Paper money originated in form of receipt given by?

Assessment: WAEC SSCE - Commerce - 1990 (Objective) Subject: Commerce

Question 1 Report

Paper money originated in form of receipt given by?
Answer Details
Paper money originated in the form of receipts given by goldsmiths. In the past, goldsmiths would keep gold and other valuables safe for their customers. Over time, people realized that it was easier to trade with paper receipts rather than carrying heavy gold around. The receipts gradually evolved into paper money, which became the primary form of currency in many countries around the world.
Read lesson note on Money (JAMB)
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