History and evolution of production of notes in India 5. Currency/bank notes are among the most mass-produced commodities in the world. The genesis of paper money is generally attributed to the token money that evolved around the 10th century in China.
In India, the enthusiastic experiment by Muhammed Bin Tughlaq in the 14th century to issue token money and replace silver taka with copper, though a genuine monetary experiment, ended in disaster. 6. Use of paper money started in the West in the 17th century.