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GCE Commerce 1989 Question 4

Question 4

Money

Paper money originated in form of receipts given by

  1. A.money lenders
  2. B.goldsmiths
  3. C.bankers
  4. D.traders
  5. E.thrift societies
Show the answer and explanation

Answer: B (goldsmiths)

Explanation

People kept gold with goldsmiths, who gave them receipts; these receipts were passed round in payment and became the first paper money.