When banking first began, it could be said that paper money was in reality
A)worthless.
B)receipts.
C)government money.
D)fiat money.

Question

Quizplus · Accepted Answer

When banking first began, paper money was not backed by any real value like gold or silver. Therefore, it was essentially a receipt or promise to pay its bearer a certain amount of precious metal upon demand. This made paper money more convenient for transactions than carrying around heavy metal coins.

When Banking First Began, It Could Be Said That Paper