Why is paper money still used today?

Answer 1

Paper Money SLOWLY phased out the use of Precious metals and stones as Common Currency; for example instead of taking a few ounces of gold and a some silver as well as some small emeralds to the Market, Countries/Populations & Economies in general, realized they need a COMMON Unit that Everyone could use (i.e. 1 PAPER NOTE = 1 POUND BAG OF RICE). So Instead of using a complicated Bartering system (.25 OZ of Gold = 1 Pound Bag of Rice, or 3 OZ of Silver = 1 Pound Bag of Rice) Merchants/Vendors Began accepting Paper Money, which was BACKED by their Respective Governments.

When Paper money FIRST began being used in COMMON Everyday Life, Countries, like the U.S. had the Equivalent in Gold for Each and Every Printed Piece of Money. One could Take Their PAPER MONEY to the U.S. Treasury and Receive the Equavalent amount of GOLD, since the U.S. Treasury had a 1:1 Ratio of Gold to Paper Currency (Paper Money). That is no longer the case today, although the U.S. Treasury has a Large Gold Reserve, it does not however have enough Gold to account for Each piece of Paper Currency (no longer a 1:1 Ratio).

Hope that helps!

Answer 2

Paper money is still used today because it is widely accepted as a form of legal tender, making it easy to use for transactions. It is also convenient and portable, making it a practical choice for everyday transactions. Additionally, the technology and infrastructure to support a fully digital currency system may not be universally available or trusted yet.

Answer 3

The US currently uses 6 circulating coins and 7 bills:

Coins

1 cent ("penny", signified "¢")

5¢ ("nickel")

10¢ ("dime")

25¢ ("quarter")

50¢ ("half", rarely used)

$1 (used mostly for transit systems and vending machines)

Bills

$1 ("buck", makes up nearly half of all bills in use due to its low value)

$2 (rarely used)

$5

$10

$20

$50 (less common)

$100 ("Benjamin", less common)

Many other denominations were issued in the past, including coins worth 0.5¢, 3¢, 20¢, $2.50, $3, $5, $10, and $20, and bills worth $500, $1,000, $5,000 and $10,000. None of these are in current circulation.

Answer 4

if paper dose not exits we cannot avail these services or also we have a allots of opportunities because of paper money's we have electronic dealings just because of paper money

Answer 5

it helps us live.