There are currencies that are accepted for most international transactions. One currency is global when it is accepted for trade throughout the world. What are the most traded currencies in the world? Despite this example, other European countries soon followed the Swedish lead. Unfortunately, the bank subsequently overextended itself and had to call in government aid. In Europe, the first issuer of paper money was Sweden, where in 1661 Johan Palmstruch’s Stockholm Banco introduced the first banknotes. The Chinese started trading with folding money during the Thang Dynasty and used it for more than 500 years before the practice began to catch on in Europe in the 17th century. Soon other kingdoms and empires followed and adopted their own seigniorage.Īfter a while, it became difficult to complete major transactions using large quantities of coins so in Ancient China they started using banknotes. The wide use of the ‘Lydian Lion’ stamp showed these coins are the official tender of the king in his kingdom, something that has never been done before. Lydia’s new currency boosted the country’s trade economy making it one of the richest empires in Asia Minor. The design was unmistakable, it represented the city: the foreparts of a lion and a bull facing each other. The first known currency was created by King Alyattes in Lydia, now part of Turkey, in 600BC and the first coin ever minted featured a roaring lion.

What was the first currency in the world? The United Nations currently recognises 180 currencies that are used in 195 countries across the world.

All country currency with symbol