On the last post we discussed the invention of solid coin-money and then onto bank notes and cheques. The next big thing to happen was when money was no longer made out of items of high value, but took on a more representative role. the first step towards this was when receipts were used as bank notes, as we mentioned in the previous post.
This system appears to have spread to Europe thanks to Marco Polo. After World War two, most countries based their currencies off US dollars. Once the US stopped allowing paper money to be converted into gold (thereby it losing any value other than that you could still buy goods with it), most countries stopped basing their currencies off the US dollar and set up representative systems of their own.
This information was adapted from a Wikipedia article: https://en.wikipedia.org/wiki/Money
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