History
China printed the world's first paper money — then had its first inflation crisis
In 11th-century Sichuan, merchants began issuing paper receipts called jiaozi as a lighter substitute for heavy iron coins. The Song dynasty government took the system over, but repeated over-printing to cover military costs eventually collapsed its value. It was the first known case of paper-money inflation, roughly five centuries before Europe tried the idea.
— Song dynasty government records, Jiaozi (currency) — Sichuan, China, 11th century