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 Marco Polo's account of paper money throughout the Yuan dynasty is the topic of the chapter of his ebook, The Travels of Marco Polo, titled "How The nice Kaan Causeth the Bark of Trees, Made Into A thing Like Paper, to Move for Money All Over his State." Banknotes had been first issued in Europe by Stockholms Banco in 1661, and had been yet again also employed together with coins. The gold standard, a financial method where by the medium of exchange are paper notes which can be convertible into pre-established, mounted portions of gold, replaced the usage of gold cash as currency from the seventeenth-nineteenth hundreds of years in Europe. These gold standard notes ended up built lawful tender, and redemption into gold coins was discouraged. By the start from the twentieth century almost all international locations experienced adopted the gold normal, backing their legal tender notes with fastened quantities of gold.