Paper money originated in form of receipts is given by

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POST UTME OAU

Paper money originated in form of receipts is given by

  • A) Traders
  • B) Goldsmiths
  • C) Money lenders
  • D) thrift Societies

Correct Answer: B) Goldsmiths

Explanation

The question is asking about the origin of paper money. Paper money originally started as receipts given by certain groups of people. Out of the given options, the correct answer is Option B: Goldsmiths. Goldsmiths were one of the groups of people who issued receipts that could be exchanged for gold or silver. These receipts eventually evolved into paper money as we know it today. Traders, money lenders, and thrift societies were not directly involved in the origin of paper money. Traders typically exchange goods, money lenders provide loans, and thrift societies are organizations that encourage saving and provide financial services to their members. So, in summary, paper money originated from receipts given by goldsmiths. They would issue these receipts that could be exchanged for precious metals, and over time, these receipts evolved into the paper money we use today.



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