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BACK in the good old days, a hundred years before 20th-century central banks existed, money was relatively simple. It was not like the world was still using boar tusks or seashells, like what some Pacific islanders did. Paper money or banknotes were widely used throughout the “civilized” world in the early 18th century. However, when they were first introduced into general circulation, there were great concerns and protests about the shift from coins made of precious metals. But, for the most part, the public and businesses accepted this form of currency.
