China invented paper money in the Tang Dynasty
China's Tang Dynasty, beginning in 618 AD, pioneered early paper money like 'flying money,' revolutionizing trade and laying the groundwork for modern banking.
The earliest forms of paper money emerged in China during the Tang Dynasty, starting in 618 AD. Merchants used 'flying money' (feiqian), which were promissory notes and deposit certificates, to trade across vast distances without carrying heavy copper coins. These early financial instruments, redeemable at distant locations, transformed ancient commerce.
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