The first paper currency was introduced by merchants in the Song Dynasty of China in the 11th century. The paper, called “Jiaozi”, could be exchanged between individuals and could also be traded for coinage. Since merchants could print it by themselves, the currency only survived a few decades until inflation made it lose its value completely. Soon afterwards, it was replaced by the “Huizi”, whose sole print operator was the government. Each “Huizi” note was the size of a modern A4 sheet of paper. It contained hand-written warnings and ink stamps indicating authenticity. They were also adorned with a copper plated design comprising of images of grasslands and coins. While no printed “Huizi” has survived the test of time, archeologists have discovered one of their printing plates, which they date back to 1023 A.D.