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Which was the first country to issue paper currency?
1. Japan
2. India
3. China
4. USA

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Correct Answer - Option 3 : China

The correct answer is China.

  • The 1st country to use a paper currency is China.

  • The first use of paper currency can be traced back to the year 806 AD in China.
  • The paper currency was known as flying money.
  • The term flying money came from the fact that it had a tendency to blow away in the wind.
  • The Song dynasty was the first to issue real paper money.

  • The first central banknotes were issued by the Bank of Japan in 1885.
    • They were called Daikokusatsu.
  • In the 19th century, the Britishers introduced paper money into the subcontinent.
  • The 5 Rupee note was the first paper currency issued by RBI in January 1938.
  • The Rs 5 note had the portrait of George VI.
  • The first Indian coins were coined in the 6th Century BC by the Mahajanpadas.
  • The Continental Congress began issuing paper money known as Continental currency after the American Revolutionary war.

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