Blackcell on Nostr: 🌲💲❗It seems flippant that the Bank of England commemorates the history of ...
🌲💲❗It seems flippant that the Bank of England commemorates the history of paper money after the #bitcoin 💡 turned on.
Mulberry bark was used to make paper money in China, starting around the 10th century. The Chinese emperor Kublai Khan officially declared that stamped mulberry bark notes were legal tender. The value of the notes came from the government's authority, not the material itself.
How it worked
*The notes were stamped, sealed, and considered to be as valuable as gold or silver.
*The notes were issued with great ceremony and authority.
*Counterfeiters were threatened with execution.
What Marco Polo thought
*The Venetian merchant Marco Polo was astonished to see mulberry bark money when he visited Kublai Khan's court in the 13th century.
*Polo thought the currency was a conspiracy that allowed the emperor to accumulate wealth cheaply.
What it meant for the future
*The use of mulberry bark money paved the way for paper money.
*The Chinese system of paper money anticipated European currency systems by almost 600 years.
What it means today
The Bank of England has four mulberry trees in the courtyard of its Head Office in London to commemorate the history of paper money.
Mulberry bark was used to make paper money in China, starting around the 10th century. The Chinese emperor Kublai Khan officially declared that stamped mulberry bark notes were legal tender. The value of the notes came from the government's authority, not the material itself.
How it worked
*The notes were stamped, sealed, and considered to be as valuable as gold or silver.
*The notes were issued with great ceremony and authority.
*Counterfeiters were threatened with execution.
What Marco Polo thought
*The Venetian merchant Marco Polo was astonished to see mulberry bark money when he visited Kublai Khan's court in the 13th century.
*Polo thought the currency was a conspiracy that allowed the emperor to accumulate wealth cheaply.
What it meant for the future
*The use of mulberry bark money paved the way for paper money.
*The Chinese system of paper money anticipated European currency systems by almost 600 years.
What it means today
The Bank of England has four mulberry trees in the courtyard of its Head Office in London to commemorate the history of paper money.