Why did paper money become popular all over the world?

        The history of paper currency dates back to the 7th century, when they were used in China.

        The idea of paper money was carried to Europe by travellers like Marco Polo. In his book, ‘The Travels of Marco Polo’, he described bank notes used in China. The term ‘bank note’ was first used in the 14th century, referring to the notes from a bank. These notes were like receipts that recognized the right of the user to collect the gold or silver that is deposited at the bank.

         The shift of bank notes as a means of payment happened in the mid 17th century.

          Although paper notes have proved to be better than coins, they too have demerits. Duplicate being produced is a major problem. Yet another one is that they are less durable compared to coins.