BOHEMIA & MORAVIA, 1 krone, (1939)


BOHEMIA & MORAVIA, 1 krone, no date (1939), Face: handstamp on Czechoslovakia P27, P1a, XF

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When the “democracies” of Europe sold out Czechoslovakia and gave it to Hitler, the Germans split it in two parts. The other part was Slovakia. Bohemia-Moravia was supposed to think that it was privileged somehow, look what they were doing in Poland. Liberated by the Soviets. More or less the same territory as the modern Czech Republic.

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.