Whether you like it or not, digital technology is heavily implanted in our lives and the world at large. This, as a result, makes countless aspects of our life to be intangible. And another thing, it is just difficult to imagine how our world would be without paper money or banknotes. With the turn of events our world has, money isn’t just a generic object used to make payments but also, as a symbol of our society.
Currency is that one thing that can combine exclusivity and utility. At the same time, designing one is quite a challenge.
Much like with complex and complicated tasks, currency design isn’t just for its face value but also, it holds valuable lessons.
The concept of utilizing paper as money is most probably as old as the paper itself. The practice of utilizing paper in transferring letters to credit first made appearance in China sometime around 600 to 700 AD. Ancient Chinese were the one accountable not just for this ingenious idea but also, for describing them. In fact, they name this as fei-chien or in English, “flying money”.
How Banknotes and Paper Money Progressed?
Then with the concept of this applied in the US, dollar became the main mode of currency throughout the 1860s. This was when US Treasury has issued banknotes to aid in financing the Civil War.