives some idea of the changing trend of the evolution of the paper money in the world. The various countries of the world show paper money of different size, shape and color.
Definition of Paper Money
The
paper money is the promissory note issued by the banks that is payable to the bearer that much amount as printed on the banknote. The current trends of the world shows that the metal coins are used for lower valued monetary units while the world paper money of the represents higher monetary value.
History of World Paper Money
The history of world currency has gone through a number of changes in the world and it's not long that the countries of the world have started to use paper currency or banknotes as the main currency. It is believed that there are a number of reasons behind the development of the paper money in the world. From the very outset, it was precious metals and grains that were treaded as money in the world.
The use of drafts and bills in a way have helped to give the idea of money in a paper form and in no time the drafts, which are receipts for the value held on an account were started to be treated as money itself giving the birth of world paper money concept. The evolution of the first world paper money - Jiaozi in China also holds a similar history as the paper actually represented the number of coins attached to a string.
Now the paper money has become the most used currency in any part of the world and the different countries are taking a number of measures to improve the durability of the paper currency in the world.
Making of World Paper Money
The making of currency and paper money are solely undertaken by the central bank of a country. All the countries of the world have one central monetary authority that handles the printing, designing and distributing of the paper money country wide. The paper money is printed in the mints under the authority of the government and several measures are taken in order to make the banknotes free from any duplicity. Generally, the paper money issued by a particular central bank carry the circulation inside the country border but some paper money have universal acceptance in the world such as US dollar and Euro banknotes.