Europe's First Paper Currency: The History of Money, Europe

The Origins of Paper Money Series:
1) First video in the series: Ancient China:    • The World's First Paper Currency: Ancient ...  

Where did paper money come from? Despite it seeming like a modern invention, its origins go back to Ancient China. And, despite it now being hard to think of a world without paper money, in 1968, Americans could still redeem their U.S. bills for silver, and international residents could convert their U.S. dollar bills into gold up until 1971. What led to the invention of paper money and the fiat standard where money has value because government says so? These videos will examine how paper money developed in ancient times.

We have a 5-part series with a video to be released each week: this current video will go through the evolution of paper money in medieval to modern Europe. Like the Chinese, necessity led to invention for the Europeans. Jerusalem fell back under Christian rule in 1099 AD and, now, pilgrims needed a way to move their wealth across large distances—financial innovations were needed.

European states were not as big or as powerful as the Chinese, leading to new innovations. The Republic of Venice needed to issue debt in 1171 to fund its war against Byzantine. This was a huge financial innovation making those who held the bonds creditors and the holders of paper wealth.
The Europeans also innovated by getting smaller. The Europeans created powerful companies that created wealth by exploiting countries abroad. These companies led to the innovation of the stock market. Again, adding to people’s comfort with more abstract wealth.

Next, we go through how the economy of England began to rely more on notes. Finally, we look at the French paper money experiment of 1720. France was the first large economy to experiment with paper money. While it was a colossal failure, it showed that the intellectual climate had completely changes from the beginning of the video.

Our next video will discuss the origins of paper money in the United States.



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Music in order:
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2) Folk RoundKevin MacLeod Country & Folk | Bright You're free to use this song and monetize your video, but you must include the following in your video description: Folk Round by Kevin MacLeod is licensed under a Creative Commons Attribution license https://creativecommons.org/licenses/...) Source: http://incompetech.com/music/royalty-... Artist: http://incompetech.com/
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