Government note

In the 21th century so far, nearly all paper money has taken the form of banknotes issued by a national (or in some cases such as the euro, supranational) central bank.

Chinese imperial governments have kept issuing paper money intermittently since then, with episodes of loss of confidence such as the inflation that marked the later stages of the Yuan dynasty in the 14th century.

[5] In early modern Europe, paper money first developed in the form of banknotes, starting with the seminal experience of Stockholms Banco in 1661.

[6]: 2  Government notes without the intermediation of a bank were issued massively during the French Revolution, the so-called assignats which soon led to hyperinflation.

In other parts of the world during the 19th and 20th centuries, government notes have occasionally been issued in periods of political transition, war or turmoil, e.g. in the Ottoman Empire in the 1840s and 1850s,[8] Canada in the 1860s,[9]: 24–26  Japan in the early Meiji era,[10] Poland in the late 1930s, or India in 1940,[11] and Indonesia from independence until 1968.