Paper money can be traced back to the promissory notes of ancient China, Carthage, and the Roman Empire, over 2000 years ago—but the banknote as we know it today emerged in the 7th century and is still evolving. The main driver of its development has been the battle against counterfeits. With each advance in technology, forgers have been given new tools, and banks have been forced to devise ever-more ingenious innovations to foil them...
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