TAHITI 20 francs (1963)

$20.00

TAHITI, 20 francs, no date (1963), Face: multicolor French young man and flute player, Back: French woman, P21c, pinholes, VG

Out of stock

SKU: 2205145402 Categories: ,

Description

French Indochina was history at the time this banknote was made, but the Bank of Indochina continued making banknotes for the French Pacific Territories.

Tahiti was invaded and colonized by France in the later 19th century. After World War II France declared it to be an overseas territory, meaning that it “is” France.

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.