Paper money arrived in Europe thanks to the travels of the great explorer Marco Polo around the year 1200 A.D.
It was not until the year 1661 that the first Banknote was issued in Sweden.
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Fiat money is a government-issued currency that is not backed by a commodity such as gold. Most paper notes started as being backed by a reserve of valuable commodities, usually gold (the "Gold Standard"). Tying a currency to gold limits inflation and money suppl...
Paper Money was pushed as a 'fiat' currency due to an attractive quality: it was guaranteed to trade by the state authority for a specific weight of gold or silver, and couldn't be melted down or devalued.
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