The Chinese invented paper, and they were also the first to use paper bank notes for money. Before paper notes were invented in the seventh century, wealthy Chinese traders had used metal coins. These had a hole in the middle so that traders could carry them on pieces of material. But these were very heavy to carry. As a result, traders left the money with someone they trusted. Instead, they carried a piece of paper which said how much money they had. The trader could use this paper note to promise anyone that they could pay for the goods that they wanted to buy.
People in Europe only started to use paper bank notes in the seventeenth century. In England, the King needed money to help fight a war with France. Banks encouraged people to leave money with them and gave handwritten notes saying how much money they had left. The notes said, “I promise to pay the bearer the sum of …” and you can still see the same words on English notes today. Bank workers continued to hand write notes until 1853, when the first notes were printed.
The paper used for bank notes is usually made from a mixture of paper and cotton, and sometimes other materials. Although these other materials make the notes stronger than normal paper, most bank notes only last for about two years. For this reason, some countries tried using plastic notes in 1983. However, the first plastic notes in England were not very successful because the ink came off the notes onto people’s hands! Five years later, in 1988, Australia successfully used plastic notes for the first time. Today, many countries use plastic notes, which are stronger than paper notes, last longer and are harder to copy.
A
Why did Chinese traders first use notes instead of coins?
B
Why did banks in England first want people to leave their money with them?
C
Why were notes handwritten until 1853?
D
What is the main idea of the text?
E
What does the underlined word "them" refer to?
F
What does the word "bearer" mean?
