Which of the following was the most important initial step in the evolution of paper currency?

Question

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The acceptance of goldsmiths' receipts is considered the most important initial step in the evolution of paper currency because it allowed individuals to deposit their precious metals with a trusted goldsmith and receive a paper receipt that could be used as a form of payment. This paper receipt was essentially an early form of a bank note and led to the development of paper currency.

Which of the Following Was the Most Important Initial Step