Banknotes {which originated in seventh-century China} are pieces of paper which have next to no intrinsic worth. They are simply promises to pay {hence their original Western designation as 'promissory notes'}
Banknotes trace their origins to seventh-century China, representing a significant development in monetary systems. Rather than having inherent value, these pieces of paper function as promises to pay a specific amount. This concept is reflected in their initial Western name, 'promissory notes,' which emphasizes their role as financial instruments rather than physical commodities.
The introduction of banknotes marked a transformation in economic transactions, allowing for easier trade and commerce. As a result, they became a crucial part of modern financial systems, facilitating both local and international exchanges while relying on the trust and credibility of the issuing authorities.
