Dynamics meriam-6th
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This document discusses the history and development of paper money. It explains that originally paper money was developed as receipts that could be exchanged for precious metals like gold or silver. Over time, governments and banks began to issue paper bills that were not backed by precious metals, but were accepted due to government regulation. This led to the modern fiat currency system where paper money derives its value solely from government regulation and not linked to precious commodities.
