The very first banknotes were used by the Chinese in the 7th century, during the Tang Dynasty. Before it was used as an actual currency, paper money was part of a deposit system in which merchants would leave large amounts of coins with a trusted associate and receive a paper receipt for the transaction. The reason was simple — the copper coins used as currency then were heavy. Fast forward about 300 years, and Jiaozi became the first official paper currency in the Sichuan capital of Chengdu. These notes were stamped with official seals to ensure no one made false copies. Even in the tenth century, counterfeiting was a concern. Wikimedia CommonsToday, the word jiaozi is more likely to be associated with delicious Chinese dumplings, but paper money is still used in many countries. Even so, with the widespread use of debit cards and the rising popularity of digital wallets, it may not be long before the dollar bill has had its day. So, what will we do with all that worthless paper when…more