ANGOLA, 1000 escudos, 10.6.1970, P98


ANGOLA, 1000 escudos, 10.6.1970, Face: blue on tan, dam, Americo Tomas portrait on right, Back: blue-black, antelopes, P98, small edge tear, VF

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Portugal held on to its African colonies for most of 400 years. They discovered after World War II that they couldn’t afford them but kept going until 1975 because of the pride of the dictator.

Aside from China, other governments started using circulating “banknotes” starting in the 17th century AD. The practice became general in the 19th century. In the 20th century value of paper money in circulation far surpassed the value of coinage. In the 21st century paper money is fading and credit transactions are growing.

Paper money, meaning the promise of a government to pay a set amount, and the paper promise allowed to circulate at will, was probably first used in China in the 12th century AD. At that time the merchants and governments of Europe were just writing letters to each other about what they owed.