††The Greeks and Chinese minted large numbers of coins. At first, Greek coins bore the heads of the gods but after 320 BC, portraits of the current ruler became common. This practice was followed by the Romans and is still common today. The metal of most modern coins is worthless, so the value of each is stamped on it.
Paper money originated in China in the 6th century AD, and was issued in large quantities by the Mongol emperor Kublai Khan. The first European banknotes were issued in Stockholm, Sweden in 1661.
Recent developments such as the cheque and credit and charge cards now fulfil many of the original functions of money.
