DescriptionThe USA got into the paper money business during the Civil War. Everyone was hoarding coins, they had to do something. Once they started they found that they kind of liked what paper money did to the economy.Aside from China, other governments started using circulating “banknotes” starting in the 17th century AD. The practice became general in the 19th century. In the 20th century value of paper money in circulation far surpassed the value of coinage. In the 21st century paper money is fading and credit transactions are growing.
