Money WondersPlay

Money & Its HistoryHistory of Money

Paper Promises

The first paper money was an IOU you could pass on

The bill in your wallet started as an IOU a thousand years ago. Who promised what, and do they still have to pay?

You'll find out

  • Why paper beat a sack of iron
  • Who printed the first paper money
  • What your dollar promises today

Why it matters

Every paycheck you get is paid in promises. It pays to know who's promising, and what.

About 3 min6 interactive slides · 5 questionsLesson 7 · Zone 1

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  1. 1Modern MoneyWhere Is Your Money?Your balance is a number on a screen; only about one US dollar in ten exists as cash
  2. 2What Money IsWhat Is Money, Really?Swap it, price with it, save it, and believe in it
  3. 3Time and MoneyWhat's Your Hour Really Worth?Your real hourly wage is lower than your paycheck says
  4. 4CoinsThe Four-Cent PennyMaking a cent cost the US Mint almost four, so in 2025 it stopped
  5. 5History of MoneyFrom Shells to CoinsCowrie shells, silver lumps and the first stamped coins
  6. 6History of MoneyThe Barter MythTextbooks say people bartered before money. Anthropologists can't find it
  7. 8History of MoneyWhy It's Called a DollarThe name started in a silver mine in Bohemia
  8. 9OpportunityAcres of DiamondsIn a famous 1890 lecture, a farmer sells his land to hunt the world for diamonds; the next owner finds them in the backyard stream