News

Belize $10 1st July 1983 QEII Lost or Stolen in Mail

A Belize $10 banknote, 1st July 1983, QEII Serial No. P/4 775259 has gone missing in the mail.  It was mailed from the main post office in St. Petersburg, Florida on May 27, 2014 by regular international air mail and sent to Dammam, Eastern, Saudi Arabia.  If you are offered this banknote with the serial numbers given above, please contact edcarney1@verizon.net.

 
Logging into the IBNS Website and Forum

Following an upgrade to some components of IBNS Website some users are reporting issues with logging into the forum. If you are unable to login to the Forum please try logging in directly to the IBNS website first and then accessing the forum.  If you cannot login to the IBNS Web Site, please contact the Webmaster

 
IBNS Journal 53-2

has been sent to the printers and will be with IBNS Members shortly.  Articles cover topics as diverse as Cornish Stannary notes, Naval Battles as well as information on Bangladeshi, Indian and Ghanian notes.  Login to download your copy.

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A History of Printed Money

Article Index
A History of Printed Money
Receipts representing Money
First Use of Paper Money
First European Banknotes
Problems for the Public
The Battle with Counterfeiters
Early Security Features
High Denomination Banknotes
Enhanced Security Features
Acknowledgements

By Don Cleveland IBNS LM-136

The history of printed money is as old, in some ways older, than minted money. Before coins were invented in about 660BCE, when trade was basically barter, and goods and products were traded back and forth between tradesmen, artisans, citizens and officials, excess goods were stored at home, or in community warehouses or other public facilities. This necessitated the development of methods to keep track of who had what stored where - leading to the development of writing itself.

The earliest clay-tablet storage records so far discovered were small, usually square, relatively thin, bits of clay with a few symbols representing various products and their quantity pressed into the clay and given as receipts to the people depositing their produce in common warehouses. Since these products were fungible; i.e. exactly alike, its probable that from the first day, people owning such receipts began to trade them for goods or other receipts for different stored products owned by other people. These exchanges would have been much more convenient than trying to carry large quantities of products home, to a shop, or from one storage location to another. Thus, with little conscious recognition, and no doubt crude by modern standards, hand-printed (albeit on clay) money was born. Only later, when tradesmen realized some highly-regarded metals, especially gold and silver, could be traded for just about any product would coins have been invented.

Although "paper money" is a term used to describe most government and institutional printed money, the term is a misnomer. It would be far more accurate to refer to banknotes as "printed money", because can also be found made of clay, wood, pounded bark, cloth, leather, parchment, metal foils, and in recent years, plastic with paper-like characteristics. Printed or written money as we know it is nothing more than a receipt for goods, services or labour, which can be traded for other goods, services or labour in lieu of coins or specie.