: Sweden's Stockholms Banco issued the first European banknotes in 1661.
: Governments in North America and India (late 18th century) used paper currency to facilitate trade and taxation. III. Security and Manufacturing paper currency
: Historically, many paper currencies were backed by gold reserves until the mid-20th century; the US officially ended gold convertibility in 1971. : Sweden's Stockholms Banco issued the first European
: Paper money is an official national currency regulated by central banks. Printing Techniques :
: Modern systems use fuzzy logic, image processing, and machine learning to distinguish genuine notes from increasingly sophisticated fakes. IV. Economic Costs and Benefits Costs and Benefits to Phasing Out Paper Currency - NBER
: Designs visible only when the note is tilted at specific angles.
: Advanced security paper often contains watermarks, security threads (some with colour-shifting properties), and fluorescent fibres visible only under UV light. Printing Techniques :